XRP holds $1.00, traders eye $1.08 bounce or $0.90 flush

XRP traded at $0.9996 as of 02:12 UTC Aug. 16, pinned at the $1.00 support with traders weighing a $1.08 bounce against a $0.90 flush.

"What I loved about XRP is that it almost immediately bounced back above a dollar," Gareth Soloway, chief market strategist at Verified Investing, said on the Paul Barron Network. He described the move as a possible "bottoming tail" after leveraged traders were flushed out.

The token has traded rangebound between $1.00 and $1.20 for two weeks, with volumes below the 20-day average and RSI near 45, per CryptoRank data. XRP was down 0.07% over the past 24 hours. On-chain data shows large holders accumulating near $1.00, while social volume metrics declined over the past week. XRP Ledger activity reached a two-month high, and derivatives data shows rising open interest that could support a rebound if buyers reclaim $1.02, per CoinMarketCap.

A decisive close below $1.00 could accelerate selling toward the next support at $0.92, while a sustained move above $1.20 would signal renewed bullish interest. The outcome hinges on the CLARITY Act vote, which Senate Majority Leader John Thune said would return to the floor in September.

CLARITY Act Vote and ETF Flows Shape the Setup

Soloway said a CLARITY Act passage in September or early October could drive XRP 50% to 100% higher, with the first major test at $1.50-$1.55. Prediction markets put the probability of 2026 passage at only 14%, down from 82% in February, according to Investor's Business Daily. If the bill fails, Soloway warned XRP could retreat to $0.70.

Institutional interest is building. Bank of Montreal disclosed 323 shares of the REX-Osprey XRP ETF (XRPR) and 20 shares of the ProShares Ultra XRP ETF (UXRP) in its Aug. 12 SEC filing. JPMorgan also returned to XRP ETF exposure while increasing its BlackRock Bitcoin and Ethereum ETF holdings. Standard Chartered maintains a $2.80 target for XRP by end-2026, implying roughly 180% upside from current levels.

What Traders Should Watch

The $1.00 level remains the critical line in the sand. A break below could trigger a flush toward $0.90, potentially accelerating selling pressure across the altcoin market given XRP's top-tier market cap. Conversely, reclaiming $1.02 with volume could set up a retest of $1.08 and then $1.20. The broader crypto market remains range-bound, with total market capitalization at $2.24 trillion and Bitcoin dominance at 56.3%, per CryptoRank data. For traders, the immediate priority is monitoring volume and RSI for signs of a breakout or breakdown, as the token's next directional move will likely set the tone for the broader altcoin complex.

This article is for informational purposes only and does not constitute investment advice.