TL;DR
Crypto market saw an uptick of 2.89% bringing the total market cap to $3.87 trillion.
SharpLink Gaming bolstered its treasury with 10,975 ETH ($42.79M), bringing its total to 532,194 ETH.
SEC and Ripple have jointly dropped their years-long appeal with the U.S. Court of Appeals for the Second Circuit.
ETH Headed To $4k?
On August 7, SharpLink Gaming raised $200M to expand its ETH treasury, purchasing 10,975 ETH ($42.79M). Similarly, FG Nexus announced a $5B fundraising plan to build ETH reserves, echoing strategies from BitMine and MicroStrategy’s Bitcoin acquisitions.
Ethereum had been underperforming for the past few months but has been climbing back much after Trump’s administration passed the Genius Act & the Stablecoin act. The link between ETH and stablecoins? Well, according to sources 50% of the total market cap of stablecoins sit on Ethereum blockchain.
Ethereum price saw an uptick of 5.69% in the past 24 hours.
Source: Coinmarketcap
US SEC drops lawsuit against Ripple (XRP)
In 2023, judgeAnalisa Torres determined that XRP sales on public exchanges were not securities, though institutional sales violated securities laws, resulting in a $125M fine for Ripple.
The U.S. Securities and Exchange Commission (SEC) and Ripple Labs mutually dismissed appeals in their long-running lawsuit in the Second Circuit Appeals Court.
After the commissioners vote, Stuart Alderot, Ripple’s Chief Legal Officer tweeted,
XRP In Bullish Momentum
Source: Coingecko
The resolution of the SEC-Ripple lawsuit has driven XRP’s strong performance, climbing 99% from its 2025 low of $1.79 on April 9 to a high of $3.56 on July 22, per CoinGecko data. After briefly dipping below $3, XRP rebounded 10.6% in the last 24 hours to reach $3.31.
Ethereum is poised to break its resistance of $3,696 and breach $4,000. Whereas XRP has broken records with an impressive $300 million in institutional buying. Bull flag patterns suggest $8.00-$15.00 breakout targets as legal clarity paves the way for institutional investment. This proves that regulatory clarity and a cleaner slate for cryptocurrencies like XRP and ETH can be a catalyst in driving price and demand.