XRP rose 3% in the 24 hours through August 7, advancing from $2.91 to as high as $3.02 before closing at $2.98.
The move broke through multiple short-term resistance levels and coincided with high-volume buying activity, particularly on Korean exchanges.
Technical momentum aligns with key macro developments: the U.S. Securities and Exchange Commission is set to deliberate on Ripple’s appeal withdrawal, while Japan’s SBI Holdings has filed for a Bitcoin-XRP ETF.
News Background
The SEC is expected to deliberate Ripple’s decision to withdraw its appeal at 03:00 UTC on August 7, ahead of a broader ruling expected by mid-month. The hearing could lock in XRP’s non-security status under U.S. law—an outcome that removes a longstanding regulatory overhang.
Meanwhile, SBI Holdings’ ETF application highlights international institutional interest, with treasury diversification efforts gaining momentum from corporates reportedly pledging up to $1 billion in XRP purchases.
Price Action Summary
- XRP traded in a 24-hour range between $2.91 and $3.02, a 3.7% band.
- The strongest upward movement occurred between 15:00 and 16:00 UTC as the token surged from $2.95 to $3.02, propelled by buying volumes exceeding 110 million tokens, or three times the daily average.
- The bulk of this flow originated from Upbit, which processed over $95 million in XRP trades. The asset later consolidated between $2.98 and $3.00 into the session close.
Technical Analysis
- XRP broke through resistances at $2.87, $2.92, and $2.97 during the rally. The final hour showed a failed attempt to breach $3.02, with a reversal back to $2.98 as volume spiked to 2.11 million in a 10-minute window.
- The $2.98 level is now acting as short-term support. If bulls defend this zone, upside targets remain at $3.05 and $3.14, with $3.25 in view should ETF approval or SEC commentary turn favorable.
What Traders Are Watching
- The SEC’s 03:00 UTC session and whether Ripple’s appeal withdrawal gets formalized
- Follow-through from SBI’s ETF filing and potential inflows
- Price reaction to $3.05 if XRP re-tests local highs on Upbit and Binance volume trends as indicators of retail and institutional engagement
- Any near-term regulatory commentary ahead of August 15 XRP legal status review
