XRP Slumps Amid Senate Vote Hopes Dashed and Rising Bond Yields

XRP's price took a hit on Tuesday, September 15, falling roughly 5.3% from its value the previous day.

The decline was linked to two key factors: a Senate vote and rising bond yields.

The CLARITY Act, which aims to create a regulatory framework for using stablecoins and other digital assets in banking and traditional finance, faced a vote in the Senate but may not have secured the necessary 60 votes to advance.

XRP's connection to the stablecoin RLUSD makes it vulnerable to changes in this legislation.

The 10-year Treasury yield also reached its highest point in nearly 20 years, topping 5% due to sticky inflation and rising oil prices.