XRP Erases Rally Sparked by US Senate Crypto Bill as Market Eyes Commodity Status

XRP’s legal classification has long shaped its trading and regulatory risks. A cryptocurrency bill set for a vote in the US Senate could further establish XRP’s status as a commodity, determining whether it is overseen by the Commodity Futures Trading Commission or the Securities and Exchange Commission and putting the token in the market spotlight.

News of the vote briefly lifted XRP by 5%, but the token later surrendered all its gains and remained below a key resistance level. Derivatives trading activity rose markedly over the same period. Reports did not provide the bill’s name, the exact voting date, the resistance price or contract values, and the market is awaiting the Senate’s next steps.