Key Takeaways:
The US Senate sidelined the Digital Asset Market CLARITY Act to prioritize a Russia sanctions bill and federal nominations, narrowing the window for a crypto market structure vote before the August recess.
XRP fell 4.8% to $1.05 and Cardano dropped 6.45% to $0.1500 on July 28 after the US Senate shelved the CLARITY Act to prioritize a Russia sanctions bill and federal nominations, according to CoinGecko data.
"The Senate majority leader is pursuing floor time for unrelated bills, and with Lindsey Graham's funeral occupying the chamber Tuesday and Wednesday, the crypto bill's window before the August 8 recess is extremely narrow," Jesse Hamilton at CoinDesk reported.
Polymarket odds of the CLARITY Act passing fell to 37% on July 28 from 53% on July 21. The bill faces continued opposition from seven Senate Democrats seeking stronger ethics provisions, including tighter restrictions on President Donald Trump's crypto activities. New York Attorney General Letitia James also urged the Senate to vote against the bill, arguing it could interfere with state-level crypto fraud enforcement.
The delay extends regulatory uncertainty for US-issued tokens like XRP and Cardano, which Ripple CEO Brad Garlinghouse has called the "last regulatory hurdle" to achieving institutional scale. The next possible window for a vote is the week of August 3, the final days before the Senate breaks for summer recess. If the bill fails to advance, the next opportunity shifts to September's lame-duck session.
XRP's decline triggered $8.55 million in long liquidations, with the funding rate turning negative to -0.0051, Coinglass data shows. The four-hour chart formed a head-and-shoulders pattern, with the price breaking below neckline support at $1.08. The pattern's 6.75% height suggests a potential drop to the June 26 low of $1.01 if selling pressure persists.
Cardano's RSI reading of 41 indicates bearish momentum without oversold conditions, leaving room for further downside. A break below $0.1300 support could open a path to the psychological $0.1000 level. On the upside, a close above the 61.8% Fibonacci resistance at $0.1900 would invalidate the bearish outlook.
Institutional demand shows a contrasting picture. XRP ETFs posted $592,000 in inflows on July 27, the first since July 21, according to SoSoValue. CME Group recorded 4,682 XRP futures contracts traded on July 27, the highest since June 24. Institutional investors also traded 2.3 million ADA on July 27, up from 900,000 on July 24.
The legislative path remains uncertain. Senate Banking Chair Tim Scott and Agriculture Chair John Boozman are pushing for rapid floor action following the release of the merged CLARITY Act text. More than 200 organizations and 1,200 technology firms have backed the framework. However, the bill must also clear the House again after any Senate passage, where Republican infighting has stalled other initiatives.
This article is for informational purposes only and does not constitute investment advice.
