XRP Breaks Triangle, Tests $1 Support as Selling Intensifies

The pattern break raises the risk of a drop below $1 because leveraged long liquidations and thinner liquidity have left price reliant on fresh spot buying, ETF flows, or policy and macro news.

Overview

XRP fell to about $1.05 after breaking below a multi-month symmetrical triangle on Aug. 6, with the Bollinger Band lower edge near $1.036 now the last technical floor before the $1 psychological level.
Derivatives activity shows rebuilt leverage and concentrated losses for bulls: Binance open interest rose roughly 8% while long positions suffered about $5.92 million in liquidations compared with roughly $120,000 for shorts.
Spot XRP ETFs recorded a $3.58 million net outflow on Aug. 5 that was taken by Bitwise, even though cumulative ETF inflows still sit near $1.51 billion, and on-chain data show large whale outflows that have thinned exchange liquidity.
The U.S. Senate pushed consideration of the CLARITY Act into September, removing an expected near-term regulatory catalyst, and upcoming U.S. jobs and inflation reports could move the market before lawmakers return.
With market cap near the mid-$60 billion range and on-chain activity weakened, traders face higher short-term volatility and should watch spot volume, ETF flow updates, and any resurgence of institutional buying for signs of stabilization.