XRP Slumps 8% After Clarity Act Vote Fails
The U.S. Senate's failure to advance the Digital Asset Market Clarity Act has sent shockwaves through the cryptocurrency market, particularly for XRP. The bill aimed to establish a clearer regulatory framework for digital assets and define the roles of the SEC and CFTC in overseeing them.
XRP had been closely tied to the legislation, which was seen as a potential step toward greater legal certainty. However, with the vote falling short of the 60 required votes, the industry is left relying on existing agency guidance and future regulatory actions.
The failed vote triggered a broad market selloff, with XRP among the hardest-hit assets. It has dropped over 8% in the past 24 hours and was trading at $1.29 as of press time. Despite this, ChatGPT's technical analysis suggests that XRP may stabilize between $1.25 and $1.40 before potentially rebounding to the $1.50 to $1.70 range.
From a technical perspective, XRP remains above both its 50-day and 200-day simple moving averages, which indicates that its broader bullish structure remains intact. The asset's Relative Strength Index (RSI) stands at 45.22, placing it in neutral territory but showing increased bearish momentum following the Clarity Act setback.