XRP Rallies Above $1.08 on Institutional Buying and Spot ETF Optimism

XRP price surged on August 2, reaching above $1.08 as investors returned to the market following a volatile July. The token's recovery was supported by institutional buying interest, growing speculation around spot XRP exchange-traded funds (ETFs), and stronger blockchain activity.

Institutional demand improved across the broader cryptocurrency market, with XRP outperforming several major altcoins during the session. The token traded within a daily range of approximately $1.05 to $1.08, reflecting steady buying interest throughout the trading day.

The psychological support level of $1.00 held firm as XRP maintained its position above this key price. This has encouraged traders to add new long positions while limiting aggressive selling pressure. However, risks remain, including regulatory uncertainty and macroeconomic developments that could affect demand for risk assets.