XRP is trading at $1.06, down nearly 8% over the past week, in a macro environment that has become particularly unfavorable for cryptocurrencies. The U.S. Senate has officially shelved the Clarity Act before its August recess, reducing the chances of this legislation codifying XRP’s commodity status this year. The Federal Reserve is set to announce its rate decision on July 29, and XRP’s technicals remain unanimously bearish: a confirmed death cross, RSI at 40.9, and negative momentum. Without this regulatory framework, Standard Chartered’s conditional $8 price target for XRP remains theoretical, as the bank made this forecast contingent on full Senate passage and $4 billion to $8 billion in new ETF inflows.
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