Japanese financial giant SBI Holdings diagnosed that XRP's price slump is due to market conditions awaiting the processing of the CLARITY Act. According to CryptoBasic, Yasuo Nishikawa, a director at SBI Holdings, stated in a recent earnings announcement, "As investors watch the direction of U.S. legislation, the entire cryptocurrency market, as well as XRP's price, has been stagnant. However, our confidence in XRP remains unchanged." SBI holds XRP worth 6.6 trillion yen (42.2 billion dollars). Meanwhile, SBI also mentioned in this earnings announcement that despite the market downturn, its cryptocurrency market-making business generated profits, and it continues to expand its business, including pursuing the acquisition of Japanese exchange Bitbank.
