XRP Breaks Past $3 as Ripple and SEC End Long Legal Fight
For XRP holders, the past week has been nothing short of historic. After years of uncertainty, the cryptocurrency has broken through the $3 mark, sparking a wave of optimism across global markets. This breakout comes at a turning point — just as Ripple and the U.S. Securities and Exchange Commission (SEC) have decided to finally end their long-running courtroom battle.
The rally wasn’t a quiet one. In the space of 24 hours, XRP climbed roughly 3%, moving from $2.91 to a high of $3.02 before closing at $2.98. What stood out wasn’t just the price, but the trading activity behind it. Korean exchanges saw a burst of high-volume buying, adding fuel to the momentum and catching the attention of traders worldwide.
Global Interest Strengthens with SBI’s ETF Move
While the price action was grabbing headlines, another major development was unfolding in Japan. Financial giant SBI Holdings submitted an application for a Bitcoin-XRP exchange-traded fund (ETF). This step signals growing institutional interest in XRP — the kind of interest that could open the floodgates to large corporate investments. Reports suggest that companies are preparing to put as much as $1 billion into XRP as part of treasury diversification strategies.
For a digital asset that has spent years under regulatory pressure, this global institutional attention could mark the start of a new era.
A Turning Point in the SEC Case
The legal side of the XRP story has been a cloud over its growth for years. On August 7, the SEC was scheduled to review Ripple’s request to withdraw its appeal, with a broader ruling expected later in the month. The outcome had the potential to confirm XRP’s non-security status in the U.S., a decision that would remove one of the biggest uncertainties in its history.
But what happened next was even more dramatic: both Ripple and the SEC agreed to drop their appeals altogether. This brought one of the most closely watched legal disputes in the cryptocurrency world to an official close. Each party will cover its own legal costs, and Judge Analisa Torres’ July 2023 decision will stand as final.
That ruling declared that while Ripple’s institutional sales of XRP counted as unregistered securities transactions, sales on secondary markets — such as those to retail investors — did not violate securities laws.
Market Reacts with Optimism
The news sent XRP higher almost immediately, with the price jumping by about 7%. Ripple CEO Brad Garlinghouse described the decision as “closing this chapter once and for all” and emphasized the company’s focus on building what he calls the “Internet of Value.” For investors, his statement signaled a shift away from legal distractions and toward real-world adoption.
Technical Picture Points to More Upside
On the charts, XRP’s move pushed it through key resistance levels at $2.87, $2.92, and $2.97. The biggest jump came in just one hour — between 15:00 and 16:00 UTC — when buying volumes tripled the daily average. South Korea’s Upbit led the charge, processing over $95 million worth of XRP in that short window.
The $2.98 level is now acting as short-term support. If buyers hold that line, the next targets could be $3.05 and $3.14, with $3.25 in sight if the ETF filing gains traction or regulators make further favorable announcements.
What’s Next for Traders and Investors
All eyes are now on three factors: whether XRP can retest and break above $3.05, how much momentum SBI’s ETF proposal will generate, and whether the August 15 review of XRP’s status will bring additional positive news. Institutional money flows will also be closely watched, as fresh legal clarity could make XRP more attractive to large-scale investors.
For retail traders, especially those in Asia, exchange activity on Binance and Upbit will be key indicators of market sentiment in the coming days.
A New Chapter for XRP
The end of the SEC battle is more than just a legal win for Ripple — it’s a symbolic moment for the entire crypto industry. It shows that regulatory clarity can eventually arrive, and when it does, it can transform market confidence overnight.
XRP’s journey has been turbulent, marked by lawsuits, market skepticism, and exchange delistings. Yet, breaking through $3 at this moment is a statement of resilience — proof that the asset and its community have weathered the storm and are ready for the next phase.
Of course, challenges remain. Global regulations are still evolving, and market sentiment can shift quickly. But for now, the combination of legal closure, strong buying momentum, and renewed institutional interest gives XRP one of its brightest outlooks in years. If the next few weeks bring good news on the ETF front, we could be witnessing the start of a new chapter — one written without courtrooms overshadowing every move.
Disclaimer:
This article is for informational purposes only and should not be considered financial advice. Cryptocurrency markets are volatile and can result in losses. Always do your own research before investing.
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