XRP climbed as high as $3.02 on August 7 before settling at $2.98, marking a 3% gain on the day. The rally broke through several short-term resistance levels and was driven by strong buying pressure, particularly from Korean markets.

High-volume trading was concentrated on Upbit, which processed over $95 million in XRP transactions—more than triple the platform’s daily average. The most aggressive price action occurred between 15:00 and 16:00 UTC, when XRP jumped from $2.95 to $3.02 amid more than 110 million tokens traded.

Macro Drivers Behind the Move

XRP’s latest surge is unfolding against a backdrop of pivotal macro developments. The U.S. Securities and Exchange Commission is preparing to deliberate on Ripple’s motion to withdraw its appeal, with a key hearing scheduled for 03:00 UTC on August 7. A favorable outcome could cement XRP’s legal status as a non-security in the United States, removing a major regulatory cloud over the asset.

Adding to the bullish momentum, Japan’s SBI Holdings has submitted an application for a Bitcoin-XRP ETF. The move reflects growing institutional appetite for XRP exposure, with reports suggesting that corporate treasuries may commit up to $1 billion in XRP purchases should the ETF gain approval.

Price Action and Technical Levels

During the 24-hour session, XRP traded within a range of $2.91 to $3.02—a 3.7% swing. After its intraday high, the token consolidated between $2.98 and $3.00 heading into the close. Despite briefly testing $3.02, a final-hour rejection saw prices retreat to support at $2.98, coinciding with a sharp spike in volume (2.11 million XRP traded within 10 minutes).

According to CoinDesk Research’s technical analysis, XRP decisively broke resistance levels at $2.87, $2.92, and $2.97 during the rally. The $2.98 mark is now acting as short-term support. If bulls hold this level, further upside targets include $3.05 and $3.14, with a potential push toward $3.25 if positive ETF or SEC developments emerge.