XRP trades at $1.06 after the U.S. Senate shelved the Clarity Act on Monday, the bill that would write the token’s commodity status into law. The slide lands a day before the Federal Reserve’s July 29 rate decision, and XRP’s charts are almost uniformly bearish going into it.
The Senate formally shelved the Clarity Act on Monday to prioritize a Russia sanctions bill and federal nominations, and XRP now trades at $1.06, down nearly 8% over the past week.
For XRP the stakes are concrete. The bill would codify the token’s commodity classification into law — the legal bedrock institutional custodians, banks, and ETF issuers need to feel comfortable building products around it. Without it, Standard Chartered’s conditional $8 XRP target, contingent on full Senate passage plus $4 billion to $8 billion in new ETF inflows, stays theoretical.
The Senate calendar leaves a thin window
The chamber’s August recess begins around August 7, which leaves a thin frame for the bill to be approved this year. Miss that window, and the next opportunity might not come until 2027.
Earlier this month, sentiment ran the other way. On July 21 the coin cautiously jumped 3.25% to $1.1485 when reports broke that President Donald Trump had agreed to the act’s long-stalled ethics provision, briefly nudging Senate passage odds on Polymarket to 43%.
XRP’s charts hold a death cross
XRP trades at $1.0641 and a roughly $65 billion market cap on Binance, between a 24-hour low of $1.0450 and a high of $1.0679. The 50-day exponential moving average has sat below the 200-day average since the slide from the $3.65 all-time high, with no sign yet of the two starting to converge. Traders call that formation a death cross, and it means the medium-term trajectory still points downward.
Momentum gauges agree. The Relative Strength Index reads 40.9, below the neutral 50 line but not at the extreme that typically attracts aggressive buyers hunting a floor. The Average Directional Index, a trend-strength gauge, sits at 11.2 — one of the weakest readings XRP has posted all summer. The only technical lifeline is that the token is deeply oversold.
The Fed sets the next move
New Federal Reserve Chair Kevin Warsh, in only his second FOMC meeting, is widely expected to hold rates at 3.50%–3.75%. Yet CME FedWatch put hike odds near 38% as recently as last weekend, the highest of this cycle, and even a hawkish hold can rattle risk assets.
If Warsh holds and signals a dovish tone, or hints at September cuts, XRP could test the Fibonacci golden zone between $1.10 and $1.12. Should the statement read hawkish or a dissenting vote appear, the sell-off has room to extend toward $1.01 and, below that, the $0.97 zone.
A market this trendless can compress for longer than most traders expect before it resolves.
Source: Decrypt
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