XRP price may be poised for a volatile week ahead as the US Congress reconvenes on April 13 after a two-week recess. Speculation is rife that Congress will likely deliberate on the CLARITY Act once again after top US financial chiefs, White House economists, and some legislators drummed up support for the bill.
CLARITY Act Enters “Make it or Break It” Week
The week between April 13 and April 20 is likely to be eventful for XRP price and the crypto market due to the Senate Banking Committee markup. During this period, the Senate could debate any changes to the CLARITY Act before voting happens again.
As CoinGape reported, this week will decide the fate of the CLARITY Act, and if there is no progress, the bill will likely lose momentum. Senator Cynthia Lummis confirmed this in an X post, saying that it was the last chance to pass this bill.
“This is our last chance to pass the Clarity Act until at least 2030. We can’t afford to surrender America’s financial future,” Lummis said.
US Treasury Secretary Scott Bessent had earlier said that the CLARITY Act is a national priority. He urged the banking committee to hold a markup and ensure that the bill moves forward to President Trump’s desk.
One of the contentious issues in the bill that has caused its delay is the stablecoin yield. However, recently, White House economists dismissed concerns around this, saying yields paid on stablecoins would not harm banks. This statement could be among the factors that influence the banking committee’s decision next week.
XRP Price Eyes Rebound as Bullish Breakout Looms
The XRP price could be on the verge of a rebound rally next week amid speculation around the CLARITY Act. Moreover, a bull flag pattern has appeared on the four-hour chart. This pattern shows that bulls are about to take charge, and the price could create a strong upward trend. At press time, XRP traded at $1.34 with a slight 0.4% gain in 24 hours.
For XRP to confirm this bull flag, it needs to break out above the resistance at the upper trendline of the parallel channel. This resistance lies at $1.36. A strong breakout could drive a 7.83% rally to $1.47.
The Money Flow Index is rising and has made a higher high, a sign that buying pressure is growing. If buyers maintain the momentum next week and a positive development in the CLARITY Act is confirmed, the upward trend will likely be sustained.
However, the AO bars challenge the bearish thesis after flipping red to show that the bullish momentum may be growing weak. If buyers lose steam, a downward trend reversal is likely to occur.
The futures market also shows that speculative traders are still shying away from the market. XRP’s open interest has remained low at $2.45 billion, a notable drop from the October highs of $8.88 billion per Coinglass data. An uptick in this metric will confirm the resumption of bullish trends for the XRP price.
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