XRP
XRP Drops to $1.27 Following CLARITY Act Failure and Technical Breakdown
XRP fell nearly 14% over 24 hours as technical support gave way and the US Senate blocked the CLARITY Act.
XRP declined 13.8% over 24 hours to trade near $1.27, extending its drop to 25.3% below its August 22 peak of $1.70. The decline reversed much of August's 28.5% rally and pushed the price below both its 200-day moving average of $1.355 and its 20-day EMA at $1.3055, leaving the 50-day EMA at $1.2112 as the next primary support level.
Derivatives data showed warning signs ahead of the drop, with funding rates falling to negative 0.0094%—the lowest since June 28—and Bollinger Bands reaching their tightest compression in 236 days before breaking to the downside.
Selling pressure accelerated after the US Senate failed to reach the 60 votes required to advance the CLARITY Act on September 15. Attention has shifted to the Federal Reserve's upcoming rate decision, while US spot XRP funds recorded zero net inflows.
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