XRP has recovered by over 7% within 24 hours, reaching a price near $1.39 after dropping to lows of $1.27. This rebound occurred despite the failure of the CLARITY Act in the Senate on September 15, where the bill failed to secure the necessary 60 votes in a 50-49 tally. Following the vote, the token price initially fell by more than 8%.
Market pressure increased further when the Federal Reserve raised its benchmark interest rate by 25 basis points, establishing a range of 3.75% to 4.00%. Despite these events, trading volume for XRP remained stable at approximately $3.9 billion. Data from CryptoQuant indicates that whale deposits to Binance have reached a six-month high, while futures open interest has also increased.
The broader cryptocurrency market showed similar growth, with Bitcoin rising 5.49% to $80,752 and Ethereum gaining 5.53% to reach $2,595. Solana saw a 10.75% surge to $112.34. The total market capitalization for altcoins climbed to $222 billion, marking its highest level in eight months.
Technical analysis suggests the potential formation of an inverse head-and-shoulders pattern on the daily chart, with a neckline identified at $1.55. The Relative Strength Index currently sits at 54. Analysts note that a consistent close above $1.41 on significant volume will be a key indicator for determining if the current recovery represents a durable trend reversal.
