XRP
XRP Drops Below $1.30 as Failed Senate Debate Vote Triggers Market Liquidations
A rejected Senate procedural vote on crypto legislation and broader macroeconomic headwinds led to widespread liquidations and an 8% to 9% drop in XRP.
XRP declined between 8% and 9% to fall below the $1.30 mark, posting the steepest drop among the top ten digital assets over a 24-hour period. By comparison, Bitcoin shed roughly 1.4% and Ethereum lost around 3% during the same timeframe, as the market reacted to legislative setbacks and an expected Federal Reserve rate hike.
The downturn triggered significant leverage unwinding, with crypto platforms recording approximately $571 million in liquidated long positions across the broader market. Bitcoin and Ethereum positions accounted for roughly $190 million in liquidations each, while XRP longs sustained about $30 million in forced closures and Solana positions absorbed roughly $22 million.
The decline followed the Senate's failure to invoke cloture on H.R. 3633, known as the CLARITY Act, in a 49-to-50 vote that prevented the bill from reaching the floor for debate and amendments. Opposition led by Senate Banking Committee Ranking Member Elizabeth Warren centered on executive ethics rules following disclosures of President Trump's crypto income, despite a 630-page revised Republican draft that incorporated 126 Democratic amendments.
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