The U.S. Senate will vote on CLARITY Act tomorrow. This bill aims to delineate the regulatory powers of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the crypto industry, which has drawn market attention to XRP derivatives positions and short-term fluctuations.
$9.46 million short position liquidation near
CoinGlass Data shows that the critical price level currently faced by XRP shorts is at $1.4644. According to the data in the text, XRP is currently trading around $1.3936 to $1.4001. With just another increase of about 5.08%, it could trigger the forced liquidation of short positions worth approximately $9.46 million.
This means that the market has approached the area where short-selling pressure is most concentrated. Once the price breaks through this level, stop-loss orders and passive covering may occur simultaneously, further amplifying short-term volatility.
Binance Futures trading has significantly increased in volume.
From the data of the trading platform, Binance has become the most concentrated market in this round of competition. In the past 24 hours, the XRP futures trading volume on this platform has doubled, with the number of open contracts rising to 425.98 million US dollars, and the amount of short liquidations has exceeded 1.67 million US dollars.
- Key short liquidation level: $1.4644
- Binance Open interest: $425.98 million
- Short liquidation has occurred: exceeding $1.67 million
The article also mentions that the position tendencies of Bybit and Hyperliquid are more bullish, while in BingX, sellers are still attempting to hold onto the short-term support, but with limited success.
Senate vote coincides with consecutive strikes by the Federal Reserve
The market's focus is not only on the price itself but also on policy developments in Washington. According to a report by Reuters, in an effort to win over swing voters, the White House has agreed to a revision that requires officials to place their personal holdings of crypto assets into blind trusts.
However, there are still obstacles to the prospects of the bill. Reports mention that the lobbying power of the banking industry is opposed to this bill, and Wall Street remains cautious about its ultimate passage. If the bill progresses smoothly, the market may interpret it as a further clarification of the regulatory environment; if the voting is thwarted, the price of XRP may fall back to the range of $1.31 to $1.35.
In addition to the Senate vote, the Federal Reserve's interest rate meeting is also approaching. The consecutive occurrence of these two events means that XRP and broader short-term fluctuations in the crypto market may continue to intensify.
