The XRP price has fallen below $1.9 as U.S. Senate committees have postponed consideration of the market structure bill, reducing short-term demand for purchases. Regulatory uncertainty has led to a drop in the XRP price from a January high of $2.41 to a level below $1.9, highlighting sensitivity to delays in Congress.
Positive target indicators remain unchanged: forecasts indicate a mark of $3.00 in 4-8 weeks and $3.66 in the long term.
The price of XRP is again falling amid traders' reactions to the postponement of the vote on the text of the Market Structure Bill being conducted by the U.S. Senate Committee on Agriculture.
On Friday, January 23, legislative initiatives related to cryptocurrencies continued to put pressure on buying interest in XRP. The postponement of the Agriculture Committee meeting followed the rescheduling of the vote by the Senate Banking Committee.
Despite delays in passing the much-needed cryptocurrency legislation, the medium-term outlook for XRP remains optimistic. Key factors contributing to the rise include net inflows into ETFs investing in the spot currency XRP since its launch, the expectation that the Senate will eventually pass the Market Structure Bill, and the increasing utility of XRP.
Below I will discuss the main factors that determine recent price trends, the medium-term (4-8 weeks) forecast, and key technical levels for traders to watch.
