XRP Shorts Face $9.46 Million Decision as CLARITY Act Vote Looms
The US Senate's upcoming vote on the CLARITY Act has created a precarious situation for XRP shorts, who face the possibility of forced liquidation totaling $9.46 million if the price of XRP rises above $1.4644.
According to CoinGlass data, this 'point of maximum pain' is drawing near as XRP currently trades around $1.3936-$1.4001, just 5.08% or a mere 7 cents shy of triggering stop orders.
The market's volatility has been amplified by the impending vote, with futures trading volume on Binance doubling over the past 24 hours and open interest reaching $425.98 million.
As the White House makes concessions to secure votes for the CLARITY Act, including an amendment requiring officials to place their personal crypto holdings in blind trusts, the outcome of the vote remains uncertain.