XRP Price May See Surge Amid US Crypto Legislation Developments

The recent decline in the XRP price can be attributed to heavy liquidations of leveraged long positions in derivatives markets. This has put pressure on the token's value, causing it to fall by 6% to $1.17 in the past 24 hours.

However, traders are keeping a close eye on the CLARITY Act, which is expected to be voted on in August. If the act passes, it could lead to better crypto regulations and enhance investor confidence, potentially causing an increase in XRP's value.