XRP Slumps as Senate Delays Clarity Act Vote

XRP is facing pressure as it hovers near the $1 support level. The token's price has dropped due to fading U.S. regulatory momentum and a deteriorating macro backdrop, with XRP down around 2.9% over the past 24 hours and about 4.6% over the week.

The delay in the Senate's vote on the proposed CLARITY Act, which was aimed at defining digital asset market structure and jurisdictional boundaries, has led to a burst of disappointment selling that pushed XRP back toward the $1 level.

Broad risk appetite has also weakened due to the strengthening U.S. dollar and rising Treasury yields, conditions that typically tighten financial conditions and weigh on risk assets, including cryptocurrencies.

Despite reports of ecosystem developments such as Ripple's approval under the European Union's MiCA framework via Luxembourg and the upcoming release of the XRP Ledger (XRPL) version v3.3.0, traders appear more focused on near-term demand than long-term fundamentals.