Analyst Gareth Soloway sets a downside target for XRP near 70 cents if the CLARITY Act suffers a genuine, confirmed failure, not just a delay. His current base case remains bullish, with support building in the 96 to 97 cent range and a shorter-term setup pointing toward $1.05 and $1.10 if buyers hold $1.
Gareth Soloway has put a specific number on the worst case for XRP. His downside target sits near 70 cents, but only if the CLARITY Act meets a genuine, confirmed failure — not a delay or stalled negotiations.
According to Soloway, the bill would need to be "literally shut down as in like no chance" to trigger that move. A soft setback would not be enough on its own to send XRP back down.
The 70-cent level lines up with 2024 highs
That 70-cent zone lines up with XRP's high pivot range from 2024, a cluster of prior high points on the chart. Soloway said the level would also catch his attention as a technical trader — a zone he would consider accumulating around for a long-term long trade.
The downside scenario is a contingency, not his current view. Soloway is bullish right now.
XRP dips below $1 before bouncing back
XRP briefly fell below a dollar this week before quickly bouncing back above it, a move that triggered a wave of stop-loss selling and liquidations before buyers stepped back in almost immediately. Soloway called the recovery a potential bottoming tail.
He also pointed to a longer-term wedge pattern that recently broke out, along with support building in the 96 to 97 cent range, describing the setup as bullish enough that he is currently long XRP.
A tighter setup on the four-hour chart
Separately, chart analyst CryptoMoses flagged a shorter-timeframe pattern. On the 4H chart, XRP sits inside a falling wedge with $1 holding as key support. If buyers break that structure to the upside, the next levels to watch are $1.05 and $1.10, according to the analysis.
Behind both scenarios sits the bill's ethics provisions, still unresolved between now and early September. Negotiations on that issue remain the swing factor determining which path plays out.
Source: Coinpedia Fintech News
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