The story

XRP is trading at around $1.05 to $1.06, down more than 4% in the last day, after the price fell from $1.84 at the start of the year. The cryptocurrency is at its lowest price this year and its cheapest level in 20 months, a level last seen in November 2024. Anyone who put $1,000 into XRP at the start of this year is holding about $570 today.

The decline comes as the Senate shelved the CLARITY Act to prioritize other legislation, including a Russia sanctions bill and votes on Trump administration nominees. The Senate calendar for the week of July 27 to July 31 did not include the CLARITY Act, leaving only a small window before the August 8 recess. Polymarket data shows that the odds of the CLARITY Act passing have dropped from 53% on July 21 to 37% on July 28. The bill faces opposition from Democratic senators over ethics provisions, and New York Attorney General Letitia James is urging the Senate to vote against it.

The price drop triggered $8.55 million in long liquidations, according to Coinglass data. XRP ETFs saw a net inflow of $592.47K according to SoSoValue, a bullish signal though the capital was moderate. The broader cryptocurrency market has turned red, losing over $80 billion in market cap, with bitcoin dropping from $65,600 to $63,000. Analysts suggest investors are reducing exposure to risk assets ahead of the next Federal Reserve FOMC meeting, which will announce its interest rate decision.