XRP is clinging to the $1 mark after dipping to $1.01 and recovering toward $1.04, even as it posts the weakest performance among major cryptocurrencies this week. The token has defended $1 twice in the past five days, though each bounce came on thinner conviction than the last. Overhanging all of it is the CLARITY Act, which faces an uncertain path in the Senate ahead of a September vote.
Price action and liquidations
XRP trades near $1.03 on volume of $1.37 billion, up 3.3% from the day before. The seven-day loss is 2.3%, and the monthly drop sits at 5.6% — both worse than the broader market. Roughly $9.6 million in liquidations hit the market, with longs absorbing most of the damage.
Sellers have repeatedly defended the $1.06-$1.08 zone. If buyers can reclaim that band with sustained volume, analysts see a push toward $1.12, then $1.18. But the downside is just as clear: losing $1 would expose Fibonacci support near $0.97, with the $0.65-$0.85 zone as the next meaningful floor.
CLARITY Act hangs over the market
The legislative calendar is adding pressure. Senate Majority Leader John Thune intends to file cloture on the motion to proceed before the August recess, which would position the CLARITY Act for a procedural vote when the Senate returns. Cloture requires 60 votes to advance, and Republicans don't have enough support on their own. Several GOP senators have concerns about specific provisions.
Two disputes dominate negotiations. One is stablecoin rewards, where heavy bank lobbying has complicated the language. The other is a Democratic demand for stronger ethics rules on officials profiting from crypto ventures. Both are unresolved, and the September vote is far from a sure thing.
What the market is pricing
Prediction markets are not optimistic. Polymarket assigns a 68% probability that XRP hits $1 or below during August, and only around 13% for $1.20 or higher. The repeated defenses of $1 this week have kept the token alive, but each recovery has been weaker — a sign that buyers are not stepping in with conviction.
For now, the $1.06-$1.08 resistance is the line in the sand. A failed test there likely means another trip toward $1, and possibly through it. The next concrete event is Thune's cloture filing before recess, which will set the stage for a Senate vote in September.
