XRP $XRP jumped sharply on August 7, rising from $2.91 to $3.02, and closing at $2.98. This move came with high-volume buying, especially on Korean exchanges like Upbit.
🔍 Key Highlights
XRP price increased 3% in 24 hours, breaking several resistance levels.
Ripple is withdrawing its legal appeal against the U.S. SEC, and a key decision is expected soon.
Japan’s SBI Holdings filed for a $BTC -XRP ETF, showing growing institutional interest.
📰 News Background
The U.S. SEC is expected to respond to Ripple’s appeal withdrawal at 03:00 UTC on August 7.
If approved, this could confirm that XRP is not a security, removing a major legal obstacle.
SBI’s ETF proposal shows that big players are looking at $XRP as a potential investment asset.
💹 Price Movement Summary
XRP traded between $2.91 and $3.02, a 3.7% range within the day.
The biggest surge happened between 15:00 – 16:00 UTC, with over 110 million XRP traded — triple the usual volume.
Upbit alone handled $95 million in XRP trades.
XRP then consolidated between $2.98 and $3.00 by session close.
📊 Technical Analysis (Simplified)
XRP broke past key resistance levels at $2.87, $2.92, and $2.97.
It tried to break $3.02 but failed, pulling back to $2.98 after a volume spike of 2.11 million XRP in 10 minutes.
$2.98 is now a key support level. If buyers hold this level, next targets are $3.05, $3.14, and possibly $3.25 if the SEC decision or ETF approval turns positive.
👀 What Traders Should Watch
The SEC’s 03:00 UTC session – Will they formally accept Ripple’s withdrawal?
Whether SBI’s ETF application brings new inflows into XRP.
Price action around $3.05 – does XRP have strength to retest highs?
Watch volume trends on Binance and Upbit for signs of retail and institutional activity.
✅ In Summary
XRP is gaining strong momentum both technically and legally. The upcoming SEC decision and the ETF news from Japan could be the catalyst for the next big move.