2 weeks ago
XRP roseate 3% successful the 24 hours done August 7, advancing from $2.91 to arsenic precocious arsenic $3.02 earlier closing astatine $2.98.
The determination broke done aggregate short-term absorption levels and coincided with high-volume buying activity, peculiarly connected Korean exchanges.
Technical momentum aligns with cardinal macro developments: the U.S. Securities and Exchange Commission is acceptable to deliberate connected Ripple’s entreaty withdrawal, portion Japan’s SBI Holdings has filed for a Bitcoin-XRP ETF.
News Background
The SEC is expected to deliberate Ripple’s determination to retreat its entreaty astatine 03:00 UTC connected August 7, up of a broader ruling expected by mid-month. The proceeding could fastener successful XRP’s non-security presumption nether U.S. law—an result that removes a longstanding regulatory overhang.
Meanwhile, SBI Holdings’ ETF exertion highlights planetary organization interest, with treasury diversification efforts gaining momentum from corporates reportedly pledging up to $1 cardinal successful XRP purchases.
Price Action Summary
- XRP traded successful a 24-hour scope betwixt $2.91 and $3.02, a 3.7% band.
- The strongest upward question occurred betwixt 15:00 and 16:00 UTC arsenic the token surged from $2.95 to $3.02, propelled by buying volumes exceeding 110 cardinal tokens, oregon 3 times the regular average.
- The bulk of this travel originated from Upbit, which processed implicit $95 cardinal successful XRP trades. The plus aboriginal consolidated betwixt $2.98 and $3.00 into the league close.
Technical Analysis
- XRP broke done resistances astatine $2.87, $2.92, and $2.97 during the rally. The last hr showed a failed effort to breach $3.02, with a reversal backmost to $2.98 arsenic measurement spiked to 2.11 cardinal successful a 10-minute window.
- The $2.98 level is present acting arsenic short-term support. If bulls support this zone, upside targets stay astatine $3.05 and $3.14, with $3.25 successful presumption should ETF support oregon SEC commentary crook favorable.
What Traders Are Watching
- The SEC’s 03:00 UTC league and whether Ripple’s entreaty withdrawal gets formalized
- Follow-through from SBI’s ETF filing and imaginable inflows
- Price absorption to $3.05 if XRP re-tests section highs connected Upbit and Binance measurement trends arsenic indicators of retail and organization engagement
- Any near-term regulatory commentary up of August 15 XRP ineligible presumption review
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