XRP Surges Past $3 as Ripple Awaits SEC Appeal Ruling

XRP surged 3% over 24 hours leading up to August 7, climbing from $2.91 to a peak of $3.02 before ultimately closing at $2.98.
This movement surpassed multiple short-term resistance levels and coincided with increased buying volume, particularly on Korean exchanges.
Technical momentum aligns with significant macro developments: the U.S. Securities and Exchange Commission is set to discuss Ripple’s appeal withdrawal, while Japan’s SBI Holdings has submitted an application for a Bitcoin-XRP ETF.

News Background

The SEC is anticipated to review Ripple’s appeal withdrawal at 03:00 UTC on August 7, preceding a broader ruling expected by mid-month. This hearing could solidify XRP’s non-security status under U.S. law—an outcome that alleviates long-standing regulatory uncertainties.
Additionally, SBI Holdings’ ETF application underscores growing institutional interest, with corporate treasury diversification efforts reportedly leading to pledges of up to $1 billion in XRP purchases.

Price Action Summary

• XRP fluctuated within a 24-hour range of $2.91 to $3.02, representing a 3.7% band.
• The most significant upward movement occurred between 15:00 and 16:00 UTC as the token jumped from $2.95 to $3.02, driven by buying volumes surpassing 110 million tokens, three times the daily average.
• The majority of this surge came from Upbit, which executed over $95 million in XRP trades. The asset later stabilized between $2.98 and $3.00 leading to the session’s conclusion.

Technical Analysis

• XRP broke through resistances at $2.87, $2.92, and $2.97 during the rally. The final hour saw a failed attempt to surpass $3.02, with a retracement back to $2.98 as volume spiked to 2.11 million in a 10-minute interval.
• The $2.98 level is currently serving as short-term support. If bulls maintain this zone, upside targets remain at $3.05 and $3.14, with $3.25 in sight if ETF approval or SEC commentary proves favorable.

What Traders Are Watching

• The SEC’s 03:00 UTC session and whether Ripple’s appeal withdrawal is formalized
• Follow-through from SBI’s ETF filing and potential inflows
• Price reaction to $3.05 if XRP re-tests local highs, keeping an eye on Upbit and Binance volume as indicators of retail and institutional engagement
• Any upcoming regulatory remarks ahead of the August 15 XRP legal status review