XRP faces short-term pressure following the collapse of the CLARITY Act, while Bitcoin and Ethereum ETFs suffer significant capital outflows amid a broader risk-off environment in U.S. crypto markets.
XRP price tumbled below key support levels after the CLARITY Act failed to advance in the Senate, though Ripple maintains its regulatory position is unchanged under existing SEC-CFTC guidance.
Bitcoin ETFs recorded $450.3 million in net outflows over the past 24 hours, indicating risk-off sentiment in the crypto market.
Ethereum ETFs saw $141.5 million in net outflows, reflecting broader weakness in crypto demand alongside Bitcoin and XRP.
XRP prices fell below key support levels after the U.S. Senate failed to advance the CLARITY Act, a legislative blow for the crypto industry. While Ripple CEO Brad Garlinghouse expressed disappointment, he remains optimistic that the SEC and CFTC will continue to provide regulatory clarity through rulemaking. Meanwhile, broader market sentiment remains bearish as Bitcoin and Ethereum ETFs recorded a combined $591.8 million in net outflows.
The bill faced opposition from Democrats concerned over ethics provisions and potential conflicts of interest, alongside several Republican votes against the measure.
Ripple CEO Brad Garlinghouse stated that the company's business momentum remains unchanged, as they continue to rely on existing SEC-CFTC guidance that classifies XRP as a digital commodity.