Ripple’s XRP Tops $3 as SEC Appeal Verdict Draws Closer

XRP briefly crossed the $3 threshold on August 7, fueled by a surge in demand from Korean markets and growing anticipation around a pivotal regulatory decision in the U.S. The token gained 3% over the day, climbing from $2.91 to an intraday high of $3.02 before closing at $2.98.

The breakout coincided with heightened trading activity across major Asian exchanges. Upbit alone accounted for more than $95 million in XRP volume—triple its usual daily average. The sharpest upward movement occurred between 15:00 and 16:00 UTC, when XRP spiked from $2.95 to $3.02 on volumes exceeding 110 million tokens.

Regulatory and Institutional Catalysts

XRP’s price action is being driven by key macro developments. The U.S. Securities and Exchange Commission was scheduled to deliberate Ripple’s motion to withdraw its appeal at 03:00 UTC on August 7. A decision in Ripple’s favor would likely confirm XRP’s non-security classification under U.S. law—a long-standing regulatory hurdle that has weighed on the asset’s outlook.

Adding to the momentum, Japan’s SBI Holdings recently filed for a Bitcoin-XRP exchange-traded fund. The move signals strengthening institutional interest in XRP, with reports indicating that corporate treasuries are preparing to allocate as much as $1 billion to the asset should the ETF be approved.

Technical Picture: Support Holds at $2.98

XRP traded within a narrow 24-hour range of $2.91 to $3.02, with multiple short-term resistance levels breached along the way—including $2.87, $2.92, and $2.97. Despite a brief rejection above $3.02, XRP found support at $2.98 heading into the session close.

CoinDesk Research data shows a late-session spike of 2.11 million tokens traded in just 10 minutes, suggesting strong activity even during consolidation. If the $2.98 support level holds, bullish targets remain at $3.05 and $3.14, with a potential breakout to $3.25 should regulatory or ETF news shift positively.