Market Recap & Legal Update: What Just Happened
SEC & Ripple: Appeals Dropped, Case Closed
On August 7, both the SEC and Ripple jointly filed to dismiss their respective appeals, officially ending the long-running legal battle over XRP’s regulatory status under U.S. law CointelegraphBinanceFXEmpire.
This renders the 2023 ruling from Judge Analisa Torres final—meaning XRP sold on public exchanges is not a security, while institutional sales remain so CointelegraphFXEmpire.
Market Reaction: XRP Moves Up
broke above the $3 threshold, rising from around $2.91 to as high as $3.02, before stabilizing near $2.98–$3.00 AInvestCoinDesk.
The surge was supported by high-volume trading—most notably on Korean platform Upbit, where over $95 million in XRP changed hands between 15:00–16:00 UTC AInvestCoinDesk.
Technically, XRP cleared resistance levels at $2.87, $2.92, and $2.97—with $2.98 now acting as a key support. Immediate upside targets include $3.05, $3.14, and if momentum holds, possibly $3.25 AInvestBinanceCoinDeskHolderBrave New Coin.
Key Takeaways
Legal clarity achieved: With the appeals dropped, the 2023 ruling now stands—bringing regulatory clarity and removing one of XRP’s biggest overhangs.
Price response was swift and decisive: XRP traders pushed through $3 swiftly—highlighting pent-up demand and bullish sentiment now that uncertainty has diminished.
Watch levels and catalysts: If $2.98 holds, the path to $3.05+ is open—especially if institutional momentum (like ETF filings) picks up or if further legal confirmation arrives ahead of the August 15 deadline FXEmpire+1Coinpedia Fintech NewsAInvest+1.
What This Means for Traders
Bullish scenario: $2.98 support holds → rally toward $3.05–$3.14 → possible breakout above $3.25 with ETF/institutional demand.
Cautious scenario: Failing to hold above $2.98 could lead to consolidation or pullback within the $2.90–$3.00 range.l