XRP faces a bearish outlook after dropping below its 200-day moving average, with the failed Clarity Act vote and stagnant ETF demand leaving the asset vulnerable to further losses near the $1.23 support level.
XRP has tumbled 13.8% in 24 hours to trade near $1.27, falling below critical 200-day moving averages. The decline follows the Senate's failure to advance the Clarity Act, removing a key regulatory catalyst for the asset. With Bitcoin struggling to reclaim $80,000 and ETF inflows stalling, the token faces significant downside pressure ahead of the upcoming Federal Reserve rate decision.
XRP fell due to a combination of the Senate blocking the Clarity Act, a breakdown in key technical support levels, and a broader seasonal trend where September often reverses August gains.
The next major support level for XRP is $1.23, followed by the 50-day EMA at $1.2112.