XRP (XRP) Price: Tests $1 Support After Senate Delays Vote

TLDR

• XRP fell about 2.2% to trade near $1.03, keeping it among the weaker large-cap tokens.
• The Senate pushed its CLARITY Act vote to September, removing a near-term regulatory catalyst.
• Binance XRP open interest rose 8% while spot buying demand dropped more than 52%.
• Whales made up 81% of Binance XRP outflows, above the 72% average across exchanges.
• Grayscale’s ETF rebalance placed XRP alongside Bitcoin, Ethereum, Solana, and BNB.

XRP traded near $1.03 on Aug. 7, down about 2.2% over 24 hours. The token stayed among the weaker large-cap cryptocurrencies as broader selling continued.

Market capitalization held near $64.2 billion. Trading volume was close to $1.44 billion over the past day.

The price drop came as the U.S. Senate pushed back a vote on the CLARITY Act. Senate Majority Leader John Thune said the bill would return in September.

Senators are scheduled to return Sept. 14 after a state work period. The delay removes a regulatory event that traders had been watching in August.

XRP Tests Key Support Levels

XRP traded between about $1.01 and $1.06 over the last day. The $1 level is now the closest support for the token.

XRP Price on CoinGecko

The daily chart stays bearish after a long decline from above $2.50. A move above $1.10 to $1.15 would be needed to improve the short-term picture.

Analyst EGRAG CRYPTO said on X that XRP remains close to $1.05 after completing a three-day symmetric triangle breakdown. He pointed to gravestone doji patterns and said the setup looks more like consolidation than a reversal.

EGRAG CRYPTO listed resistance levels at $1.11, $1.21, $1.28 to $1.30, and $1.38. He said a three-day close above $1.50 to $1.51 would invalidate the bearish setup, while a $0.88 target stays possible until then.

Derivatives and Whale Activity

CryptoQuant analyst Amr Taha said Binance XRP open interest rose from about $180 million on Aug. 4 to $195 million on Aug. 7. That is an increase of roughly 8%.

Over the same stretch, perpetual cumulative volume delta fell from about negative $292 million to negative $363 million. Taha said this points to fresh leveraged selling.

Spot demand also weakened. Taha said spot CVD across exchanges fell more than 52%, from around $235 million to $112 million.

Separate CryptoQuant data showed whales made up 81% of Binance XRP outflows on Aug. 3. That compares with 72% across exchanges overall.

On X, analyst account BankXRP pointed to a Form 8-K filing from Grayscale for its CoinDesk Crypto 5 ETF. The filing shows the fund has entered its scheduled quarterly rebalance under the CoinDesk 5 Index methodology.

The rebalance places XRP alongside Bitcoin, Ethereum, Solana, and BNB as the index adjusts asset weights. A higher XRP weighting could point to more institutional attention on the token.

The Federal Reserve held its rate target at 3.50% to 3.75% on July 29 in a 9-3 vote. Beth Hammack, Neel Kashkari, and Lorie Logan dissented in favor of a 25-basis-point hike.

The July jobs report was due Aug. 7 at 8:30 a.m. ET, followed by July CPI data on Aug. 12. Both reports could move XRP and other risk assets in either direction.

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