XRP dropped 8% and Coinbase fell 8.65% after the Senate killed the CLARITY Act 50-49, stripping XRP's commodity status of any federal legal protection.
Without spot ETF buyers, corporate treasury support, or a legislative floor, XRP faces the Fed's first potential rate hike in three years with support at $1.25.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
XRP (CRYPTO:XRP) is currently trading at $1.28, down 9.4% in the past 24 hours and marking the worst performance among major cryptocurrencies. On September 15, the Senate voted at 2:15 p.m. ET on whether to open debate on the CLARITY Act, a bill aimed at making XRP's commodity status under U.S. law permanent. Unfortunately, the motion failed with a vote of 49 to 50.
Today at 2 p.m. ET, the Federal Reserve is set to announce its interest rate decision, with CME FedWatch indicating a 92% chance of the first rate hike in three years. Additionally, XRP fell below $1.355, a level it had held for five consecutive sessions. This raises the question of what caused XRP's downturn and where the selling will end.
#commodity
Without spot ETF buyers, corporate treasury support, or a legislative floor, XRP faces the Fed's first potential rate hike in three years with support at $1.25.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
XRP (CRYPTO:XRP) is currently trading at $1.28, down 9.4% in the past 24 hours and marking the worst performance among major cryptocurrencies. On September 15, the Senate voted at 2:15 p.m. ET on whether to open debate on the CLARITY Act, a bill aimed at making XRP's commodity status under U.S. law permanent. Unfortunately, the motion failed with a vote of 49 to 50.
Today at 2 p.m. ET, the Federal Reserve is set to announce its interest rate decision, with CME FedWatch indicating a 92% chance of the first rate hike in three years. Additionally, XRP fell below $1.355, a level it had held for five consecutive sessions. This raises the question of what caused XRP's downturn and where the selling will end.
#commodity
2 months ago
