As the landscape of cryptocurrency rapidly changes, XRP has emerged in the spotlight due to a significant price increase within a mere 24-hour period. On the 7th of August, XRP saw its price spike from $2.91 to a peak of $3.02 before settling at $2.98 by the day’s end. This surge was particularly pronounced on Korean exchanges where trading volumes were considerably high, pointing to a potential breach of short-term resistance levels due to optimistic market trends.
How Will U.S. and Japanese Developments Impact XRP?
The U.S. Securities and Exchange Commission (SEC) had planned to review Ripple‘s decision to withdraw its appeal by August 7th. This review sparks renewed debate on whether XRP will be considered a security under U.S. regulations. Meanwhile, interest has been reignited in Japan as SBI Holdings proceeds with an application for a Bitcoin-XRP exchange-traded fund, highlighting the growing corporate focus on XRP.
What Do Recent Price Movements Indicate?
Over a 24-hour period, XRP’s trading prices fluctuated between $2.91 and $3.02. A notable surge occurred between 15:00 and 16:00 UTC, seeing the price climb from $2.95 to $3.02, a move accompanied by trading volumes that were nearly tripled compared to the daily average. The Upbit exchange witnessed transactions reach an impressive $95 million.
Toward the day’s conclusion, XRP stabilized between $2.98 and $3.00, suggesting that traders closely watched market trends to gauge immediate price movements.
Analyzing Technical Indicators and Prospects
Technical data reveals that XRP overcame resistance at $2.87, $2.92, and $2.97 but could not hold above $3.02, eventually receding to $2.98. The buying volume reached 2.11 million units within a brief 10-minute span.
The $2.98 price point presents itself as a crucial short-term support level. Sustainability at this level could lead to targets at $3.05 and $3.14. The outcome of SBI’s ETF application and anticipated SEC announcements will play key roles in shaping the price trajectory.
Stakeholders are focusing on the decisions awaiting SEC approval and the ETF filing, with trading volumes on exchanges like Korea’s Upbit reflecting persistent investor interest. Regarding regulatory clarity,
Ripple CEO Brad Garlinghouse stated, “Regulatory clarity could positively impact XRP and the entire market.”
These prospective legal and organizational advancements could direct XRP’s price movements significantly. Analysts predict that medium-term prospects might see the price testing new resistance levels, with upcoming announcements from the U.S. and international bodies being crucial determinants.
