XRP’s Recent Price Action and Market Momentum
XRP rose 3% in the 24 hours through August 7, advancing from $2.91 to as high as $3.02 before closing at $2.98. The move broke through multiple short-term resistance levels and coincided with high-volume buying activity, particularly on Korean exchanges. Technical momentum aligns with key macro developments: the U.S. Securities and Exchange Commission is set to deliberate on Ripple’s appeal withdrawal, while Japan’s SBI Holdings has filed for a Bitcoin-XRP ETF. This combination of bullish price action and significant regulatory news is fueling optimism for the token’s future.
SEC Deliberation and Regulatory Clarity
The U.S. Securities and Exchange Commission (SEC) is expected to deliberate on Ripple’s decision to withdraw its appeal at 03:00 UTC on August 7, ahead of a broader ruling expected by mid-month. The hearing could lock in XRP’s non-security status under U.S. law—an outcome that removes a longstanding regulatory overhang. This potential for regulatory clarity is a major factor driving investor sentiment. A favorable outcome would not only benefit Ripple but would also set a precedent for other cryptocurrencies, potentially leading to wider institutional adoption and exchange listings for XRP.
International Institutional Interest in XRP
Meanwhile, Japan’s SBI Holdings’ ETF application for a Bitcoin-XRP fund highlights growing international institutional interest in the token. This move signals that major financial players are increasingly recognizing XRP as a legitimate digital asset. The demand is not just coming from ETFs; reports indicate that corporate treasury diversification efforts are gaining momentum, with companies reportedly pledging up to $1 billion in XRP purchases. This institutional interest provides a significant source of demand, which can help to stabilize the price and propel it to new highs.
Price Action Summary and Strong Buying Volume
XRP traded in a 24-hour range between $2.91 and $3.02, a 3.7% band. The strongest upward movement occurred between 15:00 and 16:00 UTC as the token surged from $2.95 to $3.02. This rally was propelled by buying volumes exceeding 110 million tokens, or three times the daily average. The bulk of this flow originated from Upbit, which processed over $95 million in XRP trades. The asset later consolidated between $2.98 and $3.00 into the session close, indicating that while the upward momentum was strong, the market was beginning to digest the recent gains and find a new equilibrium.
The Korean Market’s Role in XRP’s Rally
The high-volume buying activity on Korean exchanges, particularly Upbit, played a pivotal role in XRP’s recent rally. Upbit, one of the largest cryptocurrency exchanges in South Korea, processed over $95 million in XRP trades, which accounted for the bulk of the upward price movement. This strong interest from the Korean market highlights the global nature of crypto trading and the significant impact that regional markets can have on a token’s price. The buying pressure from a concentrated market, especially one with a large and active retail investor base, can act as a powerful catalyst, breaking through resistance levels and driving price discovery in a short period.
The Impact of ETF Filings on Market Sentiment
The filing of an ETF application by Japan’s SBI Holdings, a major financial player, is a significant event that is contributing to the bullish sentiment around XRP. ETF filings provide a new narrative for a token, signaling institutional interest and a potential for broader adoption. This development, coupled with the SEC’s deliberation on Ripple’s appeal, creates a confluence of positive news that can attract a wide range of investors. ETF approval would not only provide a new investment vehicle but would also legitimize XRP as a mainstream asset, potentially leading to a massive influx of capital from both retail and institutional sources that were previously on the sidelines due to regulatory uncertainty.
Short-Term Consolidation and Future Outlook
While XRP’s recent upward movement was strong, the asset’s consolidation between $2.98 and $3.00 into the session close indicates that the market is now digesting the recent gains. This period of consolidation is a natural part of a market cycle, where buyers and sellers find a new equilibrium before the next directional move.
For XRP to continue its rally, it will need to find fresh buying pressure to break through and hold above its recent highs. The outcome of the SEC’s deliberation on Ripple’s appeal withdrawal will likely serve as the next major catalyst, which could either propel the price higher or lead to a pullback if the result is unfavorable or falls short of market expectations.
Read more: XRP Futures Shatter Records on CME as Institutional Interest Soars
