XRP Tumbles as CLARITY Act Falls Short of Senate Approval

XRP's price plummeted last week after US legislators rejected the CLARITY Act, a bill that aimed to provide a legislative framework for digital assets. The act was voted down by a margin of 49-50 in the Senate, falling short of the required 60 votes.

Ripple CEO Brad Garlinghouse expressed his disappointment with the vote, stating that the crypto industry can continue to grow without the bill's passage. He noted that the CFTC and SEC will continue formulating rules to address the regulatory gap left by the act's stalled progress.

XRP was hit hardest among major cryptocurrencies, dropping 10% in value following the Senate vote. The asset fell below its crucial $1.40 support level, suggesting a return to selling pressure. Meanwhile, other cryptos such as ETH and Solana also suffered losses, with ETH falling 7.2% to $2,392.