XRP rebounds 7% after CLARITY Act failure

XRP shook off a sharp regulatory setback this week, climbing more than 7% over 24 hours to trade near $1.39 after briefly touching lows around $1.27.

Regulatory and Monetary Context

The sell‑off was triggered by two events: the Senate’s failure to invoke cloture on the CLARITY Act on September 15, falling short 50‑49 of the 60‑vote threshold, and the Federal Reserve’s 25‑basis‑point rate hike to a 3.75%‑4.00% range, the first increase since 2023.

Price Action and Volume

Following the immediate drop of more than 8% to $1.27‑$1.28, XRP rebounded to $1.39, up 7.23% in the last 24 hours, while slipping 0.30% in the past hour. Trading volume stayed near $3.9 billion, close to the 30‑day average, indicating genuine buying pressure.

Market Support Signals

• Whale deposits to Binance reached six‑month highs (CryptoQuant data).
• Futures open interest rose above pre‑vote levels.

Broader Crypto Market

Bitcoin gained 5.49% to around $80,752, Ethereum rose 5.53% to roughly $2,595, and Solana surged 10.75% to $112.34. The total altcoin market cap climbed to $222 billion, its highest in eight months.

Technical Outlook

Some analysts note a potential inverse head‑and‑shoulders pattern on the daily chart, with a neckline near $1.55 that could target $2 if confirmed. The RSI sits near 54, suggesting neutral momentum.

Key Question

Whether XRP can consistently close above $1.41 on strong volume will determine if the recovery marks a durable trend reversal or a temporary bounce within its long‑standing consolidation range.