XRP Falls as Clarity Act Stalls in Senate
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- XRP fell 1.24% on the day and dropped 4.96% over seven days, the worst performer among the top 10 cryptocurrencies by market cap.
- Clarity Act failed to receive a Senate vote before the August recess, dashing hopes for 2024 passage despite Majority Leader John Thune filing cloture for a September 15 procedural vote.
- XRP remains in a death cross formation, with its 50-day EMA below the 200-day EMA, reinforcing a medium-term downward trajectory.
- Digital Assets Market Clarity Act would classify XRP as a digital commodity, resolving long-standing regulatory ambiguity that has suppressed institutional demand.
- XRP price at $1.0282 is just above a key swing low of $1.0128, with bears threatening a breakdown toward the lower $0.90s if that level fails.
- RSI for XRP reads 38.2—below neutral and bearish-leaning—while the ADX at 14.6 indicates a weak, directionless trend with no strong momentum buildup.
Why it matters: XRP holders face mounting pressure as the delay in the Clarity Act removes a key catalyst for institutional adoption, and with technical indicators aligned bearishly, the token risks a drop to the $0.90s—a move that would erase billions in market value and deepen investor skepticism.
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