XRP traded near $1.03 on Aug. 7 as selling pressure kept the token among the weaker large-cap cryptocurrencies ahead of fresh U.S. labor data.
Summary
- XRP traded near $1.03, down about 2.2% as selling pressure persisted across major exchanges today.
- Binance XRP open interest rose roughly 8% while perpetual CVD moved deeper into negative territory.
- Spot CVD fell more than 52%, showing a sharp decline in aggressive centralized exchange buying.
- Whales accounted for 81% of Binance XRP outflows, versus 72% across centralized exchanges overall globally.
- Senators return September 14, while July employment data arrives August 7 before inflation data Wednesday.
According to crypto.news market data, XRP dropped about 2.2% over 24 hours, compared with smaller moves in Bitcoin and Ether, while its market capitalization remained near $64.2 billion.
crypto.news showed XRP down 5.7% over seven days and 6.7% over 30 days. Trading volume was approximately $1.44 billion, with circulating supply near 62.53 billion tokens.
The decline came as the U.S. Senate pushed consideration of the CLARITY Act beyond its August recess. Senate Majority Leader John Thune said the bill would be queued when lawmakers return in September. The delay removes an expected near-term regulatory catalyst, although XRP’s price move cannot be attributed to legislation alone.
XRP price tests $1 support as momentum stays weak
XRP traded between roughly $1.01 and $1.06 over the previous 24 hours, leaving the psychological $1 level as immediate support. The daily chart remains broadly bearish after a prolonged decline from above $2.50, while a recovery above $1.10 to $1.15 would be needed to improve the short-term structure.
The Aroon Oscillator at -100 shows recent lows dominating recent highs. BBTrend was also negative near -1.36, reinforcing the bearish bias, although its smaller negative bars suggest downside momentum is less intense than during earlier selloffs. On the weekly chart, Stochastic RSI readings near 42.6 and 44.7 remain neutral rather than oversold.
A widely circulated projection from CryptoBull suggested XRP could reach “$27 by the end of October 2026.” That target remains highly speculative. The weekly ascending-channel projection also points toward $7 before $27, but neither level is confirmed without a sustained breakout above long-term resistance and stronger volume.
Derivatives data shows traders leaning toward shorts
CryptoQuant analyst Amr Taha reported that Binance XRP open interest rose from about $180 million on Aug. 4 to $195 million on Aug. 7, an increase of roughly 8%. Over the same period, perpetual cumulative volume delta fell from approximately negative $292 million to negative $363 million.
That combination is consistent with fresh leveraged sell-side positioning, although open interest alone cannot determine the direction of every new position. Spot demand also weakened. Taha said estimated spot CVD across centralized exchanges fell more than 52%, from around $235 million to $112 million, indicating a sharp loss of aggressive buying momentum.
Separate CryptoQuant data showed whales accounted for 81% of Binance XRP outflows on Aug. 3, versus 72% across centralized exchanges overall. The metric measures the share of outflow activity, not absolute withdrawal volume or whether transferred tokens were ultimately accumulated, sold or moved into custody.
CLARITY Act delay removes an August catalyst
The Senate’s decision to postpone the market-structure vote matters to XRP because the bill could provide statutory rules for determining when digital assets fall under SEC or CFTC oversight. In earlier regulatory analysis, the legislation was identified as especially relevant to XRP after years of litigation over its regulatory treatment.
The bill faces a procedural hurdle before final passage. Republicans hold 53 Senate seats, but leadership generally needs 60 votes to invoke cloture and overcome a filibuster. As previous Senate vote coverage explained, Democratic support has therefore remained central to the legislation’s path.
The official Senate calendar lists Aug. 10 through Sept. 11 as a state work period, meaning senators are scheduled to return Sept. 14. Ethics provisions, law-enforcement concerns and other market-structure disputes remain unresolved, leaving any September vote dependent on further negotiations.
U.S. jobs and inflation data add another risk
Macro conditions could influence XRP before lawmakers return. The Federal Reserve held its target range at 3.50% to 3.75% on July 29 in a 9-3 vote. Beth Hammack, Neel Kashkari and Lorie Logan dissented because they preferred a 25-basis-point increase.
The timing makes macro data relevant because XRP is trading near support while leverage rebuilds. Still, economic releases can move crypto in either direction, and no report guarantees a specific response.
The next immediate test is the July employment report, scheduled by the BLS for Aug. 7 at 8:30 a.m. ET. July CPI follows on Aug. 12. Strong employment or persistent inflation could reinforce expectations for restrictive policy, while softer readings could reduce rate pressure across risk assets.
For XRP, $1 remains the near-term technical level to watch. A break below it would weaken the current structure, while recovery through $1.10 to $1.15 would provide the first clearer sign of stabilization. Derivatives positioning, spot demand and September’s CLARITY negotiations remain additional variables rather than guaranteed directional catalysts.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
