XRP Falls 9% to $1.28 as CLARITY Act Fails to Pass

XRP faced heavy selling pressure after the anticipated CLARITY Act failed to pass in the US Congress. The cryptocurrency dropped 9% intraday to $1.28. The bill's failure has led to continued regulatory uncertainty. The CLARITY Act aimed to clarify whether digital assets are securities or commodities. For XRP, this regulation was seen as a critical turning point in the legal battle between Ripple and the US Securities and Exchange Commission (SEC). The bill's failure has raised questions about XRP's regulatory status. Market analysts note that XRP is the asset most affected by this development. The bill sought to reduce uncertainty by providing a general framework for the classification of cryptocurrencies. However, the bill's shelving has shaken investor confidence and accelerated selling. XRP's price fell to $1.28 following the news of the bill. In the short term, regulatory developments and progress in the SEC case will determine XRP's direction. In the long term, whether the bill is reintroduced and potential amendments will be monitored. Not investment advice.