XRP falls 8% to $1.20 after Democrats win Congress, analyst calls it a “fake dump”

XRP traded at $1.20 after dropping 8.05% in the past 24 hours and losing 17.55% over the past month, as political and regulatory developments sent shockwaves across the cryptocurrency market. The token’s latest decline drew widespread reactions from traders and analysts, who debated the causes and permanence of the fall. The selloff followed the outcome of recent US midterm elections, with Democrats securing control of both the House of Representatives and the Senate. Many crypto market participants expressed concern about this result, anticipating that it could make regulatory progress for digital assets increasingly difficult. One focal point was the CLARITY Act, legislation aimed at creating a clear regulatory framework for cryptocurrencies. The bill’s progress had stalled after Democrats blocked it in September.

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