[Digital Today reporter Hyunwoo Choo (추현우)] XRP was the only decliner among the top 10 major cryptocurrencies after the U.S. Senate delayed a vote on the 'Clarity Act'. Decrypt, a blockchain outlet, reported on Aug. 7 that the Senate left Washington without taking up the bill, and a vote on the market structure legislation was pushed back until at least September.

XRP fell 2.05% over 24 hours to $1.02. Bitcoin was little changed, while dogecoin rose 1.38% to lead gains among the top 10 cryptocurrencies by market value. XRP is also down 3% over the past week, making it the weakest performer among major cryptocurrencies.

The delay is a more direct variable for XRP. Expectations for an XRP rebound in 2025 to 2026 depended on how the United States would settle XRP's legal character. The 'Clarity Act' is legislation that classifies cryptocurrencies as securities or commodities. An earlier draft included provisions to reclassify XRP, solana and dogecoin as non-securities.

In that case, the three assets would come under the oversight of the Commodity Futures Trading Commission rather than the U.S. Securities and Exchange Commission. XRP, created by a Ripple co-founder, has long been in a legal dispute with the SEC over whether it is an unregistered security. Ripple agreed to pay $50 million to conclude mutual appeals with the SEC, but if legislation does not pass, XRP's legal status will remain uncertain.

Price action is also weak. XRP is hovering just above the psychological $1 support level at around $1.028, with a market value of about $64 billion. On a daily chart, it is the second-lowest level since early 2024, with only last month's $0.9153 lower.

A dead cross has also been confirmed technically. The 50-day exponential moving average has fallen below the 200-day exponential moving average, and the current price is below both. The relative strength index was 35.9 and the average directional index was 11.9. The trend is not strong, but a move toward greater volatility continues.

The near-term inflection point is the $1 level. If XRP recovers $1.10 on a daily closing basis and then rises above $1.13, it could be a sign of support at the lower end. If $1 breaks, a downside path could open to $0.9153. Myriad, however, put the odds of XRP holding above $1 over the weekend at 77%.