XRP rose 3% over 24 hours through August 7 and went from $ 2.91 to as high as $ 3.02 before closing at $ 2.98.
The move broke through several short -term resistance levels and coincided with high -volume buying activity, especially on Korean exchanges.
Technical Momentum is in line with important macro developments: The US Securities and Exchange Commission is set to consider Ripple’s appeal withdrawal, while Japan’s SBI Holdings has requested a Bitcoin-XRP ETF.
News Background
SEC is expected to consider Ripple’s decision to withdraw his appeal at 1 p.m. 03:00 UTC on August 7, in front of a broader decision expected in the middle of the month. The consultation could lock XRP’s status of non-security according to US law-one result that removes a long-term legislative overhang.
Meanwhile, SBI Holdings’ ETF application highlights international institutional interest, where Treasury Diversification Efforts is gaining momentum from companies allegedly promised to $ 1 billion in XRP purchases.
Summary of Price Action
- The XRP acted in a 24-hour range between $ 2.91 and $ 3.02, a 3.7% tape.
- The strongest upward movement took place between 15:00 and 4pm UTC as the token rose from $ 2.95 to $ 3.02, propelled by buying quantities over 110 million tokens or three times the daily average.
- Most of this power came from Upbit, which treated over $ 95 million in the XRP dealer. The asset later consolidated between $ 2.98 and $ 3.00 to the session closely.
Technical analysis
- XRP broke through resistors of $ 2.87, $ 2.92 and $ 2.97 below the rally. The last hour showed a failed attempt to violate $ 3.02 with a turn back to $ 2.98 when the volume was connected to 2.11 million in a 10-minute window.
- The level of $ 2.98 now acts as short -term support. If the bull defends this zone, the upward target of $ 3.05 and $ 3.14 remains with $ 3.25 in view, if ETF approval or SEC comment turns favorable.
Which dealers are looking at
- SEC’s 03:00 UTC session, and whether Ripple’s appeal withdrawal is formalized
- Follow-up from SBIS ETF archiving and potential influxes
- Price reaction to $ 3.05 if the XRP test is tested local heights at Upbit and Binance-Volumentends as indicators of retail and institutional engagement
- Any closest regulatory comment before August 15 XRP Legal Status Review
