XRP was trading near $1.03 on August 7 as continued selling pressure kept the cryptocurrency among the weaker major digital assets ahead of important U.S. economic data.
The token fell about 2.2% over the past 24 hours, while its market value remained around $64.2 billion. XRP was also down 5.7% over the last seven days and 6.7% over the past month, with daily trading volume near $1.44 billion.
The decline came as investors reacted to weaker market momentum and uncertainty around upcoming U.S. regulatory developments, including delays around the CLARITY Act.
XRP tests key $1 support level
XRP traded between roughly $1.01 and $1.06 during the day, making the $1 level an important support point for traders.
The broader price trend remains weak after XRP dropped from levels above $2.50. For the short-term outlook to improve, the token would likely need to recover above the $1.10 to $1.15 range.
Technical indicators continue to show pressure from sellers. Recent price action has favored lower levels, although some indicators suggest that selling momentum may not be as strong as during previous declines.
Some long-term price predictions, including claims that XRP could reach much higher levels, remain highly speculative. A major recovery would require stronger buying demand and a clear breakout above important resistance levels.
Trading data shows increased selling pressure
Market data showed that XRP traders have become more cautious.
Binance XRP open interest increased from around $180 million to $195 million between August 4 and August 7, while perpetual contract buying pressure weakened. This suggests that more traders may be taking leveraged positions while sentiment remains negative.
Spot buying activity also declined sharply, showing that fewer traders were aggressively purchasing XRP on major exchanges.
Data also showed that large holders, often called whales, made up a significant share of XRP withdrawals from exchanges. However, these movements do not clearly show whether whales are buying, selling, or simply moving assets into storage.
CLARITY Act delay removes short-term optimism
The delay of the CLARITY Act vote has also affected market sentiment. The legislation could create clearer rules for digital assets and define the roles of the SEC and CFTC.
The Senate is expected to continue discussions after lawmakers return in September. However, disagreements over consumer protection, ethics rules, and other issues remain unresolved.
For XRP investors, the bill is important because regulatory clarity has been a major issue for the token for several years. Still, the delay alone does not fully explain XRP’s price movement.
U.S. economic data could impact crypto markets
Investors are also watching U.S. economic reports for signals about future interest rate decisions.
The upcoming jobs report and inflation data could influence broader risk markets, including cryptocurrencies. Strong economic numbers may support tighter monetary policy, while weaker data could increase expectations for lower rates.
For XRP, the $1 price level remains the main area to watch. Holding above this level could help stabilize the market, while a drop below it may increase selling pressure. A move back above $1.10 to $1.15 would be an early sign that buyers are starting to regain control.
