Home›Crypto›Market Structure›XRP slips after Senate shelves Clarity Act ahead of Fe…

XRP slips after Senate shelves Clarity Act ahead of Fed decision

XRP was last around $1.06, down nearly 8% over the past week, as investors brace for the Fed's July 29 rate decision with hike odds near 38%.

Reported · Written up by our desk · Market Structure

XRP slid to about $1.06, down nearly 8% over the past week, as the U.S. Senate shelved the Clarity Act before its August recess and traders looked ahead to the Federal Reserve's July 29 rate decision, according to Decrypt.

The outlet said XRP's technical picture is broadly bearish, citing a confirmed death cross, RSI at 40.9, negative Squeeze momentum, and a composite technical score of -63%, with only oversold conditions offered as support.

Globally, Decrypt pointed to a risk-off macro backdrop for crypto markets. It also noted that new Federal Reserve Chair Kevin Warsh is expected in his second FOMC meeting to hold rates at 3.50% to 3.75%, while CME FedWatch showed hike odds near 38% as of last weekend.

Decrypt said the Clarity Act would codify XRP's commodity classification into law, a legal basis that institutional custodians, banks, and ETF issuers would need to build products. The article added that XRP was trading around $1.0641 with a roughly $65 billion market cap on Binance, with a 24-hour low near $1.0450 and a high near $1.0679.

Latest closeXRP $1.055 ▼1.0%

More like this

Sources