XRP experienced a 3% rise in value over a 24-hour period ending on August 7, with the cryptocurrency climbing from $2.91 to a peak of $3.02 before settling at $2.98. This upward movement was accompanied by a breakthrough of several short-term resistance levels and was fueled by a surge in buying activity, particularly on Korean exchanges.
This price action coincided with significant macro developments in the cryptocurrency space. The U.S. Securities and Exchange Commission (SEC) is scheduled to discuss Ripple’s decision to withdraw its appeal at 03:00 UTC on August 7, a move that could solidify XRP’s non-security status under U.S. law. This potential outcome would remove a major regulatory uncertainty that has been looming over the cryptocurrency for some time.
In addition, SBI Holdings, a prominent Japanese financial services company, has filed for a Bitcoin-XRP exchange-traded fund (ETF). This move signals growing interest from institutional investors in XRP and highlights the trend of corporates diversifying their treasuries with cryptocurrency investments, with reports indicating that companies may be committing up to $1 billion to purchasing XRP.
During the 24-hour trading period, XRP fluctuated between $2.91 and $3.02, representing a 3.7% range. The most significant price surge occurred between 15:00 and 16:00 UTC, when XRP jumped from $2.95 to $3.02 on high buying volumes exceeding 110 million tokens, triple the daily average. The majority of this trading activity originated from Upbit, with over $95 million in XRP trades processed on the platform. XRP subsequently consolidated between $2.98 and $3.00 by the end of the session.
From a technical analysis perspective, XRP managed to break through resistance levels at $2.87, $2.92, and $2.97 during the rally. However, the token encountered resistance at $3.02 in the final hour of trading, with a subsequent pullback to $2.98 as volume spiked to 2.11 million in a 10-minute window. The $2.98 level is now serving as short-term support, with potential upside targets at $3.05, $3.14, and $3.25 if positive developments such as ETF approval or SEC commentary materialize.
Traders are closely monitoring several key factors in the coming days, including the outcome of the SEC’s session at 03:00 UTC, SBI’s ETF filing and potential capital inflows, price reactions at the $3.05 level, and any regulatory updates leading up to the August 15 review of XRP’s legal status. These developments will likely impact XRP’s price trajectory and market sentiment in the near term.