XRP rose by 3% on August 7, advancing from $2.91 to a peak of $3.02, before closing at $2.98. This movement broke through several resistance levels and was marked by high-volume buying, especially on Korean exchanges. The price increase came as the U.S. SEC was scheduled to deliberate on Ripple's appeal withdrawal, which could clarify XRP's regulatory status. Notably, Japan’s SBI Holdings submitted an application for a Bitcoin-XRP ETF, signaling growing institutional interest. The SEC's session could confirm XRP's non-security status under U.S. law, potentially lifting a significant regulatory burden. During trading, XRP fluctuated between $2.91 and $3.02, with the strongest surge occurring in a one-hour window, driven by substantial buying volumes from Upbit. The price movement was significant enough to establish $2.98 as a short-term support level for future trading. Market participants are keenly observing the SEC’s decisions and SBI’s ETF progress for further price implications.

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