$XRP is under pressure after the U.S. Senate failed to advance the Digital Asset Market Clarity Act, a landmark cryptocurrency bill designed to establish a clearer regulatory framework for digital assets.
The legislation fell short of the 60 votes needed to move forward, dealing a setback to an industry that had hoped the bill would provide greater certainty around the treatment of cryptocurrencies such as $XRP.
The failed vote triggered a broad cryptocurrency market selloff, with $XRP among the hardest-hit major digital assets. The token has dropped more than 8% over the past 24 hours and was trading at $1.29 as of press time.
Notably, the Clarity Act would have helped define the roles of the SEC and CFTC in overseeing digital assets.
For $XRP, which has spent years at the center of regulatory debates, the legislation was viewed as a potential step toward greater legal certainty.
Instead, the Senate vote leaves the industry reliant on existing agency guidance and future regulatory actions.
$XRP price prediction
Based on current technical indicators, ChatGPT’s outlook remains cautiously constructive despite the recent correction.
The base-case scenario is for $XRP to stabilize and consolidate between $1.25 and $1.40 as the market absorbs the Clarity Act disappointment.
If sentiment improves and the broader crypto market recovers, $XRP could rebound toward the $1.50 to $1.70 range over the coming months.
Conversely, a sustained deterioration in market sentiment could see the token retest the $1.15 to $1.25 zone.
$XRP technical analysis
The most notable aspect of $XRP’s chart is that the cryptocurrency continues to trade above both its key moving averages (MA) despite the sharp selloff.
The 50-day simple moving average currently sits at $1.23, while the 200-day simple moving average stands at $1.27. With $XRP trading at $1.29, the asset remains above both indicators.
This is significant because the 50-day SMA is a key measure of medium-term trend strength, while the 200-day SMA is widely used to assess the long-term trend.
As long as $XRP remains above both levels, its broader bullish structure remains intact despite recent weakness.
Meanwhile, $XRP’s 14-day Relative Strength Index (RSI) stands at 45.22, placing it in neutral territory.
The reading suggests bearish momentum has increased following the Clarity Act setback, but remains well above the oversold threshold of 30, indicating sellers have not fully taken control of the market.
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