XRP shook off a sharp regulatory setback this week, climbing more than 7% over 24 hours to trade near $1.39 after briefly touching lows around $1.27.
The rebound followed a rocky 48 hours that combined a failed Senate vote with the Federal Reserve’s first rate hike since 2023.
What Actually Triggered This Week’s Selloff
Cloture is the Senate procedure required to end debate and move a bill toward a final vote, needing 60 senators to succeed. On September 15, the CLARITY Act fell short in a narrow 50-49 tally, missing that threshold and stalling a proposed federal framework for digital assets.
XRP dropped more than 8% in the immediate aftermath, touching lows near $1.27 to $1.28. Pressure intensified the next day when the Fed raised its benchmark rate by 25 basis points to a range of 3.75% to 4.00%, a move that typically weighs on risk assets broadly.
The sell-off, however, proved short-lived. XRP has since rebounded to $1.39, up 7.23% over 24 hours, even as the token slipped slightly by 0.30% in the past hour. Trading volume held near $3.9 billion, close to its 30-day average, suggesting genuine buying rather than thin, low-liquidity trading.
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Is This Rebound Built on Solid Ground?
Whale deposits to Binance reached six-month highs, according to CryptoQuant data, while futures open interest climbed back above levels seen before the failed vote, both signals of renewed large-scale participation.
The broader market moved in tandem. Bitcoin gained 5.49% to trade near $80,752, Ethereum rose 5.53% to roughly $2,595, and Solana surged 10.75% to $112.34. Total altcoin market cap climbed to $222 billion, its highest level in eight months.
Some analysts point to a potential inverse head-and-shoulders pattern forming on the daily chart, with a neckline around $1.55 that could open a path toward $2 if confirmed.
The RSI sits near neutral territory at 54, leaving room for further upside without yet flashing overbought conditions. XRP still trades 62% below its all-time high and remains inside a broader consolidation range that has persisted for months.
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Whether the token can consistently close above $1.41 on strong volume will likely determine whether this recovery becomes a durable trend reversal or another temporary bounce within the same range.
For now, the market has clearly absorbed both the CLARITY Act’s failure and the Fed’s rate decision without lasting damage.
Source: BeInCrypto
