XRP Bull Flag Hints at $8 Surge as Ripple-SEC Showdown Nails Final Act
XRP's chart flashes a textbook bull flag—just as Ripple's marathon legal brawl with the SEC enters its endgame. Traders are eyeing $8 targets while lawyers dust off their victory speeches.
The setup: A 3-year consolidation breaks toward all-time highs as regulatory uncertainty finally lifts. Technicals scream accumulation, but Wall Street's crypto skeptics are already sharpening their 'told-you-so' tweets.
Ripple's CLO drops hints about an imminent resolution, fueling speculation that the SEC's 'regulation by lawsuit' strategy may backfire spectacularly. Meanwhile, XRP whales move like they've seen the verdict in advance.
Funny how a 'worthless' asset keeps attracting nine-figure bids whenever regulators blink. The case wraps this month—just in time for the next crypto cycle's institutional gold rush.
Technical Analysis Overview
XRP explodes 11% higher in the 24-hour period ending August 8, rocketing from $2.99 to $3.30 in a blistering rally.
The digital asset accelerates most aggressively between 19:00-22:00, obliterating multiple resistance levels. Trading volume erupts past 300 million at 21:00 alone.
The session spans a $0.35 range, marking 12% volatility from $2.97 lows to $3.33 peaks. New resistance forms at $3.33. Strong demand emerges above $3.10 in the session's final hours.
News Background
The Securities and Exchange Commission and Ripple Labs have jointly ended their appeals in the high-profile XRP lawsuit, concluding a multi-year legal battle that has clouded the token’s outlook since 2020.
In a Thursday filing, the Second Circuit Appeals Court recognized the dismissal, with both sides agreeing to bear their own costs and fees.
“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,” Ripple’s chief legal officer Stuart Alderoty said on X.
The resolution removes a major regulatory overhang for XRP, coming alongside other bullish developments such as Japan’s SBI Holdings filing to launch a Bitcoin-XRP ETF.
Price Action Summary
• XRP surges 11% from August 7 01:00 to August 8 00:00, blasting from $2.99 to $3.30 on explosive 300 million volume
• Token consolidates in tight $0.04 band between $3.30-$3.33 during August 7 23:42 to August 8 00:41 window
• Bull flag formations point to $8.00-$15.00 breakout targets as legal resolution clears path for institutional entry
Technical Indicators Analysis
• Volume explodes past 300 million at 21:00, signaling heavy institutional accumulation
• Bull flag formations point to $8.00-$15.00 breakout targets over longer horizons
• Fresh resistance locks in at $3.33 with volume confirmation
• Key support zone holds firm above $3.30 during consolidation
• Evening hours see multiple resistance breaks between 19:00-22:00
• Volume-backed demand materializes above $3.10 in session's back half
What Traders Are Watching
• Follow-through buying from U.S. institutions now that litigation risk has cleared
• ETF approval timelines in Japan and potential filings in other markets
• Retest of $3.33 resistance and possible breakout toward $3.65 near-term target
• Retail re-engagement after legal victory headlines
