XRP Holds Near $1.30 After Senate Vote and Fed Rate Hike

XRP is trading near $1.30, a critical technical support level, after a turbulent week marked by a U.S. Senate vote that failed to advance key crypto legislation and a Federal Reserve interest rate hike. The digital asset is holding above this zone despite the dual headwinds, with market data showing a significant decline in futures open interest while spot demand via ETFs remains positive. The token's price action follows a sharp correction after the U.S. Senate on Tuesday failed to advance the Digital Asset Market CLARITY Act. The procedural vote received 50 votes in favor but fell short of the 60 needed to open debate on the bill, which aimed to clarify regulatory jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The failure prolonged regulatory uncertainty for the U.S. crypto market. Adding to the pressure, the Federal Reserve on Wednesday raised its benchmark interest rate by 25 basis points to a range of 3.75% to 4.00%, its first increase since 2023.