XRP Surges as Legal Cloud Finally Clears
The XRP market is heating up after the cryptocurrency smashed resistance levels during a powerful institutional buying wave. With the Ripple-SEC legal battle now over, traders are eyeing bullish targets as high as $8.
On August 8, XRP surged 11%, soaring from $2.99 to $3.30, as trading volume exploded past 300 million. Institutional inflows, a long-awaited legal resolution, and bullish technical patterns combined to fuel the rally.
Legal Victory Unlocks Market Potential
After years of uncertainty, Ripple Labs and the U.S. Securities and Exchange Commission have ended their appeals in the high-profile XRP lawsuit. The Second Circuit Appeals Court confirmed the dismissal, with both sides covering their own costs.
Ripple’s Chief Legal Officer, Stuart Alderoty, announced on X that the dismissal was jointly filed following the SEC’s formal vote. This resolution eliminates one of XRP’s biggest regulatory hurdles, potentially opening the door for more institutional participation in U.S. markets.
Adding to the momentum, Japan’s SBI Holdings filed to launch a Bitcoin-XRP ETF, offering a fresh catalyst for demand if spot Bitcoin ETF inflows remain strong.
Technical Picture Points to Higher Breakout Targets
The rally displayed classic bull flag formations, a pattern often associated with strong continuation moves. Analysts see potential breakout targets in the $8 to $15 range if current momentum holds.
Volume Spike: Over 300 million traded at 21:00 alone, signaling heavy accumulation.
Resistance Levels: Fresh resistance locked at $3.33, with repeated breaks above $3.30 during consolidation.
Support Zones: Strong buying interest held above $3.10 through the session’s final hours.
Volatility: Price swung 12% in a single session, with a $0.35 trading range from $2.97 to $3.33.
Institutional Interest Drives the Rally
The sharpest gains came between 19:00 and 22:00, where multiple resistance levels were taken out. Heavy buying volumes during these hours confirm that large-scale players are positioning for potential upside.
The legal clarity from the SEC settlement now allows market sentiment to focus on technical drivers and macro crypto trends, rather than litigation risk.
Stay tuned to Maple Wire for real-time updates on XRP price action, crypto market trends, and key legal developments.
