Crypto
XRP Still Targets $2 Despite Clarity Act Selloff
XRP's price plummeted nearly 10% after the US Senate failed to advance the CLARITY Act, but the token is still trading inside a bull flag that formed after August's rally.
The measured move of this pattern points to $1.97, about 52% above XRP's current price of around $1.30.
Despite the selloff, analysts note that the Clarity Act was not a setback for XRP's technology or direction of travel, but rather a concern for how ethical provisions and banking incumbents are protecting their market.
The token has to clear two key resistance levels at $1.46 and $1.56 before it can reach its target price, with the first resistance being about 12% above the current price and the second about 20% higher.