XRP Rises 3% to $2.98 Ahead of SEC Appeal Decision

XRP increased by 3% on August 7, rising from $2.91 to a peak of $3.02 before closing at $2.98. This movement broke through several short-term resistance levels and was supported by high-volume buying, especially on Korean exchanges.

News Background

The U.S. Securities and Exchange Commission (SEC) will discuss Ripple’s appeal withdrawal at 03:00 UTC on August 7, with a broader ruling anticipated mid-month. A favorable outcome could confirm XRP's non-security status, alleviating regulatory concerns. Additionally, SBI Holdings has filed for a Bitcoin-XRP ETF, indicating growing institutional interest, with reports of up to $1 billion in XRP purchases from corporates.

Price Action Summary

XRP traded between $2.91 and $3.02, a range of 3.7%.
The most significant price increase occurred from 15:00 to 16:00 UTC, with volumes over 110 million tokens—three times the daily average.
Upbit led trading, processing over $95 million in XRP trades, with the asset later stabilizing between $2.98 and $3.00.

Technical Analysis

XRP surpassed resistance levels at $2.87, $2.92, and $2.97 during the rally. It attempted but failed to break above $3.02, reversing to $2.98 with a volume spike of 2.11 million in ten minutes.
The $2.98 level is now considered short-term support; if maintained, potential targets are $3.05, $3.14, and possibly $3.25 if ETF approval or positive SEC commentary occurs.

What Traders Are Watching

The SEC session at 03:00 UTC regarding Ripple’s appeal withdrawal.
Follow-up developments from SBI’s ETF filing and potential capital inflows.
Price reactions at $3.05, particularly on Upbit and Binance for retail and institutional engagement.
Any regulatory updates before the August 15 review of XRP's legal status.