XRP has surged past the $3 mark as investors eagerly await the U.S. Securities and Exchange Commission’s (SEC) decision on Ripple’s appeal withdrawal. This recent price movement—an upward climb from $2.91 to a peak of $3.02 before settling at $2.98—has captured the attention of market watchers as it aligns with significant macroeconomic developments.
A Surge Amidst Regulatory Anticipation
Investors are eyeing the SEC’s deliberation scheduled for 03:00 UTC on August 7, which could solidify XRP’s non-security status in the United States. Such a ruling would eliminate a significant regulatory hurdle for Ripple, potentially paving the way for broader adoption and integration into mainstream financial systems. As financial markets hold their breath, XRP’s recent rally reflects both optimism and speculative fervor.
Meanwhile, across the Pacific, Japan’s SBI Holdings has thrown its hat into the ETF ring. The financial giant has filed for a Bitcoin-XRP exchange-traded fund, a move that underscores growing institutional interest in diversifying treasury holdings. Reports suggest that corporate entities may be gearing up to invest as much as $1 billion in XRP, signaling a possible seismic shift in how digital assets are viewed by traditional financial institutions. For more on this development, see SBI Files for Bitcoin–XRP ETF in Japan, Pushing Dual Crypto Exposure Into Regulated Markets.
Market Dynamics and Technical Momentum
XRP’s price action over the last 24 hours has been a rollercoaster, trading within a 3.7% range between $2.91 and $3.02. The most significant surge occurred between 15:00 and 16:00 UTC, driven by an influx of buying activity that saw volumes soar to more than 110 million tokens—triple the daily average. Korean exchange Upbit was at the epicenter of this frenzy, processing over $95 million in XRP trades.
While the token attempted to sustain its position above $3.02, it ultimately retraced to $2.98, where it now finds a critical support level. Analysts are closely monitoring this zone, as maintaining it could open the door to further gains. Should the bulls hold their ground, XRP might test resistance at $3.05 and $3.14, with the elusive $3.25 mark on the horizon if external factors, like the ETF application or favorable SEC commentary, lend their support.
Eyes on the SEC and SBI’s ETF Ambitions
The SEC’s upcoming session is more than just a regulatory formality; it’s a potential inflection point for XRP’s market trajectory. A formalized appeal withdrawal could embolden investors, reinforcing the notion that XRP is not a security—an outcome that would allay long-standing legal concerns.
Parallelly, SBI’s ETF application has piqued curiosity, not just in Japan but globally. Institutional inflows from such financial instruments could inject fresh liquidity into the market, offering a new avenue for investors seeking exposure to XRP. This development could also serve as a bellwether for other financial entities considering similar moves. As noted in XRP Leads Market Gains, Bitcoin Nears $115K as Trump Tariffs Sour Bullish Crypto Mood, the broader market dynamics are also being influenced by geopolitical factors, adding another layer of complexity to the current crypto landscape.
As mid-August approaches, traders are on high alert for any regulatory remarks that could sway market sentiments. The potential for a re-test of local highs around $3.05 is on the table, contingent on volume trends from major exchanges like Upbit and Binance. These platforms are crucial in gauging both retail enthusiasm and institutional engagement levels.
The Road Ahead: Uncertainty and Opportunity
While optimism abounds, questions linger about whether XRP’s ascent can be sustained. Market participants are keenly aware that the landscape is fraught with variables, from regulatory decisions to macroeconomic shifts. The SEC’s ruling and SBI’s ETF filing are just pieces of a larger puzzle that will define XRP’s trajectory in the coming months.
In the ever-volatile world of cryptocurrency, today’s exuberance could be tempered by tomorrow’s realities. Yet, for now, XRP stands at a pivotal juncture, poised either for continued growth or a return to cautionary trading. The coming days—indeed, the next few weeks—will be critical in determining the path forward for this digital asset.
Source
This article is based on: XRP Pushes Through $3 as Ripple-SEC Appeal Decision Looms
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
