XRP Price Skyrockets: What’s Fueling the Surge and What Comes Next?
Bullish enthusiasm has spread throughout the cryptocurrency market as XRP has jumped above the crucial $3 level for the first time in months. The breakout coincides with growing interest in Ripple’s legal status as the SEC, the U.S. Securities and Exchange Commission, gets ready to render a significant decision. Institutional interest from around the world is increasing in the meantime, suggesting the possibility of long-term upward momentum.
Legal Clarity Incoming: Ripple’s SEC Case Could Reshape XRP’s Future
At 03:00 UTC on August 7, the SEC is scheduled to consider Ripple’s move to drop its appeal, a ruling that could ultimately solidify XRP’s non-security classification under US law. A successful outcome would lift one of the asset’s most persistent regulatory shadows.
Institutional trust in the token’s long-term sustainability has been strengthened at the same time by SBI Holdings of Japan filing for a Bitcoin-XRP ETF. Up to $1 billion in XRP purchases are reportedly being lined up by corporate entities, which would provide XRP markets more legitimacy and liquidity.
XRP Spikes to $3.07 with Massive Volume Surge
XRP started the day at $2.93 and increased 4.52% to reach a high of $3.07. With the help of strong trading volumes, the advance broke through resistance levels at $2.87, $2.92, and $2.97. Between 15:00 and 16:00 UTC, there was the most activity, with over 110 million XRP being exchanged. Over $95 million worth of XRP trades were conducted by the Korean exchange Upbit, which accounted for the majority of this volume. The next resistance level, if this level holds, is $3.14, and if regulatory clarity or ETF clearance materializes, $3.25 is in sight.
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