XRP Price Trapped as Traders Eye Critical Range Breakout

XRP is currently trading near $1.08, caught between support at $1.00 and resistance at $1.12. The token recently reached some of its most oversold levels on record, with the monthly RSI falling below figures seen during the 2020 market crash. While analysts note that short positions are being closed out, the price remains capped below major moving averages, including the 200 day average at $1.36.

Market participants are split on whether to hold or exit positions. Data shows that large whale wallets are moving significant amounts of XRP off exchanges, which often suggests accumulation rather than panic selling. However, institutional interest via spot ETFs has slowed down, and August historically remains a difficult month for the token.

Future price movement heavily depends on upcoming legislative progress. Investors are looking to the CLARITY Act as a potential catalyst for a sustained rebound, though the Senate has yet to schedule a vote. A confirmed move above $1.12 could signal a bullish trend, while a drop below $1.00 may lead to further testing of recent lows. Traders should watch these key levels closely before making their next move.