XRP Pushes Through $3 as Ripple-SEC Appeal Decision Looms
XRP experienced a notable price surge on August 7th, rising 3% within 24 hours, peaking at $3.02 before settling at $2.98. This upward movement surpassed several short-term resistance levels, fueled by significant buying activity, particularly on Korean exchanges like Upbit. This price action correlates with crucial macro developments.
The U.S. Securities and Exchange Commission (SEC) was scheduled to deliberate on Ripple’s appeal withdrawal at 03:00 UTC on August 7th, preceding a broader ruling anticipated by mid-August. A positive outcome could solidify XRP’s non-security status under U.S. law, eliminating a major regulatory uncertainty. Concurrently, SBI Holdings’ application for a Bitcoin-XRP ETF underscores growing international institutional interest, with corporate treasury diversification efforts reportedly involving billions in XRP purchases.
Trading activity revealed a 24-hour range of $2.91 to $3.02. The most substantial increase occurred between 15:00 and 16:00 UTC, with XRP jumping from $2.95 to $3.02. This surge was driven by trading volumes exceeding 110 million tokens—triple the daily average—primarily from Upbit, processing over $95 million in XRP trades. The price later consolidated around $2.98-$3.00 before closing.
Technically, XRP breached resistance levels at $2.87, $2.92, and $2.97 during the rally. A late attempt to break $3.02 failed, resulting in a pullback to $2.98, with volume spiking significantly. $2.98 now serves as short-term support. Maintaining this level suggests potential upside targets at $3.05 and $3.14, with $3.25 possible if the ETF is approved or the SEC issues positive commentary.
Key factors influencing XRP’s trajectory include the SEC’s deliberation on Ripple’s appeal withdrawal, the impact of SBI’s ETF filing, price reactions to potential retests of local highs, volume trends on Upbit and Binance, and any regulatory updates before the August 15th XRP legal status review. These elements will be crucial in shaping XRP’s short-term price movement.
