It was a quiet, red-tinged day across crypto, and XRP spent it near the bottom of the pile.

While the market as a whole has been in a flat, choppy state for the last several weeks, it’s XRP—the cryptocurrency created by the founders of payments company Ripple—that continues to underperform: rising less when others are gaining, and falling harder when others drop.

The reason could be the market current lack of clarity—or, rather, the delay of the long-awaited Digital Assets Market Clarity Act.

The Clarity Act, which if passed would create the first formal legal framework for crypto assets in the United States, matters more for XRP than it does more established cryptocurrencies like Bitcoin and…