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XRP(CRYPTO: XRP) has traded within a narrow range over the past three weeks as the recent crypto market rally stalls. The token was trading at $1.3480 on Sunday, down 20% from its August high. This week could prove pivotal, with the Senate set to vote on the CLARITY Act and ETF inflows continuing to climb.
CLARITY Act and XRP ETF Inflows
XRP price has remained in a tight range, mirroring the performance of other top cryptocurrencies like <a href="https://xpertsstudio.com/how-much-bitcoin-does-an-iphone-cost-8-years-of-btc-vs-iphone/” title=”How Much Bitcoin Does an iPhone Cost? 8 Years of BTC vs iPhone”>Bitcoin(CRYPTO: BTC) and Ethereum(CRYPTO: ETH), which have stalled.
The ongoing consolidation happened even as American investors continued buying its ETFs. Data shows that spot XRP ETFs have had over $32 million in inflows this month, bringing the cumulative inflows to $1.7 billion. These funds, led by the Bitwise XRP ETF, have over $1.45 billion in assets.
The next important catalyst for the token will be the upcoming CLARITY Act vote, which will happen on September 15. This will be a cloture vote to proceed with the vote and will require 60 Senators.
The CLARITY Act would benefit XRP and the broader crypto industry by creating a set of rules that companies and developers will need to follow. For example, it will move most of the regulatory roles from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).
For XRP, the bill will have an impact on Ripple Labs’ stablecoin, which has done well in the past few months. CoinMarketCap data shows that the Ripple USD (RLUSD) stablecoin has a market capitalization to over $2.42 billion, with $1.05 billion being in the XRP Ledger.
The risk, however, is that many traders on Polymarket believe that the CLARITY Act will not become law. Odds of the bill being passed by President Donald Trump stand at just 27%. That is because there is no consensus on ethics provisions that will prevent politicians like President Donald Trump from issuing tokens. There are also differences on vertical integration in the crypto industry.
XRP Price Has Formed Bullish Patterns
Technicals suggest that XRP price may be on the cusp of a strong bullish breakout in the near term. It formed a golden cross pattern as the 50-day and 200-day Weighted Moving Averages (WMA) crossed each other on September 2nd.
XRP is in the process of forming a bullish pennant pattern, which is made up of a vertical line and a symmetrical triangle. Therefore, the token will likely have a bullish breakout, potentially to the August high of $1.6965, which is about 26% above the current level.
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