XRP (CRYPTO: XRP) is sliding toward $1 on Tuesday as a two-week chart pattern confirmed its downside target and the Senate shelved the Clarity Act, removing the last near-term catalyst for a recovery.
Is XRP At Its Most Oversold Level Ever?
Crypto analyst Ash Crypto noted on X that XRP’s monthly RSI is now more oversold than during the 2020 COVID crash, sitting 72% below its all-time high and trading near the two-year low it hit last month.
He flagged the reading as historically extreme, asking whether the bottom is in.
XRP Derivatives Data Shows Long Traders Under Pressure
Volume jumped 71% to $2.54 billion Tuesday, confirming sellers were serious rather than just noise.
Open interest barely moved at $2.45 billion, meaning traders are sitting in positions and absorbing pain rather than closing out — a setup that typically precedes more price movement before resolution arrives.
What The Chart Is Saying
XRP spent two weeks building a topping pattern with three progressively weaker rallies — peaking at $1.12, pushing to $1.18, then failing again at $1.12.
The $1.09 level held as support through each of those attempts before finally breaking with a sharp move lower Monday.
The measured move from that breakdown targets $1 to $1.02, the demand zone where buyers previously stepped in.
Until XRP reclaims $1.09 on a 4-hour close, the target stays at $1.
Key levels for XRP:
- $1.09 — broken neckline, now hard resistance
- $1.05 to $1.06 — current support band
- $1 to $1.02 — major demand zone and measured move target
Why The Clarity Act Matters For XRP
Senate Majority Leader John Thune (R-SD) pushed the CLARITY Act aside Monday, CoinDesk reported.
The Senate turned its attention to federal nominations and a Russia sanctions bill dedicated to the late Senator Lindsey Graham (R-SC).
The bill now has no realistic shot at a floor vote before next week, the final window before the August 8 recess.
Regulatory clarity has been one of XRP’s strongest narrative tailwinds all year.
Every week the bill stays unresolved is another week that institutional confidence in XRP’s legal standing stays in limbo, and with the recess approaching, that uncertainty is not going away quickly.
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