TL;DR

XRP hits $3.34 as Korean exchanges report over 10M tokens bought in just 30 minutes. SEC lawsuit ends with mutual dismissal, removing a major cloud over Ripple’s future. XRP market cap reaches neared $200B again, surpassing Uber, with global demand rapidly intensifying.

XRP Rallies Above $3.30 After Case Dismissal

XRP has moved sharply higher, reaching $3.34 on August 8 before calming slightly on August 9. The price gained over 10% at one point on Friday and is up by more than 12% on the week. This level marks its highest point since late July and brings it within 10% of its record peak at $3.65, set just weeks earlier.

The latest move follows the formal end of the court case between Ripple Labs and the SEC. A joint filing submitted to the Second Circuit Court of Appeals confirmed that both sides have dropped their appeals. Ripple’s legal head, Stuart Alderoty, shared, 

“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals.”

This legal outcome removes the cloud that has surrounded XRP since late 2020. Market participants are now watching closely to see how institutional traders respond, especially in the U.S.

Korean Buyers Step In After News Breaks

A strong wave of buying activity has been seen on Korean exchanges. Analyst Dom reported that over 10 million XRP were purchased in less than half an hour after the lawsuit resolution became public. He noted,

“Koreans are bidding like crazy after the $XRP Ripple lawsuit news, Binance is tailing behind.”

Shortly after the initial burst of demand, traders began to open short positions in the perpetual futures markets. Dom also pointed out that spot markets on Binance and Coinbase are free of large sell orders. He added that if demand continues, the upward move is likely to extend. 

“So any fizzle here would be buyer exhaustion, not any large sell walls,” he wrote.

Breakout Confirms Uptrend on the Chart

A chart posted by analyst Ali Martinez shows XRP breaking out from a symmetrical triangle on the hourly chart. The breakout level came around $3.03, close to the 0.786 Fibonacci level. Based on the setup, the chart projected a move to $3.34, which has now been reached.

$XRP targets $3.34 after breaking out of a triangle! pic.twitter.com/2UPKJXhkaH

This breakout came with rising trading volume and has been supported by momentum on both retail and institutional sides. In the past 24 hours, XRP trading volume climbed above $10 billion, up 174% from the day before.

XRP Market Cap Tops Uber

With the latest price increase, XRP’s market cap has risen to $195 billion, overtaking Uber’s valuation of $193.7 billion. The move puts Ripples token among the largest digital assets by total market value.

There is also growing attention from financial institutions in Asia. Japan’s SBI Holdings has filed plans to launch a Bitcoin-XRP ETF, signaling further interest in the token outside of the U.S. Investors are watching to see if demand from Asia continues to build.