- XRP rebounded 7% after a 4-day losing streak.
- The Canadian Prime Minister has dismissed signing a trade deal with China.
- The U.S. Senate has set the Market Structure Bill markup for January 29.
XRP ended a 4-day losing streak on Monday with a 7.2% rebound following a positive macroeconomic development between the U.S. and Canada.
No Canada-China Trade Deal
Canadian Prime Minister Mark Carney, on Monday, January 26, dismissed reports that his country had signed a free trade deal with China, abating fears of a 100% tariff on Canadian goods bound to the U.S.
Carney made the statement after threats emerged from within the Donald Trump government that Canada would regret cooperating with China in a recent deal that will see the latter supply 49,000 Chinese EVs to the North American country at 15% tariff, down from 100%. The officials noted that the U.S. will not allow those vehicles to cross its borders.
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Reacting to the situation, Carney clarified that Canada is not in a free trade deal with China, acknowledging that any move in that direction would jeopardize Canada’s trade relationship with the U.S. Carney’s retraction, alongside ongoing development in the U.S. legislation, triggered a notable rebound in XRP’s price.
Senate Set January 29 for Market Structure Bill Markup
The cryptocurrency bounced off support at $1.8092, surging to $1.9440 on Monday, before retracing to $1.8838 at the time of writing, as the market responds to the ongoing legislative events around cryptocurrency regulation on Capitol Hill.
According to reports, the U.S. Senate Agriculture Committee shifted its previously rescheduled markup date on the draft text for the Market Structure Bill from January 26 to January 29. Optimists believe the extension would afford pro-crypto Senators more opportunities to lobby support for the bipartisan bill, boosting its chances of passage.
How Does this Affect XRP?
An optimistic outlook on crypto regulation reflects positively on XRP’s price following Ripple’s approach to a compliant cryptocurrency industry. Ripple CEO Brad Garlinghouse recently confirmed his and the firm’s support for the Crypto Market Structure Bill, citing the company’s past regulatory struggles and how a clear regulatory framework will boost Ripple’s activities and enhance the role of its entities, including XRP and RLUSD.
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