New York, Feb 24, 2026, 17:01 ET — Trading wraps for the day, and after-hours action begins.
- XRP slipped roughly 0.7% to around $1.35, falling in line with declines across top cryptocurrencies.
- Arizona lawmakers advanced a bill permitting the state to retain specific seized digital assets, XRP among them.
- Traders are eyeing Arizona’s upcoming legislative move, along with the SEC’s ongoing review of a proposed crypto ETF featuring XRP as one of its possible assets.
XRP dropped Tuesday, sliding roughly 0.7% to $1.35 late in the U.S. session. Fresh U.S. policy headlines came and went, but didn’t move the needle for a market still in risk-off mode. Bitcoin and ether also traded in the red.
That’s significant: XRP lately has been behaving less like a payments token and more like a high-beta risk asset, with its price tracking swings in broader market sentiment.
In this environment, state-led moves to add crypto, even in a roundabout way, to government balance sheets have turned into flashpoints. Traders latch onto these headlines, especially when market liquidity fades and nerves run high.
According to an Arizona Senate Research fact sheet, Senate Bill 1649 sets up a “Digital Assets Strategic Reserve Fund,” overseen by the state treasurer. The fund would include both legislative appropriations and digital assets seized, confiscated, or surrendered to the state. The treasurer gets the green light to invest the fund’s money and make digital asset loans—provided the state isn’t exposed to greater financial risk. Notably, the bill calls out XRP by name as an eligible asset under its definitions.
According to LegiScan, the bill landed on the Senate consent calendar and passed through the Senate Rules Committee as “Proper For Consideration” this Monday, following prior committee moves. LegiScan
Market sentiment has delivered the real blow. U.S. stocks took a hit Monday, dropping sharply as investors grappled with nerves around AI shake-ups and unresolved tariff issues—risk appetite faded fast, and crypto wasn’t spared the fallout. “The question about AI is twofold: How much is it going to cost, and who all is going to be disrupted?” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management. Reuters
Federal Reserve Governor Christopher Waller pushed back against dire warnings about AI’s economic fallout this week, telling reporters, “I’m not a doom and gloomer.” His comments barely registered with traders, as digital assets kept tracking the screens. Reuters
The XRP Ledger hasn’t let up on tech upgrades. Its “Batch” amendment—meant to allow bundling and processing of several transactions at once—is still “open for voting,” xrpl.org shows. So, while prices stay stuck, the ledger’s roadmap isn’t standing still. XRP Ledger
While elsewhere in Washington, another regulatory strand remains active. The SEC has moved forward with proceedings on a NYSE Arca pitch to list and trade shares of the T. Rowe Price Active Crypto ETF. Tucked inside the agency’s order: the sponsor included XRP in the roster of “Eligible Assets” for the fund. SEC
The filing is just one avenue issuers and exchanges take to offer crypto exposure through traditional brokerage accounts. It doesn’t amount to an approval. The SEC’s process can drag on; comments and responses from both sides influence what comes next.
Still, plenty stands in the way. The Arizona bill faces a full legislative vote and a possible veto from Governor Katie Hobbs—who’s already blocked other crypto proposals, Decrypt noted. XRP holders are more immediately exposed to swings in overall risk appetite.
Instead of eyeing the screens, traders are zeroed in on filings and legislative timetables. The SEC has set March 9 as the cut-off for rebuttal comments on the NYSE Arca proposal, following the end of the public comment period. Over in Arizona, a bill is moving toward a full Senate vote.
