XRP traded near $1.03 on August 7, down about 2.2% over 24 hours, as selling pressure persisted across major exchanges and two regulatory developments influenced sentiment. Thailand’s move to apply a 0% capital gains tax on eligible digital assets traded through licensed platforms offered a supportive backdrop, but the postponement of the U.S. CLARITY Act vote removed a key near-term catalyst for the token.
Thailand’s tax policy, highlighted in a social media post referencing the XRP ecosystem, extends beyond any single asset. Lower capital gains taxes may reduce trading costs for market participants and improve certainty for investors, potentially boosting regulated crypto activity on licensed exchanges. However, the market reaction remained subdued as traders assessed the timeline for U.S. legislative progress.
The U.S. Senate pushed consideration of the CLARITY Act beyond its August recess, with Majority Leader John Thune indicating the bill would be queued when lawmakers return on September 14. The legislation is seen as especially relevant to XRP after years of litigation over its regulatory treatment, as it could provide statutory clarity on whether digital assets fall under SEC or CFTC oversight. The delay removes an expected near-term catalyst, contributing to the token’s weakness.
Technically, XRP remains in a bearish structure, respecting a falling trendline from July. Support sits around the $1.04–$1.05 zone, with immediate psychological support at $1.00. The RSI has not reclaimed neutral territory, and the MACD stays below zero. A recovery above $1.10–$1.15 would be needed to improve the short-term outlook. Meanwhile, a speculative projection of $27 by October 2026 remains unconfirmed without a breakout and stronger volume.
Derivatives data signaled growing bearish positioning. Binance XRP open interest rose approximately 8% to $195 million between August 4 and 7, while perpetual cumulative volume delta fell deeper into negative territory. Spot CVD across centralized exchanges dropped more than 52%, indicating a sharp decline in aggressive buying. On August 3, whales accounted for 81% of Binance XRP outflows, versus 72% across exchanges overall, suggesting large-holder repositioning.
Persistent exchange outflows, with net withdrawals dominating the longer-term dataset, have not reversed the broader downtrend. Macro conditions add further risk: the Federal Reserve held rates at 3.50%–3.75% in July, and the upcoming jobs report (August 7) and CPI data (August 12) could shift rate expectations. XRP’s $1 support level remains a critical threshold, with failure to hold it weakening the structure, while a bounce through $1.10–$1.15 would offer the first signs of stabilization.
