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XRP Impact of the CLARITY Act vote on XRP and analysis of its future trend
Although the upcoming vote on the Digital Asset Market Clarity Act is not final, it is still of great significance to the entire crypto market. Senators will decide whether to move forward with the legislative debate. According to regulations, 60 votes are needed to end the debate, which means that even if all Republican lawmakers vote in favor, they still need to win the support of some Democrats or independents.
XRP may be one of the crypto assets most closely linked to the bill, so if the bill fails to pass, it could have a significant negative impact on its price. To this end, we consulted ChatGPT for its views on this matter and the situation that cross-border token XRP may face.
Why the CLARITY Act is Critical to XRP
The bill aims to establish a comprehensive federal crypto market regulatory structure, including clarifying the responsibilities of the two main regulatory agencies, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and establishing rules for exchanges, brokers, dealers, and digital commodities. This bill is particularly relevant to XRP given Ripple's years-long regulatory litigation with the SEC.
After the lawsuit filed at the end of 2020, the SEC has identified XRP as a digital commodity. As a result, the legislation strengthens the broader regulatory system by codifying existing frameworks into federal law. History shows that the SEC's position changes rapidly with each new administration.
Overall, even if next week's vote on the CLARITY bill fails, removing a potential bullish catalyst, it will not erase the regulatory progress XRP has made over the past year and a half.
Will XRP fall significantly?
From a technical perspective, XRP is currently near US$1.40, above the key support level of US$1.34 -1.35, but has not yet recovered the important resistance level of US$1.40. If the closing debate fails but Bitcoin (BTC) and the overall crypto market remain stable, ChatGPT predicts that the Ripple token may have an initial reaction of 7% to 10%, manifested in a price falling to the US$1.20 -1.25 range.
If there is a more aggressive sell-off, asset prices could drop further to near $1.10, especially if the market interprets that comprehensive U.S. crypto legislation may not be introduced until long after the midterm elections.
Another key factor was the situation on the following day (the end of the Federal Reserve's FOMC meeting on September 15-16). If the CLARITY bill fails and the Federal Reserve adopts a hawkish stance, the regulatory disappointment originally targeted only at XRP could turn into a sell-off in the entire crypto market. In this scenario, the AI platform predicts that XRP will face a more painful decline, with the target pointing at $1.00.
However, ChatGPT pointed out that the lack of progress on the CLARITY Act alone is not enough to be a strong catalyst for pushing XRP below $1.00.
