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XRP surged past the $3 mark on August 7, driven by rising investor confidence as key regulatory and institutional developments unfold. The cryptocurrency rose 3% in 24 hours, climbing from $2.91 to a peak of $3.02 before closing the session at $2.98. The move broke through multiple short-term resistance levels and was accompanied by a notable increase in trading volume, especially on South Korean exchanges like Upbit.
This price rally is closely tied to a combination of bullish technical momentum and important macro events. The U.S. Securities and Exchange Commission (SEC) is set to deliberate on Ripple’s decision to withdraw its appeal, a move that could potentially lock in XRP’s status as a non-security under U.S. law. Additionally, Japan’s SBI Holdings has filed for a Bitcoin-XRP ETF, signaling increasing institutional interest in the token.
Regulatory Clarity Could Be Imminent
The SEC’s discussion is scheduled for 03:00 UTC on August 7, where it will consider Ripple’s request to formally withdraw its appeal. A positive outcome from this hearing could clear a major regulatory hurdle for XRP in the U.S. market. Legal clarity has long been a major point of concern for XRP investors, and final confirmation of non-security status could significantly strengthen the asset’s position in the crypto ecosystem.
Ripple’s legal case has been ongoing for years, and the latest developments suggest that a resolution may finally be near. Analysts believe that if the SEC confirms XRP’s regulatory classification as a non-security, it could open doors for wider adoption, institutional investment, and new financial products based on XRP in U.S. markets.
SBI’s ETF Filing Draws Attention
At the same time, global institutional interest in XRP appears to be growing. Japan-based SBI Holdings has officially filed for a Bitcoin-XRP ETF. This move highlights the increasing demand for diversified crypto investment products beyond Bitcoin and Ethereum. The ETF application also points to broader support for XRP among corporate investors in Asia.
Reports suggest that corporate treasuries are exploring XRP for diversification, with commitments potentially reaching up to $1 billion in purchases. Such developments could provide a steady demand base and reduce long-term volatility.
Price Action and Technical Indicators
In the last 24 hours, XRP traded between $2.91 and $3.02—covering a 3.7% price range. The strongest price movement occurred between 15:00 and 16:00 UTC, when XRP jumped from $2.95 to $3.02. During that hour, buying volume spiked significantly, surpassing 110 million XRP tokens traded, more than three times the daily average.
South Korean exchange Upbit was a major contributor to the volume spike, processing over $95 million in XRP trades. Following the initial breakout, XRP prices consolidated between $2.98 and $3.00—indicating a strong base of buyer support at these levels.
From a technical standpoint, XRP successfully broke through key resistance levels at $2.87, $2.92, and $2.97. However, it struggled to hold above $3.02, showing signs of short-term profit-taking as volumes spiked again late in the session. The $2.98 level now acts as short-term support. If bulls defend this zone, the next upside targets are $3.05 and $3.14. A breakout beyond $3.14 could push XRP toward $3.25, especially if positive news emerges from the SEC or the ETF application process.
What Traders Are Watching Next
Traders are closely monitoring several key catalysts that could determine XRP’s short-term price direction:
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SEC’s 03:00 UTC session to determine whether Ripple’s appeal withdrawal is accepted, potentially finalizing XRP’s regulatory status.
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SBI’s ETF application and whether it attracts additional institutional interest and inflows into XRP.
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Price reaction to resistance at $3.05 and follow-through volume from major exchanges like Upbit and Binance.
Investors are also watching for any regulatory updates before the broader August 15 ruling, which could further clarify XRP’s legal status and either fuel or temper market momentum.
Conclusion
XRP’s latest price surge to nearly $3 marks a critical moment in the token’s ongoing recovery. With regulatory clarity potentially just days away and global institutional interest rising, XRP could be setting up for a new leg higher. Whether the rally continues will depend on how these key events unfold in the coming week.
If Ripple’s appeal withdrawal is accepted and SBI’s ETF gains traction, XRP could become one of the strongest performers in the crypto market this month.
