XRP traded near $1.03 on Aug. 7, down about 2.2% over 24 hours, after the U.S. Senate pushed its CLARITY Act market-structure vote into September. Derivatives data show traders building leveraged short positions as spot buying cools, while a July jobs report and the Federal Reserve's rate decision add further pressure on the token's $1 support level.
XRP traded near $1.03 on Aug. 7, down about 2.2% over 24 hours, among the weaker large-cap cryptocurrencies ahead of fresh U.S. labor data. The Senate pushed the CLARITY Act's market-structure vote beyond its August recess, removing an expected near-term regulatory catalyst, though the price move cannot be attributed to the legislation alone.
According to crypto.news market data, XRP's market capitalization remained near $64.2 billion, after the token fell 5.7% over seven days and 6.7% over 30 days. Trading volume was about $1.44 billion, with circulating supply near 62.53 billion tokens.
XRP tests $1 support as momentum stays weak
XRP traded between roughly $1.01 and $1.06 over the previous 24 hours, leaving the $1 level as immediate support. The daily chart stays bearish after a decline from above $2.50, and a recovery above $1.10 to $1.15 would improve the short-term structure.
The Aroon Oscillator sat at -100, showing recent lows dominating recent highs, while BBTrend was negative near -1.36, reinforcing the bearish bias. Weekly Stochastic RSI readings near 42.6 and 44.7 stayed neutral rather than oversold.
Traders build short positions as spot buying fades
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%, while perpetual cumulative volume delta fell from about negative $292 million to negative $363 million over the same period. That combination is consistent with fresh leveraged sell-side positioning, though open interest alone doesn't confirm 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. Separate CryptoQuant data showed whales accounted for 81% of Binance XRP outflows on Aug. 3, versus 72% across centralized exchanges overall.
CLARITY Act delay removes a Senate catalyst
The bill could set statutory rules for when digital assets fall under SEC or CFTC oversight, a question especially relevant to XRP after years of litigation over its regulatory treatment. Republicans hold 53 Senate seats, but leadership generally needs 60 votes to invoke cloture, keeping Democratic support central to the legislation's path. The Senate calendar lists Aug. 10 through Sept. 11 as a state work period, meaning senators are scheduled to return Sept. 14, with market-structure disputes still unresolved.
Jobs data and Fed decision add macro risk
The Federal Reserve held its target range at 3.50% to 3.75% on July 29 in a 9-3 vote, with Beth Hammack, Neel Kashkari and Lorie Logan dissenting in favor of a 25-basis-point increase. The next test comes from the July employment report, due Aug. 7, with July CPI following on Aug. 12. Strong employment or persistent inflation could reinforce restrictive interest rate expectations, while softer readings could ease pressure on risk assets. For XRP, $1 remains the level to watch: a break below would weaken the structure, while a recovery through $1.10 to $1.15 would offer the first sign of stabilization.
Source: crypto.news
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