XRP Slides to $1.06 as Senate Shelves Clarity Act Ahead of Fed Rate Decision

XRP fell to $1.06 over the past week, declining nearly 8%, as the U.S. Senate on Monday shelved the Clarity Act to prioritize a Russia sanctions bill and federal nominations. The move narrows the legislative window for passage before the chamber's August recess begins around August 7, dimming near-term prospects for the commodity classification bill that institutional custodians and ETF issuers have awaited.

The decline compounds as the Federal Reserve prepares for Chair Kevin Warsh's second FOMC meeting on July 29, with markets braced for a rate decision. Global macro headwinds have intensified crypto volatility, with Bitcoin trading near $63,400–$64,000, well below June highs around $80,000. Standard Chartered's conditional $8 XRP target—contingent on full Senate passage and $4 billion to $8 billion in new ETF inflows—remains theoretical without legislative action.