XRP pushed above the $3 mark on August 7, driven by strong demand from Korean exchanges and heightened anticipation around Ripple’s ongoing legal proceedings with the U.S. Securities and Exchange Commission (SEC). The token rose 3% on the day, trading from $2.91 to a session high of $3.02 before settling at $2.98.
The move broke through multiple short-term resistance levels and was accompanied by a spike in volume. The most notable price action occurred between 15:00 and 16:00 UTC, as XRP jumped from $2.95 to $3.02 on trading volumes exceeding 110 million tokens—nearly three times the daily average. Upbit, South Korea’s leading exchange, accounted for over $95 million of that activity.
Legal and Institutional Drivers
The rally comes as the SEC prepares to review Ripple’s motion to withdraw its appeal—potentially solidifying XRP’s non-security classification in the U.S. The hearing, held at 03:00 UTC on August 7, is expected to precede a broader decision later this month. A favorable ruling could lift a major regulatory overhang that has shadowed XRP for years.
In parallel, Japan’s SBI Holdings has filed an application for a Bitcoin-XRP exchange-traded fund (ETF), signaling rising institutional interest. Market sources suggest that corporates are considering up to $1 billion in XRP purchases as part of broader treasury diversification strategies tied to potential ETF approval.
Technical Setup and Price Outlook
XRP traded in a 3.7% range between $2.91 and $3.02 over the last 24 hours. The rally cleared resistance levels at $2.87, $2.92, and $2.97 before facing rejection just above $3. In the final hour of trading, the price pulled back to $2.98, which is now acting as short-term support. CoinDesk Research noted a 10-minute volume surge of 2.11 million tokens during the late-session retracement.
If bulls maintain control at current levels, the next upside targets are $3.05 and $3.14. A favorable outcome from either the SEC hearing or ETF application could open the door to a push toward $3.25.
