XRP Slips Below Key Technical Area After Strong August Rally

XRP is trading near $1.40 on September 5 after a strong August rally that saw the token gain about 37%.

The cryptocurrency's price has declined by roughly 2.5-3.5% over the past 24 hours, according to various exchanges and market snapshots.

This decline comes as traders balance two conflicting signals: strong institutional interest in XRP through spot exchange-traded funds (ETFs), and renewed selling pressure due to factors such as Ripple's scheduled September escrow activity and uncertainty surrounding a major U.S. Senate vote on crypto market-structure legislation, the CLARITY Act.

Despite the short-term correction, XRP remains significantly above its August levels, with its market capitalization still around $88 billion, making it one of the world's largest cryptocurrencies.