XRP rose 3% in the 24-hour period from 24 hours to August 7, rising from $2.91 to as high as $3.02 before closing at $2.98.
The move crumbles several levels of short-term resistance and coincides with large-scale purchases, especially in South Korea’s exchanges.
The technology momentum coincides with key macro developments: The SEC will deliberately make Ripple’s appeal withdrawal, while Japan’s SBI Holdings has applied for SBI Holdings to the Bitcoin-XRP ETF.
News background
The SEC is expected to consider Ripple’s decision to withdraw its appeal at 03:00 on August 7, after a broader ruling scheduled in the middle of the month. Hearings can lock in the non-safe status of XRP under U.S. law, a result that eliminates long-term regulatory overhang.
Meanwhile, SBI Holdings’ ETF application highlights the interests of international institutions, and the U.S. treasury diversification efforts have reportedly gained momentum, with the company’s reported XRP purchases up to $1 billion.
Price action summary
- XRP trades between $2.91 and $3.02, with a range of 3.7%.
- The strongest upward movement occurred between 15:00 and 16:00 UTC as the token rose from $2.95 to $3.02, driven by purchases of more than 110 million tokens, which is triple the daily average.
- Most of the traffic comes from UPBIT, which handles over $95 million in XRP transactions. The asset later consolidated $2.98 to $3.00 at the end of the meeting.
Technical Analysis
- XRP broke the resistance during the rally for $2.87, $2.92 and $2.97. The last hour showed a failed attempt to violate $3.02, reversing back to $2.98, soaring to $2.11 million in a 10-minute window.
- The $2.98 level now serves as short-term support. If the Bulls defend this area, the upside targets remain at $3.05 and $3.14, with a selling price of $3.25, and ETF or SEC reviews should be approved.
What traders are looking at
- SEC’s 03:00 UTC meeting and whether Ripple’s appeal withdrawals are formalized
- SBI’s ETF filing and potential inflows
- If XRP retests local highs on Upbit and Binance volume trends, the price response is $3.05 as an indicator of retail and institutional participation
- Any recent regulatory comments before the review of the legal status of XRP on August 15
