XRP Breaks Higher as Legal Clarity and Institutional Demand Converge
XRP rallied sharply on August 8, breaking through key resistance levels amid surging trading volume and renewed institutional interest, following the long-awaited resolution of Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).
The digital asset jumped 11%, rising from $2.99 to $3.30, with trading volume spiking to over 300 million—a signal of aggressive accumulation by large players. Price action showed multiple resistance levels being cleared in rapid succession during the 19:00–22:00 UTC window.
SEC Lawsuit Officially Ends, Removing Major Overhang
The rally comes on the heels of a formal court filing confirming that Ripple and the SEC have dropped their respective appeals in the high-profile lawsuit that has weighed on XRP since 2020. The Second Circuit Court recorded the dismissal, with both parties agreeing to bear their own legal costs.
Ripple Chief Legal Officer Stuart Alderoty stated, “Following today’s Commission vote, both sides filed jointly to dismiss their appeals with the Second Circuit.”
The legal closure eliminates years of regulatory uncertainty and opens the door for broader institutional participation in U.S. markets.
ETF Filing and Technical Setup Fuel Momentum
Institutional appetite for XRP appears to be strengthening, with SBI Holdings filing for a Bitcoin-XRP ETF, further fueling speculative and strategic interest. XRP has seen notable price strength since the filing, with technical charts suggesting continuation patterns like a bull flag forming.
Accumulation zones have been observed above $3.10, followed by price consolidation just above $3.30, indicating buyer confidence and potential for further upside if momentum sustains.
Key Technical Highlights
- Price Jump: XRP surged from $2.99 to $3.30 in 24 hours, registering 11% gains
- Volume Surge: Over 300 million in trading volume recorded at 21:00 UTC alone
- Volatility: Session range spanned $0.35, from $2.97 low to $3.33 high
- Support & Resistance: Support held firm above $3.30; new resistance at $3.33
- Breakout Targets: Bullish formations indicate longer-term targets of $8 to $15
Market Outlook
With the regulatory cloud now lifted and ETF buzz adding to demand dynamics, XRP may be positioned for a significant re-rating. The combination of technical momentum and renewed institutional engagement sets a bullish tone, particularly as market participants look toward Q4 with optimism.
