XRP Fights to Hold $1 as Senate Stalls on CLARITY Act

XRP is currently fighting to stay above the $1 mark after a dip earlier this week. The token recently slid to $1.01 before seeing a minor recovery toward $1.04. While the price has managed to hold this key level, XRP remains one of the weaker performers in the current market, leaving many investors on edge.

The uncertainty stems largely from the legislative status of the CLARITY Act. Senate Majority Leader John Thune plans to file a motion to advance the bill before the upcoming August recess. However, support remains split. Lawmakers are currently deadlocked over bank lobbying regarding stablecoin rewards and ongoing disagreements over ethics rules for officials. This political gridlock has created a difficult environment for the token.

Market data shows that recent volatility led to about $9.6 million in liquidations, mostly impacting long positions. While trading volume saw a small 3.3% increase, the overall weekly performance remains down by over 2%. Traders are now watching the $1.06 to $1.08 resistance zone closely. If XRP can clear this area, it may target $1.12 or higher. Conversely, if it slips below $1, support levels near $0.97 become the primary focus.

Looking ahead, prediction markets are showing caution regarding the token's ability to maintain its current price through the end of August. With a September vote still on the horizon, the asset is likely to stay sensitive to macro news and further updates from Washington. Investors should watch for sustained volume to confirm whether the current recovery has real momentum or is simply a temporary bounce.