Overview
- XRP broke below a multi-month symmetrical triangle on Aug. 6, which accelerated selling and left the token trading around $1.02–$1.05 by Aug. 8 with the $1 level as the key short-term floor.
- The U.S. Senate pushed the CLARITY Act vote to September, and Majority Leader John Thune said lawmakers return Sept. 14, removing a regulatory event traders had been pricing into XRP’s near-term outlook.
- Spot XRP ETFs recorded $3.58 million of net outflows on Aug. 5 (entirely from Bitwise), reversing weeks of muted inflows and highlighting that institutional demand can flip quickly.
- Derivatives and leverage amplified the move: roughly $5.92 million of long positions were liquidated versus about $120,000 of short liquidations, Binance open interest rose about 8%, and perpetual cumulative volume delta turned more negative, consistent with fresh leveraged selling forcing forced liquidations.
- Exchange-supply dynamics remain concentrated, with CryptoQuant reporting whales accounted for about 81% of Binance XRP outflows, a pattern that tightens visible liquidity and raises the risk that a break under $1.00 could push price toward prior lows near $0.9153 unless ETF demand, reduced leverage or reclaiming $1.10–$1.15 stabilizes markets.