XRP and Cardano Price Prediction as CLARITY Act Odds Fade Ahead of August Recess

Ripple (XRP) and Cardano (ADA) are facing a price decline today, as CLARITY Act odds fade amid reports that the US Senate has shelved the crypto bill to prioritize other legislation. This move suggests that senators will only have a small window to vote for the CLARITY Act before they break for recess on August 8.

XRP price is down by 4.8% today, July 28, to trade at $1.05 at the time of writing. ADA price has also dropped by 6.45% to trade at $0.15.

CLARITY Act Odds Drop as Senate Shelves Crypto Bill

Data from Polymarket shows that the odds of the CLARITY Act passing have dropped from 53% on July 21 to 37% on July 28.

This drop comes after the Senate calendar failed to include the CLARITY Act bill in the week between July 27 and July 31.

As CoinGape reported earlier, the Senate is prioritizing voting on the Russia sanctions bill and voting on the officials nominated by President Trump to head various federal agencies.

This delay comes as the bill continues to face opposition from Democratic senators who say that the ethics provisions that prevent public officials from issuing digital assets need to be tightened.

New York Attorney General Letitia James is also urging the Senate to vote against the bill, saying that it could interfere with the ability of states to crack down against crypto fraud if it passes.

As the bill faces more opposition and the Senate calendar remains busy ahead of the August 8 recess, the price of US-made coins like XRP and Cardano faces volatility.

XRP Bleeds as Long Liquidations Hit 1-Month High

XRP price is dropping due to selling pressure caused by reduced chances of the CLARITY Act bill passing before Congress breaks for recess.

Data from Coinglass shows that this drop has caused $8.55 million in long liquidations. The funding rate has also dropped to -0.0051.

The four-hour chart now suggests that the drop might continue because XRP has created a head-and-shoulders pattern. This pattern usually warns that the trend is changing to favor bears.

XRP has also moved below the support of this pattern at $1.08. Considering that the H&S pattern has a height of 6.75%, the price of XRP could drop to the June 26 low of $1.01 if the selling pressure remains high.

The AO bars that are red and negative also support a bearish XRP price prediction. They suggest that bears are tightening their grip, making the drop to $1.01 likely.

This bearish thesis will become invalid if XRP closes above $1.08, with such a move set to push XRP to $1.15 per a previous Coingape XRP price analysis.

Cardano Price Outlook as Crash to $0.10 Looms

Cardano price also mirrors the decline seen with XRP after falling by 5% today, July 27. The red volume histogram bars suggest the decline stems from an increase in selling pressure.

If the drop continues due to fears of the CLARITY Act bill not passing, ADA could drop to the support of $0.13.

But if the price closes below this price of $0.13, it could move to the psychological support of $0.10.

The RSI reading of 41 suggests that the momentum is bearish. This RSI also shows that Cardano is not yet oversold despite the recent drop, which suggests that the downtrend could continue.

This bearish long-term Cardano price prediction could become invalid if it closes above resistance at the 61.8% Fib of $0.19.

Institutional Demand for XRP and Cardano Surges

Data from SoSoValue shows that XRP ETFs posted $592,000 in inflows on July 27. These were the first inflows for these ETFs since July 21.

CME Group also shows that institutions traded 4,682 XRP futures contracts on July 27, also marking the highest volumes since June 24.

Institutional investors also traded 2.3 million ADA on July 27, and this was an increase from the 900,000 ADA traded on July 24.

The rising CME volumes suggest that institutional interest in XRP and Cardano rose on July 27 as the crypto market gained.