Crypto analyst Steph Is Crypto delivered a blunt assessment of XRP’s recent performance, suggesting a turning point may have arrived for the digital asset. His remarks followed a sharp 15% drop in XRP’s price on the 30-minute chart, triggered by a significant regulatory setback for the cryptocurrency market.
Senate blocks key crypto bill
The United States Senate declined to advance the CLARITY Act on September 15. This bill aimed to create a new federal regulatory framework for the $2.3 trillion cryptocurrency sector. Legislators failed to secure the required 60 votes, leaving the bill stalled and sending ripples across digital asset markets.
The sudden move sparked a broad selloff, with XRP bearing the brunt of market concerns about continued regulatory uncertainty. Steph Is Crypto opened his video commentary by describing the moment as “game over for XRP and for crypto.”
Steph highlighted the severity of the situation, stating that XRP has suffered a 15% drop after the Senate decision and now faces a critical support test.
Critical support under threat
Despite the steep decline, Steph noted that XRP remains positioned directly above its major downward support line on the 4-hour chart. This level previously acted as the launching point for a price recovery in late August. He suggested that while the selloff is substantial, the long-term technical setup has not yet fully collapsed.
Zooming out to the daily chart, Steph identified pivotal support between $1.27 and $1.28. This zone has stabilized XRP for several months. If the asset loses this foundation, he warned that the price could slip towards $1.15 to $1.20 before buyers re-emerge.
Potential for a double bottom
Steph’s analysis of the weekly timeframe brought attention to the Gaussian channel indicator. He explained that XRP’s recent break below this channel echoes moves from previous market cycles, notably in 2020 and 2022. In both cases, XRP dipped under the channel, bounced back, faced rejection, and then formed a double bottom before recovering strongly.
He observed that XRP has already bounced back into the Gaussian channel after the initial drop. A retest forming a double bottom near the support region appears possible, particularly if the token fails to reclaim $1.40 quickly.
Steph emphasized, if XRP rises above $1.40, that could signal the start of a broader upward movement, while a failure to reclaim this level leaves the door open to further losses.
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Outlook hinges on support
The CLARITY Act’s failure adds more regulatory uncertainty, with Congress now on recess ahead of the midterm elections. Without new legislation, the crypto industry remains subject to existing agency policies that future administrations might override.
For XRP, traders are closely watching whether the major support levels hold. A bounce from the current trend line could offer a recovery, but a breakdown would likely drive the price toward the next support at $1.15. Sustained trading above $1.40 remains the threshold for a potential bullish reversal.
