Although the entire cryptocurrency market rallied on Monday, perhaps to the surprise of many given upcoming expectations of a Fed rate hike, XRP was at the forefront, rising from below $1.35 to $1.50 to mark a three-week high.
It has been rejected there, but still remains near $1.40 ahead of what could be a big day for all crypto assets, including XRP.
XRP prepares for CLARITY vote
The U.S. Senate is expected to vote today shortly after 2 p.m. ET on whether to close the motion to continue passing the landmark crypto market structure legislation. It should be noted that this is not a final passing vote. Instead, it will show whether the bill has any chance of making it to the Senate floor, as it requires 60 votes just to advance to formal debate. That means Republicans need support from multiple Democrats or independents while avoiding defections from within their own party.
The latest developments on the matter were somewhat promising as Senate Republicans released another revised version over the weekend to try to resolve disagreements over stablecoins, banking competition and the crypto interests of public officials. However, Senate Democrats sent a counterproposal late last night, even though their Republican counterparts had said their version was “the best and final.”
For XRP, the implications are particularly interesting because it already enjoys far greater regulatory certainty than before or during Ripple’s years of battle with the SEC. However, the CLARITY Act would establish a lasting statutory framework dividing oversight between the SEC and CFTC and provide clearer rules for digital asset intermediaries.
$2 Next?
In a previous article, we discussed (with the help of ChatGPT) what could go wrong for XRP in the event of a downvote. In this one, we will reverse the trend, as most analysts are quite bullish on the asset. One thing they all agree on is that volatility is likely to increase.
CasiTrades see the next significant upside target around $1.74-$1.78, followed by an even higher target at $2.00 if momentum continues. EGRAG CRYPTO, who has been among the most bullish XRP commentators, highlighted the importance for the asset to maintain its 100-day EMA around $1.38 to $1.40, which is currently being tested again. Maintaining this level would preserve the broader bullish structure, but its loss could result in a significant decline.
Other analysts, including Mikybull Crypto and Bird, have also sharp to improve XRP momentum immediately ahead of the Senate vote. But the first test is very close. A sustained break above the $1.50 area could open the door to $1.60, with a range of $1.74 to $1.78 soon after. Naturally, $2.00 would come up as the next obvious psychological goal.
The article Huge Day for XRP: CLARITY Act Vote Could Spark the Next Big Move appeared first on CryptoPotato.