XRP dropped more than 8% at one point and dipped below $1.30 after the US Senate failed to advance the CLARITY Act, hitting a monthly low. Ripple CEO Brad Garlinghouse says the token's US legal footing remains unchanged despite the setback.
XRP dropped more than 8% at one point on Tuesday, falling below $1.30 to mark a monthly low, after the US Senate failed to advance the CLARITY Act in a cloture vote. The token fell harder than other major cryptocurrencies during the same session.
Beyond the price drop, XRP's cumulative volume delta plunged to negative 10.5 million, suggesting the move was more than routine profit-taking.
ChatGPT, asked by CryptoPotato about the asset's outlook, said the September 15 failure to advance the bill does not guarantee the act is dead. It leaves more responsibility with the SEC and the CFTC, which are already moving ahead with crypto rules under their existing authority. Agency rules, however, can be changed more easily by a future administration than a law passed by Congress.
Ripple CEO Brad Garlinghouse stressed after the vote that the company's business and momentum remain intact. He also reassured investors that XRP's existing US legal footing was not altered by the Senate setback.
The token's situation has improved significantly over the past several years, especially since the SEC's lawsuit against the company behind it concluded. XRP also has institutional products already trading, with ETFs attracting over $1.7 billion in less than a year.
Congress failing to agree on the market structure bill, ChatGPT said, therefore delays the next layer of regulatory certainty rather than removing the progress already made.
Source: CryptoPotato
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