XRP briefly surged past $3 on August 7, lifted by a wave of high-volume buying across Korean exchanges and fueled by anticipation of a critical U.S. regulatory decision. The token gained 3% on the day, rising from $2.91 to a session high of $3.02 before closing at $2.98.
The price breakout saw XRP breach several short-term resistance levels, with the most aggressive buying occurring between 15:00 and 16:00 UTC. During that hour, XRP jumped from $2.95 to $3.02 as trading volumes soared above 110 million tokens—triple the daily average. South Korea’s Upbit led the activity, processing over $95 million in XRP trades.
Regulatory and Institutional Tailwinds
The rally coincides with heightened anticipation around Ripple’s legal proceedings with the U.S. Securities and Exchange Commission (SEC). At 03:00 UTC on August 7, the SEC was scheduled to deliberate on Ripple’s motion to withdraw its appeal—a move that could cement XRP’s non-security status under U.S. law and bring long-awaited regulatory clarity.
Adding to investor optimism, Japan’s SBI Holdings has submitted an application to launch a Bitcoin-XRP ETF. The proposal reflects growing institutional appetite for XRP, with reports suggesting corporate treasuries are preparing to allocate up to $1 billion into the asset, contingent on the ETF’s approval.
Price and Technical Analysis
XRP traded in a 24-hour range of $2.91 to $3.02, marking a 3.7% swing. Despite a failed breakout above $3.02 late in the session, the asset held above previous resistance and is now finding short-term support at $2.98. According to CoinDesk Research, XRP broke through technical ceilings at $2.87, $2.92, and $2.97 before facing rejection.
A spike in volume—2.11 million tokens in a 10-minute window—accompanied the pullback from the day’s high. If support at $2.98 holds, technical upside targets include $3.05 and $3.14, with $3.25 back in play if the ETF bid or regulatory news turns favorable.
