XRP Surges to $3 Amid SEC Review and SBI ETF Application
XRP rose from $2.91 to $3.02 within 24 hours on August 7, closing at $2.98 after a surge in trading volume, especially on Korea’s Upbit exchange. The rally was fueled by the SEC’s scheduled review of Ripple’s appeal to determine if XRP is a security and Japan’s SBI Holdings advancing its Bitcoin-XRP ETF application, which may involve roughly $1 billion in institutional XRP purchases. Technical analysis shows XRP broke through resistances at $2.87, $2.92 and $2.97, with $2.98 emerging as key support. If sustained, targets of $3.05 and $3.14 come into view. Traders are closely watching legal outcomes and ETF updates for further price momentum. Ripple CEO Brad Garlinghouse highlighted that regulatory clarity could boost XRP and the broader market.
Bullish
The news delivers a bullish outlook by combining strong on-chain indicators with high institutional interest. XRP’s price breakout on record volume mirrors past rallies triggered by legal clarity—similar to Bitcoin’s jump after positive ETF developments. The SEC review and SBI’s ETF filing are catalysts that could sustain upward momentum. In the short term, a firm hold above $2.98 support may lead to a breakout toward $3.05 and $3.14. In the long term, a favorable SEC ruling or ETF approval would likely attract more institutional capital, reinforcing XRP’s market stability and driving further gains.