XRP changed hands at $1.20 on Friday, down 8.05% in 24 hours and 17.55% over the past month, after Democrats swept both chambers of Congress in the midterm elections and clouded the outlook for crypto-friendly legislation in Washington.

The token’s slide tracked a broader digital-asset retreat. Bitcoin fell below $76,000, surrendering its post-election gains, while Ethereum lost nearly 7%. The common thread, traders said, was uncertainty over how US regulators and lawmakers will treat digital assets under divided-party rule.

The centerpiece of the selloff is the CLARITY Act, a bill meant to set a clear regulatory framework for cryptocurrencies. Democrats blocked its advance in September, and with majorities now in the House of…