XRP’s price action has shown resilience despite recent volatility, with analysts pointing to regulatory and ETF catalysts as potential drivers for a major breakout in August.
XRP ETF Approval May Come Faster Under New SEC Standards
A key catalyst on the horizon is the possibility of a spot XRP ETF, which could be fast-tracked under the SEC’s updated crypto ETP listing rules. According to Bloomberg ETF analyst Eric Balchunas, the new structure simplifies approval processes, which may benefit XRP more than most altcoins due to Ripple’s recent legal progress.
ETF approval could serve as a long-term institutional entry point into XRP markets, pushing demand significantly higher.
Ripple vs. SEC Lawsuit Update: August 15 Could Be Key
The long-running Ripple-SEC legal battle is nearing its next milestone, with a court filing scheduled for August 15. Market observers suggest this could serve as a catalyst for a sharp XRP rebound—particularly if the outcome signals regulatory clarity.
XRP Price Action: Bounce After Options Expiry
XRP briefly plunged to $2.90 during a 48-hour market dip but then rebounded over 3.4% in an hour on August 2, shortly after crypto options expired. As of the latest session, XRP is trading around $2.93, still down 2% intraday.
This price movement may reflect short sellers closing positions rather than a confirmed recovery.
Technical Outlook: Bullish Patterns Amid Volatility
Despite a 20% drop from its $3.65 all-time high in mid-July, analyst sentiment remains bullish. Popular trader Egrag Crypto highlighted that XRP dominance is still above 4.5%, showing strength relative to other altcoins. His targets include $2.65, $2.30, and $1.80 as critical support levels during this pullback.
Meanwhile, Ali Martinez noted a double bottom formation, suggesting a key resistance at $3.30. If broken, this could trigger a surge toward $3.60 and potentially set up a new high above $4.00.
Conclusion: Volatility Now, But Momentum Builds
With the ETF approval window narrowing and the Ripple court date approaching, XRP could see renewed upside pressure later this month. Traders are watching volume and key levels closely to confirm the next leg of the rally.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.