XRP Holds $1.30 as Futures Open Interest Drops 5.8%

XRP has maintained its position above the $1.30 level as futures open interest decreased by 5.8% compared to the previous day, according to CoinJournal. The firm reported that XRP futures open interest fell from 225 million contracts on August 17 to 212 million contracts on August 18. While independent data verification was not confirmed, a decline in open interest suggests reduced leverage positions or slower new position inflows.

Open interest for XRP futures had peaked at 278 million contracts on August 15 before declining to the current level. CoinJournal warned that if this trend continues, it could hinder XRP's ability to regain speculative demand needed to reach the $1.50 level. However, the firm emphasized that open interest alone cannot determine price direction.

Market pressure was attributed in part to the U.S. Senate's failure to pass the Clarify Act (CLARITY Act), a digital asset market structure bill. The Senate procedural vote failed 49-50, falling short of the required 60 votes for advancement. Meanwhile, the Federal Reserve raised its target federal funds rate range by 25 basis points to 3.75%-4.00% on August 16.

On August 15, Ripple stated that the Clarify Act vote outcome would not alter XRP's existing legal status, though it acknowledged the bill could have provided broader regulatory clarity for the U.S. digital asset market. Technical indicators showed a 50-day EMA at $1.28 and a 100-day EMA at $1.26, while CoinLore reported a 200-day EMA at $1.35. RSI readings were neutral at 46.42 (CoinLore) and 49 (CoinJournal).

CoinJournal noted that XRP is trading near $1.30 amid policy uncertainty and interest rate pressures, with short-term momentum dependent on whether price holds above the $1.26-$1.28 support zone or breaks through the $1.35 resistance level.