XRP Drops 9% to $1.28 as the CLARITY Act Fails: What's Next for the Coin That Needed It Most?

On Monday, XRP (CRYPTO:XRP) surged 9.8% to $1.49, while Ripple CEO Brad Garlinghouse told the Senate that “the world was watching.” However, two days later, the Senate failed to open debate on the CLARITY Act, and XRP fell to $1.28.…

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

On Monday, XRP (CRYPTO:XRP) surged 9.8% to $1.49, while Ripple CEO Brad Garlinghouse told the Senate that “the world was watching.” However, two days later, the Senate failed to open debate on the CLARITY Act, and XRP fell to $1.28.

The coin dropped 9.4% over 24 hours and 10.7% over the week, while Bitcoin (CRYPTO:BTC) lost only 1.2%. This raises the question: was Tuesday’s drop the full political adjustment for XRP, or just the first phase?

XRP Fell 7.8 Times Harder Than Bitcoin Because It Had More at Stake

Regulators ceased questioning Bitcoin’s commodity status years ago. By contrast, XRP went through a five-year court battle over the same issue, which was ultimately settled without a statute backing it. The CLARITY Act would have turned that legal clarity into a statute, making Tuesday’s vote more critical for XRP than for any other major cryptocurrency.