XRP Tumbles Below $1.30 as US Senate Stalls Crypto Market Clarity Bill

XRP's price plummeted below $1.30 after the U.S. Senate failed to advance a bill aimed at clarifying the regulatory framework for digital assets.

The Digital Asset Market Clarity Act, also known as the 'Clarity bill', did not secure the 60 votes needed to move forward in the Senate vote on September 16, with 49 votes in favor and 50 against.

XRP fell by 7.71% over the past 24 hours, making it the largest decline among the top 10 cryptocurrencies by market value, according to data from Decrypt.

The token's price dropped from around $1.40 before the Senate vote to as low as $1.29, with its market value falling to approximately $81.34 billion and ranking fifth in market capitalization.