by XRP has recently made headlines as it rose by 3% over a 24-hour period, climbing from $2.91 to as high as $3.02 before settling at $2.98. This surge has broken through multiple short-term resistance levels and coincided with significant buying activity, particularly on South Korean exchanges. The current momentum aligns with key macro developments as the U.S. Securities and Exchange Commission (SEC) prepares to deliberate on Ripple’s appeal withdrawal and Japan’s SBI Holdings files for a Bitcoin-XRP ETF.
Understanding the Ripple-SEC Situation
The SEC is expected to review Ripple’s decision to withdraw its appeal at 03:00 UTC on August 7. This decision comes ahead of a broader ruling anticipated by mid-month, which could solidify XRP’s non-security status under U.S. law. Such an outcome would eliminate a longstanding regulatory cloud that has loomed over the cryptocurrency, significantly impacting investor sentiment and market dynamics.
International Institutional Interest in XRP
In parallel to the SEC’s deliberations, SBI Holdings has submitted an application for a Bitcoin-XRP ETF. This move indicates growing institutional interest and treasury diversification efforts, with reports suggesting that corporates are pledging up to $1 billion in XRP purchases. This increasing interest from institutional players could potentially provide a strong foundation for XRP’s future price movements.
XRP Price Action Analysis
In the past 24 hours, XRP traded within a range of $2.91 and $3.02, showcasing a 3.7% fluctuation. The most significant upward momentum was observed between 15:00 and 16:00 UTC, where the token surged from $2.95 to $3.02, driven by buying volumes exceeding 110 million tokens—three times the daily average. The majority of this trading activity was facilitated by Upbit, which processed over $95 million in XRP trades.
Technical Breakdown of XRP’s Rally
XRP successfully broke through resistance levels at $2.87, $2.92, and $2.97 during its rally. However, in the final hour of trading, there was a failed attempt to breach the $3.02 mark, leading to a slight reversal back to $2.98 as trading volume surged to 2.11 million within a 10-minute window. Currently, the $2.98 level is acting as short-term support. If bulls can maintain this level, the next upside targets are projected at $3.05, $3.14, and potentially $3.25, especially if ETF approval or favorable comments from the SEC materialize.
What Traders Should Monitor
As the market continues to evolve, traders are keenly observing the SEC’s 03:00 UTC session to see if Ripple’s appeal withdrawal is formalized. Furthermore, attention is also directed towards the follow-through from SBI’s ETF filing and any resulting inflows. Price reactions will be closely monitored around the $3.05 mark, especially if XRP retests local highs. Additionally, trends in volume on platforms like Upbit and Binance will serve as indicators of retail and institutional engagement. Any near-term regulatory commentary ahead of the August 15 XRP legal status review will also be critical.
Conclusion: The Future of XRP
The upcoming decisions regarding Ripple’s appeal and SBI Holdings’ ETF application could significantly influence XRP’s trajectory in the crypto market. With a stable price range and increasing institutional interest, XRP is positioned for substantial growth, provided regulatory developments align positively. Investors should remain vigilant and informed about market trends and regulatory updates to navigate this dynamic landscape effectively.
For those interested in learning more about XRP, check out our comprehensive guides on What is XRP and XRP Price Prediction. Additionally, if you’re considering investing in cryptocurrencies, our articles on How to Buy XRP and How to Buy Cryptocurrency provide valuable insights.
Meta Description: Discover how XRP’s recent surge past $3 is influenced by Ripple’s SEC appeal decision and growing institutional interest. Learn what this means for investors and explore potential price targets in this in-depth analysis.
