XRP Slumps on Senate Bill Failure, Tests $1.25 Support Level

XRP saw a sharp drop of over 12% in hours following the failure of the U.S. Senate's Clarity bill to pass.

The bill, which aimed to clarify the regulatory environment for digital assets, failed with a 49-50 vote, sending shockwaves across the crypto industry.

Ripple CEO Brad Garlinghouse called the result 'painful' but emphasized that the development of the crypto industry does not rely on this single bill. He also stated that the vote does not affect XRP's current legal status in the United States.

The price action moved straight into testing technical support levels, with the $1.25 to $1.29 range drawing attention as several rising moving averages are clustered within it.