finbold.com
$XRP price has seen its bullish momentum decline on July 27, despite the United States Senate signaling a potential vote next week on the CLARITY Act, a bill that intends to regulate the cryptocurrency industry.
Over the past 24 hours, $XRP price has been rejected thrice at the resistance level around $1.11. As such, the token dropped sharply on Monday, to trade at about $1.09 at the time of reporting.
The altcoin’s 24-hour trading volume hovered at approximately $956 million, up over 63%, according to data from CoinMarketCap. The sudden $XRP price drop coincided with odds of the CLARITY Act getting signed into law in 2026 at 38%, up 7% during the last seven days, based on metrics from Polymarket.
However, top Senate Republicans, including Banking Chair Tim Scott and Agriculture Chair John Boozman, are already pushing for rapid floor action, following last week’s release of the merged CLARITY Act text. As a result, experts, including Brendan Pedersen, project a possible window to vote on the bill in the week of August 3, before the recess.
$XRP price analysis amid potential vote on CLARITY Act
Since mid-June 2026, $XRP price has formed a horizontal consolidation in the four-hour chart. Last week’s CLARITY Act news helped buyers push towards a resistance level around $1.15.
At the time of writing, $XRP price was retesting a support level about $1.09, which has resulted in several rebounds during the past four weeks. With its four-hour Relative Strength Index (RSI) dropping below its 14-SMA (Simple Moving Average) while the Moving Average Convergence Divergence (MACD) line nears a cross below its signal line amid smaller histograms, the altcoin’s bullish momentum is fading.
Consequently, a consistent close below the support level near $1.09 would strengthen sellers to the next major liquidity levels near $1.05 and $1.02. On the other hand, a confirmed close above $1.11 may help $XRP price gain bullish momentum towards $1.15.