XRP fell 7.73% to $1.29 at 3:30 p.m. Seoul time on September 16 after the U.S. Senate failed to advance the Digital Asset Markets CLARITY Act. The 49-50 vote fell short of the 60 votes required to end debate, reversing optimism that had helped drive a roughly 10% XRP rally after Ripple CEO Brad Garlinghouse attended a White House event last month where President Donald Trump referenced processing the bill. XRP briefly touched about $1.27 before stabilizing near $1.30, as roughly $30 million in XRP long positions were liquidated. The broader derivatives market recorded more than $760 million in liquidations, while Ethereum, Solana, BNB, Coinbase and Strategy also declined. The bill can still return for another procedural vote, but historical precedent suggests many measures withdrawn at this stage do not come back. Traders are now focused on the Federal Reserve's next rate decision and whether XRP can reclaim $1.30.