XRP is testing the $1.00 support level as the SEC prepares to unveil a new crypto offering framework on August 14. Slowing ETF inflows, cooling network activity, and long-side liquidations are adding to the pressure, even as whales keep buying the dip.
XRP traded at $1.0062 after declining 0.84% during its latest four-hour session, pushing the token toward the psychological $1.00 support. The broader crypto market fell 1.57% over 24 hours to $2.18 trillion, with Bitcoin and Ethereum both slipping below $64,000 and $1,900.
SEC's August 14 Meeting Looms Over XRP
The SEC has scheduled an open meeting for August 14 to consider a proposal called Regulation Crypto Assets, a specialized offering framework for investment contracts tied to certain digital assets. The session starts at 10:00 a.m. Eastern Time and will be broadcast on the SEC's site. The plan aligns with Chair Paul Atkins' push for safe harbors on offerings and investment agreements. Congress, meanwhile, left for its August recess without advancing the CLARITY Act, whose cloture vote is now scheduled for September 15.
ETF Demand Stalls as Network Activity Cools
XRP also fell 3.44% to around $1 over the past 24 hours, extending its weekly loss to 6.4%, as spot XRP ETF demand slows. Net inflows into XRP ETFs dropped to zero on August 7 and August 10, down from $3.45 million on August 6, while total net assets fell from about $993.38 million to $950.05 million over the same stretch. XRP Ledger transactions declined about 44%, from 2.81 million to 1.57 million, pointing to cooler network activity.
Long Traders Take the Hit as Open Interest Rises
Derivatives activity is climbing even as spot demand weakens. XRP open interest rose 8.74% to $2.71 billion as trading volume increased 37% to $1.80 billion, and options volume surged 68.97% to $1.25 million. At the same time, $8.45 million in XRP positions were liquidated over 24 hours, with long positions accounting for $8.25 million of that total. Despite the squeeze, whales added roughly 380 million XRP in one week, lifting their combined holdings to about 8.1 billion tokens.
The Relative Strength Index dropped to 30.77, nearing oversold territory, while the MACD line sat below its signal line. A confirmed break under $1.00 could open the way toward $0.98 and then $0.95, while a recovery above $1.02 may shift focus back to the $1.05 resistance.
Sources: CoinGape, Coinpedia Fintech News
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