XRP Surges Past Resistance on Institutional Buying and Legal Clarity
XRP broke through key resistance levels on August 8 as institutional interest surged, pushing trading volume above 300 million. The rally was driven by a combination of technical momentum and a landmark legal resolution that removed a major regulatory overhang.
The Securities and Exchange Commission and Ripple Labs officially dropped their appeals in the long-running XRP lawsuit, ending a multi-year legal battle. The dismissal, recognized by the Second Circuit Appeals Court, clears the path for greater institutional access to XRP within U.S. markets.
In tandem with the legal resolution, Japan’s SBI Holdings filed for a Bitcoin-XRP ETF, adding further upside catalysts.
Technical Highlights
- Price Jump: XRP rallied 11%, from $2.99 to $3.30 within 24 hours.
- Volume Spike: Trading volume peaked at 300 million at 21:00 UTC, indicating strong institutional accumulation.
- Resistance Levels: Fresh resistance established at $3.33; buyers held support above $3.30 during late-session consolidation.
- Volatility: Intraday range hit $0.35, with sharp movement between 19:00–22:00 UTC.
- Chart Pattern: Bull flag formations suggest potential breakout targets between $8.00–$15.00 in the medium term.
Market Impact and Outlook
The conclusion of SEC litigation has unlocked a new wave of confidence in XRP, coinciding with renewed technical strength and a clear accumulation trend. With ETF speculation adding fuel, XRP is now positioned as a high-beta asset in the next leg of the crypto cycle.
Analysts expect continued volatility but see further upside potential, particularly if ETF momentum and broader crypto market flows remain strong.
