XRP Surges 50% Ahead of Crucial Senate Vote on CLARITY Act
The price of XRP surged by over 50% this week to around $1.52, according to recent numbers from the market. This significant increase is attributed to a combination of factors, including a concrete regulatory calendar in Washington and Wall Street's repositioning around Ripple's ecosystem.
On September 15, the U.S. Senate is scheduled to hold a cloture vote on the CLARITY Act, which aims to draw a clear jurisdictional line between the SEC and the CFTC over digital assets. Ripple CEO Brad Garlinghouse believes that the United States is 'closer than ever' to establishing clear crypto rules, citing a joint SEC-CFTC clarification from March as evidence of progress.
However, not everyone is optimistic about the bill's chances of passing. Market-based probability trackers indicate only a 24.5% likelihood of passage this year, while Galaxy Digital has pegged it at just 10%. If the cloture vote fails, the SEC and CFTC could issue their own rules by September 16.
Ripple is also expanding its lending infrastructure, announcing a credit program with Clearpool and Cicada Partners to facilitate institutional loans for fintech and payments firms on the XRP Ledger. The ledger's native stablecoin, RLUSD, now accounts for over 90% of stablecoin supply on the network, with a market capitalization exceeding $2 billion.
The token is trading about 39% above its 50-day moving average of $1.09, which has pushed XRP deep into overbought territory. Analysts are split on what comes next, with some predicting a breakout above $1.70 and others pointing to the support shelf at $1.29 as the line in the sand.