XRP drops 9% to $1.28 after Senate rejects CLARITY Act

XRP’s price fell sharply by 9%, reaching $1.28, following the U.S. Senate’s rejection of the CLARITY Act, a legislative measure crucial for establishing its legal standing. The act’s failure has significant implications for Ripple Labs, which has been embroiled in ongoing legal battles with the U.S. Securities and Exchange Commission (SEC) over whether XRP should be classified as a security. The market reaction suggests that participants view the rejection as a setback for XRP’s regulatory clarity and future prospects. In light of these developments, the probability of XRP reaching key price targets in September appears to have been affected. Market data indicates a noticeable decline in the likelihood of XRP achieving significant price milestones this month. The probability of XRP reaching $3.00 in September has remained low, currently priced at 1.3% YES, showing little movement over the past week. Similarly, the odds for XRP reaching $2.00 have decreased, consistent with the broader market’s reaction to the legislative setback. The rejection of the CLARITY Act by the Senate appears to have reinforced concerns about regulatory hurdles facing XRP and similar digital assets. The bro...