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Key Takeaways:
- XRP jumped 6%, driven by a spike in South Korean trading volume and institutional buying.
- Technical indicators are bullish, with key resistance levels broken and potential for a move toward $3.48–$3.65.
- Ripple’s SEC settlement could conclude by August 15, removing legal uncertainty and boosting investor confidence.
XRP is leading the latest crypto rebound, surging 6% in 24 hours to briefly touch $3.03 before consolidating near $3.00. The move, which outpaced broader altcoin gains, comes amid rising institutional activity and an explosion in South Korean trading volume.
Korean Traders Drive Volume Surge
The bulk of XRP’s momentum is being driven by a surge in trading on South Korea’s largest exchange. XRP has become the number one traded asset in the region, with nearly $500 million in 24-hour volume—over triple its daily average. This buying frenzy is drawing global attention and reinforcing bullish sentiment across the market.
Institutional Flows and Breakout Levels
XRP’s rally gained steam after breaching multiple resistance levels at $2.87, $2.92, and $2.97. These breakouts appear to have triggered strong institutional buying, with technical indicators supporting further upside. XRP remains above the key $2.73 support level, while the RSI shows strengthening momentum and on-chain data points to persistent accumulation near $2.97.
If bulls can push past $3.14, analysts see potential for a run toward the $3.48–$3.65 range—just below its all-time high of $3.66.
Also Read: Ripple CTO Unveils XRPL Infrastructure Upgrade as Transactions Top 70 Million in July
Ripple vs SEC Settlement Imminent
Another bullish catalyst is progress in Ripple’s legal battle with the U.S. SEC. The company has agreed to a $125 million settlement and dropped its appeal, with expectations that the SEC will follow suit by August 15. A final resolution could remove a long-standing regulatory overhang and pave the way for increased institutional involvement.
Despite the optimism, on-chain analyst Ali Martinez cautions that XRP’s MVRV ratio is flashing a potential short-term correction signal. However, the combination of legal clarity, strong market support, and record-breaking demand from Korean traders continues to tilt the outlook bullish.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
