XRP (XRP) Price: Drops 8% This Week on Senate and Fed News

TLDR

• XRP is trading at $1.06, down nearly 8% over the past week.
• The U.S. Senate shelved the Clarity Act on Monday to focus on other legislation.
• The Senate’s August recess begins around August 7, leaving little time for a vote this year.
• XRP shows a confirmed death cross, an RSI of 40.9, and a weak ADX of 11.2.
• Fed Chair Kevin Warsh is expected to hold rates steady on July 29, though hike odds hit 38% last weekend.

XRP is trading at $1.06 today. That price is down nearly 8% over the past week.

The drop follows two events that traders were watching closely. The Federal Reserve has a rate decision coming, and the Senate just set aside a bill important to XRP’s future.

On Monday, the Senate shelved the Clarity Act. Lawmakers chose to prioritize a Russia sanctions bill and federal nominations instead.

The Senate’s August recess starts around August 7. That leaves a narrow window for the bill to move forward this year.

If lawmakers miss that window, the next real chance for a vote might not come until 2027.

The Clarity Act matters to XRP because it would make XRP’s legal status as a commodity official. That kind of clarity is what banks and ETF issuers say they need before building new products around it.

Standard Chartered has floated a price target of $8 for XRP. That number only applies if the Senate passes the bill and exchange-traded funds bring in $4 billion to $8 billion in new money.

The Federal Reserve’s meeting lands on July 29. New Fed Chair Kevin Warsh is expected to hold rates between 3.50% and 3.75%.

Some traders aren’t ruling out a hike. CME FedWatch data showed hike odds near 38% over the weekend, the highest reading of this cycle.

What XRP’s Charts Show

XRP’s chart currently shows a death cross. This happens when the 50-day average price drops below the 200-day average, a sign the medium-term trend is pointed down.

The RSI, a tool that tracks buying and selling pressure on a 0-100 scale, sits at 40.9. That’s below the neutral mark of 50 but not yet low enough to count as oversold.

The ADX, which measures how strong a trend is, reads just 11.2. Readings under 20 usually mean the market lacks a clear direction in either direction.

Support and Resistance Levels

If XRP holds above $1.05, the coin could climb back toward the $1.10 to $1.12 range. A drop below $1.045 opens the door to $1.01, then $0.97.

XRP Price on CoinGecko

XRP hit an all-time high of $3.65 before this slide began. The token now sits more than 70% below that peak.

Bitcoin, for comparison, trades near $63,400. That’s also well off its June high of roughly $80,000.

The Fed’s rate decision is scheduled for July 29. Traders will be watching closely for any hint about rate cuts in September.

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