XRP Breaks Multi‑Month Triangle and Tests $1 as Senate Delays CLARITY Act Vote

Overview

• XRP breached the lower trendline of a symmetrical triangle in early August, and on Aug. 6–7 the price compressed to about $1.03–$1.05 with the Bollinger lower band near $1.0362 as the last technical buffer before $1.
• Spot XRP ETFs recorded $3.58 million in net outflows on Aug. 5, the first single‑day withdrawal since July, interrupting several weeks of modest inflows while cumulative ETF assets remain materially positive.
• Derivatives stress increased as futures volume jumped to roughly $2.06 billion and long positions were liquidated for about $5.92 million versus roughly $120,000 for shorts, signaling outsized losses for leveraged longs.
• On‑chain and exchange flow metrics show weaker aggressive spot buying and large‑holder movement, with CryptoQuant data noting an ~8% rise in Binance open interest and whales accounting for about 81% of recent Binance outflows.
• With the Senate pushing the CLARITY Act vote into September, near‑term direction now hinges on renewed spot demand, ETF flow reversal, or fresh institutional buying and on macro data such as U.S. jobs and inflation reports that could shift risk appetite.