Crypto
XRP Short Squeeze Looms as Senate Votes on CLARITY Act
The U.S. Senate's vote on the CLARITY Act tomorrow is putting XRP short sellers in a precarious position.
According to CoinGlass data, XRP shorts face forced liquidation of $9.46 million in positions if the price reaches $1.4644.
XRP is currently trading around $1.3936-$1.4001, and buyers need to push the price up just 5.08% to trigger a cascade of stop orders.
The CLARITY Act aims to draw a clear line between SEC and CFTC authority, but its chances are uncertain due to strong opposition from the banking lobby.