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Following
XRP XRP holders are paying close attention to the upcoming procedural vote in the U.S. Senate on September 15 on the Digital Asset Markets Clarification Act.
Against this background, RayJnr, a staunch supporter of XRP, is optimistic about the potential impact of the legislation. He believes that once the bill is advanced, the price of XRP may rise significantly, reaching as high as $1,875. His brief remarks also sparked divergent views in the XRP community, with disagreement over when such price changes would occur.
RayJnr expects price fluctuations in XRP
RayJnr's tweet cited the passage of legislation as the main catalyst for XRP. The accompanying video shows the XRP price rising to $1,875. The timing of the post is significant because the Senate is scheduled to hold a 60-vote closing debate vote on September 15 to advance the CLARITY Act.
The legislation aims to establish clearer rules for digital assets in the United States by clarifying the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For XRP, passage of the bill could provide legal clarity beyond legal precedents established in previous cases with the SEC.
XRP community members provide different opinions
Comments under RayJnr's post raise different expectations for potential price movements for XRP. Gael RoMANETS believes that XRP will not exceed US$5 until Bitcoin reaches US$500,000, and links XRP's potential performance to larger fluctuations in the broader cryptocurrency market.
Garrett Blalock took a more patient stance. He wrote: "One word: Tomorrow will not happen. But it will happen eventually." This suggests that while he remains confident in the possibility of major fluctuations in the XRP, he does not expect the effect to manifest immediately after the vote.
Wyatt Davis discussed the nature of the September 15 vote. He pointed out: "Relax, tomorrow is just a vote on closing the debate. Other than 'Hey guys, should we consider discussing this topic?' Besides, it doesn't have much practical significance." He emphasized the distinction between advancing the legislative process and ultimately turning it into law.
CLARITY Act may change XRP's regulatory status
If the CLARITY Act eventually becomes law, XRP may gain clearer legal digital commodity status under the jurisdiction of the CFTC. This would provide greater regulatory certainty than relying primarily on judicial precedent.
Greater clarity may also make it easier for financial institutions to consider using XRP and XRP ledgers to develop products involving payments, custody, tokenized assets and cross-border liquidity. As a result, the legislation may have long-term effects on XRP that go beyond short-term market speculation.
However, the closing debate vote on September 15 represented only a procedural step, not a final adoption. XRP's price response will ultimately depend on how the legislation progresses in the Senate and House, as well as broader market conditions.
