XRP price breaks $3 threshold while Ripple SEC appeal is pending

XRP’s price has surged above $3, marking a 3% increase for the day, signaling growing interest in the coin amidst regulatory uncertainties. Trading in a narrow range between $2.95 and $3.09, XRP saw a surge in volume during the day, particularly from South Korean exchange Upbit.

In a significant development, Ripple has withdrawn its appeal against the SEC, with a decision on the case expected by mid-August. This move could potentially solidify XRP’s classification as a non-security, offering clarity and removing a major obstacle for Ripple and the XRP ledger.

Furthermore, SBI Holdings has filed for a Bitcoin-XRP ETF, indicating growing international confidence in the Ripple ecosystem. This move, along with reports of corporate players committing up to $1 billion to XRP treasury allocations, suggests a positive outlook for future XRP price predictions.

Technically, the XRP price is currently at $3.08 with mild bullish momentum. While some indicators show mixed signals, chart analysts suggest that a breakout above $3.05 could lead to further gains towards $3.25 and beyond.

Market sentiment remains cautiously optimistic, with traders awaiting clarity on the regulatory front and institutional entry to potentially drive a breakout for XRP’s price. The outcome of the Ripple SEC lawsuit is expected to have a significant impact on XRP’s future price movements, with favorable regulation potentially paving the way for higher price targets in the long term.

Overall, despite regulatory uncertainties, XRP has showcased resilience by surpassing the $3 mark, hinting at underlying strength in the token. As the market awaits further developments in the Ripple SEC case, the potential for institutional interest and key ETF filings could drive XRP towards new highs in the foreseeable future.