Key Takeaways:
XRP surged 3% to touch $3.02 before closing at $2.98, breaking through key short-term resistance levels.
The rally was driven by high-volume buying, especially on Korean exchange Upbit.
Traders await a key SEC deliberation on Ripple’s appeal withdrawal and SBI’s Bitcoin-XRP ETF application in Japan.
XRP Price Rallies as Regulatory and Institutional Tailwinds Strengthen
XRP crossed the $3.00 milestone for the first time in weeks on August 7, driven by both technical momentum and key macro developments. The token rose 3% in the past 24 hours, peaking at $3.02 before settling at $2.98.
The move follows intensifying buying activity on Korean exchanges, as traders position ahead of a major SEC decision regarding Ripple Labs.
SEC Set to Review Ripple Appeal Withdrawal
A crucial hearing at 03:00 UTC on August 7 will see the U.S. Securities and Exchange Commission (SEC) deliberate Ripple's request to withdraw its appeal. If accepted, XRP could be officially cleared of “security” classification under U.S. law—removing a major regulatory overhang that has persisted since 2020.
Legal analysts expect a final ruling by mid-August, making XRP’s regulatory clarity one of the most closely watched developments in the crypto space this month.
Japan’s SBI Holdings Files Bitcoin-XRP ETF
Meanwhile, Japan’s SBI Holdings has filed for a Bitcoin-XRP ETF, signaling growing institutional demand and international interest in XRP as a treasury asset. Reports suggest corporate buyers could pledge up to $1 billion in XRP purchases if the ETF is approved.
The ETF filing is being viewed as a potential catalyst for further upside, with implications for XRP’s utility in portfolio diversification and cross-border settlements.
XRP Price Action and Technical Levels
24-hour range: $2.91 to $3.02 (3.7% spread)
Top movement: Between 15:00–16:00 UTC, XRP surged from $2.95 to $3.02 with volume topping 110 million tokens
Exchange driver: Upbit led with over $95 million in XRP trades
Resistance levels breached: $2.87 → $2.92 → $2.97
Failed breakout: $3.02, with rejection back to $2.98, now acting as short-term support
What’s Next for XRP Traders?
Key levels to watch:
Support: $2.98
Resistance targets: $3.05, $3.14, and $3.25 (if ETF or legal clarity aligns)
Market Focus:
SEC’s 03:00 UTC session and whether Ripple’s appeal withdrawal is finalized
Follow-through from Japan’s ETF filing and its impact on institutional flows
Price behavior around $3.05, especially on Upbit and Binance volumes
Regulatory Clarity Could Unlock Next XRP Leg
If the SEC formalizes Ripple’s appeal withdrawal, XRP could see a surge in investor confidence and capital inflows—especially with global ETF interest and a possible XRP supply squeeze on the horizon.
With sentiment rising and trading activity climbing, XRP is once again on the radar of both retail and institutional investors heading into mid-August.
