XRP Price Gears Up For 40% Surge With CLARITY Act Vote But There’s A Huge Catch

Kritika Mehta
Updated
Kritika Mehta

Kritika Mehta

News Writer & Journalist
Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
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XRP Price Prediction as CLARITY Act Nears President’s Desk

Highlights

  • XRP price is eyeing a 40% surge amid the CLARITY Act hype, according to analysts.
  • Analysts believe that Ripple's native token could rally massively if the CLARITY Act passes the Senate cloture vote today.
  • However, XRP is expected to face heavy resistance when aiming for a breakout.

The Senate is set to vote on the CLARITY Act, while XRP price is shaping up for a potential breakout. Crypto analyst CasiTrades believes there’s potential for more significant action. However, she also gave a warning that Ripple’s XRP may face massive resistance if the rally gets to the important price levels.

XRP Price Eyes Massive 40% Surge Amid CLARITY Act Hype

Just before the vote, CasiTrades posted the XRP price chart on X. According to her analysis, XRP is forming a consolidation pattern below a critical resistance area, as demonstrated in the chart above. XRP was trading around $1.43 when the chart was posted.

XRP has been consolidating under resistance for quite some time, says CasiTrades. The token has also stayed at the 0.5 Fibonacci retracement level.

“That keeps this W4 structure valid,” she said. The analyst hinted that a new local high is still possible.

XRP Price
XRP price chart analysis. Source: CasiTrades | X

She believes that the XRP price may reach $1.74-$1.78 in the short term. At the current price of XRP around $1.43, a price increase to $1.78 would be a gain of approximately 25%.

Moreover, if the XRP price rally comes closer to the larger targets on the chart, it could even hit $2.02 soon. This suggests a whopping 40% surge form current the levels.

However, a sustained trading move to the $1.74 to $1.78 range could meet “HEAVY resistance,” CasiTrades said. If she can make it to that point, she feels it could provide a five wave structure since the recent low.

That’s the biggest catch for XRP bulls as a rally fueled by the CLARITY Act could still be followed by a sharp rejection.

The CLARITY Act Remains A Key Catalyst

CasiTrades noted that with the upcoming vote of the CLARITY Act on tomorrow, it’s “crucial” that the timing is right. If the bill passes tommorow’s cloture vote successfully, XRP price might approach the next resistance zone.

She did emphasize though that rejection does not mean that a trend was a failure. “If XRP pumps on the news and then gets rejected, that does NOT automatically mean the market is weak,” she wrote.

It is important to note that $1.65 is a significant price point that is identified on the chart. CasiTrades is looking to see XRP move higher and maintain that as support. This would be a structural change if it took place.

The analyst says that lower Fibonacci supports are still in play around $1.09 and $0.87 if XRP price is unable to recover the $1.65 level.

Meanwhile, it’s important to note that the CLARITY Act also marks a key regulatory feat for XRP. It has a digital commodity framework that consists of network tokens. This further supports the argument to be made for commodity treatment for XRP on secondary markets.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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About Author
About Author
Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.