XRP smashed resistance barriers as trading volume hit 300 million during peak institutional buying surge, with bullish chart patterns and a landmark legal resolution fueling upside bets.
The rally combines technical breakout pressure with a significant shift in the token’s fundamental narrative. The SEC settlement eliminates a multi-year litigation drag, potentially unlocking greater institutional participation in U.S. markets.
Price action shows heavy accumulation above $3.10, followed by consolidation above $3.30 — suggesting strong conviction among buyers even after the initial spike. The ETF filing from SBI adds a parallel demand driver, positioning XRP for higher beta moves if spot Bitcoin ETF inflows continue.
Technical Analysis Overview
XRP explodes 11% higher in the 24-hour period ending August 8, rocketing from $2.99 to $3.30 in a blistering rally.
The digital asset accelerates most aggressively between 19:00-22:00, obliterating multiple resistance levels. Trading volume erupts past 300 million at 21:00 alone.
The session spans a $0.35 range, marking 12% volatility from $2.97 lows to $3.33 peaks. New resistance forms at $3.33. Strong demand emerges above $3.10 in the session’s final hours.
News Background
The Securities and Exchange Commission and Ripple Labs have jointly ended their appeals in the high-profile XRP lawsuit, concluding a multi-year legal battle that has clouded the token’s outlook since 2020.
In a Thursday filing, the Second Circuit Appeals Court recognized the dismissal, with both sides agreeing to bear their own costs and fees.
“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,” Ripple’s chief legal officer Stuart Alderoty said on X.
The resolution removes a major regulatory overhang for XRP, coming alongside other bullish developments such as Japan’s SBI Holdings filing to launch a Bitcoin-XRP ETF.
Price Action Summary
• XRP surges 11% from August 7 01:00 to August 8 00:00, blasting from $2.99 to $3.30 on explosive 300 million volume
• Token consolidates in tight $0.04 band between $3.30-$3.33 during August 7 23:42 to August 8 00:41 window
• Bull flag formations point to $8.00-$15.00 breakout targets as legal resolution clears path for institutional entry
Technical Indicators Analysis
• Volume explodes past 300 million at 21:00, signaling heavy institutional accumulation
• Bull flag formations point to $8.00-$15.00 breakout targets over longer horizons
• Fresh resistance locks in at $3.33 with volume confirmation
• Key support zone holds firm above $3.30 during consolidation
• Evening hours see multiple resistance breaks between 19:00-22:00
• Volume-backed demand materializes above $3.10 in session’s back half
What Traders Are Watching
• Follow-through buying from U.S. institutions now that litigation risk has cleared
• ETF approval timelines in Japan and potential filings in other markets
• Retest of $3.33 resistance and possible breakout toward $3.65 near-term target
• Retail re-engagement after legal victory headlines
