XRP Slips as Senate Delays CLARITY Act Vote

XRP is trading around the $1.03 level after a small dip of two percent. The movement follows news that the Senate vote on the CLARITY Act has been pushed back until September. This delay removed a recent source of optimism for the market.

Short positions on the token are picking up pace while demand in the spot market has cooled off. Many traders who were looking for a policy catalyst are now reassessing their positions while waiting for the new timeline.

Keep an eye on the $1.00 psychological support level in the coming days. If selling pressure continues, the lack of positive news regarding the legislation could leave the asset vulnerable to further declines.