XRP Breaks $3 Barrier as Market Awaits Ripple-SEC Appeal Outcome

XRP pushed past the $3 mark on August 7, gaining 3% on the day as renewed buying momentum—primarily from Korean exchanges—drove prices through key short-term resistance levels.

The asset climbed from $2.91 to a high of $3.02 before settling at $2.98. The move came with a surge in trading volume, particularly on Upbit, which saw over $95 million in XRP trades—more than three times its daily average. The strongest price action occurred between 15:00 and 16:00 UTC, when XRP rallied from $2.95 to $3.02 on more than 110 million tokens traded.

Macro Drivers: SEC Hearing and ETF Filing Fuel Sentiment

XRP’s breakout aligns with broader catalysts. The U.S. Securities and Exchange Commission is expected to review Ripple’s motion to withdraw its appeal at 03:00 UTC on August 7. A decision favoring Ripple could reaffirm XRP’s classification as a non-security in the U.S., removing a major regulatory hurdle.

Adding to the bullish narrative, Japan’s SBI Holdings has filed for a Bitcoin-XRP exchange-traded fund (ETF), underscoring rising institutional demand. Market sources indicate that corporates may commit up to $1 billion in XRP purchases if the ETF is approved.

Technical Outlook: $2.98 Now Acting as Support

XRP traded within a 24-hour range of $2.91–$3.02, with a late-session pullback seeing prices consolidate just below $3. During the rally, XRP cleared resistance at $2.87, $2.92, and $2.97 before facing rejection at $3.02. A sharp 10-minute spike in volume—2.11 million tokens—accompanied the reversal.

The $2.98 zone is now acting as immediate support. If held, bullish targets lie at $3.05 and $3.14, with $3.25 in focus should the regulatory or ETF landscape turn favorable in the coming days.