XRP experienced a leverage reset after $14.2 million in two-way liquidations, sending open interest down 14% from $558 million to $478 million and leverage from 0.203 to 0.182. Funding rates fell to -0.002, ending a 14-session run of positive funding. Binance reserves remained near 2.6176 billion XRP, while deposit addresses sending XRP to the exchange declined 91%. Activity on the XRP Ledger continued to grow: recorded asset value rose from $99 million in the first quarter of 2025 to $4.26 billion in the second quarter of 2026, and Evernorth reported a 68% year-over-year increase in trading volume. RLUSD transferred value increased 925% year over year. Analyst Dark Defender said XRP’s chart resembles exponential moving-average patterns associated with the 2014 and 2017 rallies, identifying a potential move toward $18.23. The Senate is scheduled to hold a CLARITY Act cloture vote on Sept. 15; the bill needs 60 votes to advance, while former federal prosecutor Mariotti called it dead and Sen. Cynthia Lummis said a delay could push market-structure legislation to 2030. Traders are also watching $22 billion in expected U.S. Treasury buybacks in the coming weeks.