XRP Leads Crypto Gains Before Senate Vote and Fed Rate Decision
Crypto Prices Climb as Two Major Events Approach
On Monday, cryptocurrency prices increased across the board, with XRP leading the gains. This happened just before two important events: a Senate vote on the CLARITY Act, a market structure bill, scheduled for Tuesday afternoon, and a Federal Reserve decision on interest rates expected Wednesday.
Bitcoin rose 2.3% to $79,164, and ether was up 1.3% to $2,541.82. XRP jumped 7.7% to $1.46. The total value of the crypto market reached $2.773 trillion, up 2.3% over 24 hours.
Key Market Numbers and Vote Timing
- Bitcoin hit a 24-hour high of $79,264.91 after the New York market opened.
- XRP was the top gainer among major non-stablecoin tokens, with 79 of the 121 largest tokens rising.
- The Senate will vote at 2:15 p.m. Tuesday on whether to advance the CLARITY Act. This vote needs 60 senators to agree.
- Polymarket, a prediction market, shows an 85.5% chance that the Federal Reserve will raise rates by a quarter-point on Wednesday.
Senate Schedule and Bill Details
The Senate set the cloture vote time in an agreement on August 8. According to the Senate Calendar of Business, the motion to proceed to H.R. 3633, the CLARITY Act, will ripen at 2:15 p.m. on September 15, 2026.
Senators Cynthia Lummis, John Boozman, and Tim Scott released the final text of the CLARITY Act on Monday morning. They said it includes changes requested by Democrats, such as ethics rules for politicians' investments and consumer protections. Lummis stated in a press release that the bill is ready after negotiations.
Price Data and Prediction Market Odds
CoinGecko provided the crypto price data, including Bitcoin's 24-hour range from $76,347.27 to $79,264.91. Polymarket data showed that the odds of the CLARITY Act becoming law in 2026 rose to 29.5% on Monday, up from 18% on Friday.
For the Fed decision, Polymarket priced a rate increase at 85.5% and no change at 14.5%. The probability became a favorite after Fed Chair Kevin Warsh's speech in late August.
Confirmed Facts from Sources
- Crypto market gains were confirmed by CoinGecko data.
- The Senate vote timing is official from the Senate Calendar.
- The CLARITY Act text release was announced by Senators Lummis, Boozman, and Scott.
- Fed rate hike expectations are based on Polymarket trading odds.
What Remains Uncertain
The exact outcome of the Senate cloture vote is unknown, as it requires 60 votes and depends on Democratic support. The Federal Reserve has not announced its decision, and while Polymarket shows high odds for a rate increase, the final choice is pending.
Market Volatility and Event Proximity
Maxime Seiler, CEO of STS Digital, commented in an email that two major events happening within 48 hours with low market volatility is an unusual setup. He noted that oil prices above $107 could impact consumer wallets and equity markets.
What Happens Next
The Senate cloture vote on the CLARITY Act is scheduled for Tuesday at 2:15 p.m. The Federal Open Market Committee will release its decision on Wednesday afternoon, along with economic projections.
