Token surges through key resistance with 31% volume increase as Nasdaq certifies first US spot XRP ETF
News background
From At 5:30 p.m. ET, Canary Capital’s spot XRP ETF — ticker XRPC — is officially effective after Nasdaq certified the listing, clearing the product for launch on the U.S. market opening Thursday. The approval completes the first US-listed XRP fund and marks one of the fastest accelerations through the SEC’s 8(a) automatic efficiency process.
The ETF will hold XRP through Gemini Trust Company and BitGo Trust Company, while using the CoinDesk XRP CCIXber benchmark for pricing. Industry analysts view XRPC as the first major expansion of spot crypto ETPs beyond Bitcoin and Ethereum, with expectations of institutional flows mirroring previous adoption cycles.
The listing comes amid significant positioning activity. On-chain analytics show that over 21,000 new XRP wallets were created in 48 hours – the strongest network expansion in eight months. Still, the whale’s behavior remains mixed, with 1-10 million XRP wallets offloading around 90 million tokens ahead of launch, introducing short-term supply friction in an otherwise bullish backdrop.
Summary of price action
XRP rose 3.28% to $2.48 on Wednesday, outperforming the broader crypto market by 3.73 percentage points as traders accumulated positions in the ETF event. The token cleared the $2.45 ceiling that limited progress earlier this week, with volume surging 30.81% above its seven-day moving average, confirming institutional engagement.
The night’s price action produced a session high of $2.52 on 163M tokens traded – 143% above the 24-hour average – before measured profit-taking pulled the asset back towards the $2.46-$2.49 consolidation band. The ability to hold above $2.40 throughout the session reflected strong bid-side support despite ongoing whale distribution.
Short-term technical strengths into the end. Higher lows from $2.40 to $2.46 formed an ascending structure, while intraday declines were met with immediate absorption – a behavior consistent with ETF-driven positioning phases seen in other spot crypto launches.
Technical Analysis
XRP maintains a constructive ascending channel, with intraday lows rising from $2,459 to $2,471. Resistance lies at $2.52 – the overnight rejection point – followed by upper extensions to $2.59 and the psychological $2.70 region.
Momentum indicators reinforce bullish continuation potential: RSI remains below overbought territory on the 4-hour chart and MACD velocity continues to grow in positive trend. Breakout volume remains the key confirmation signal, with 163M tokens traded during thrust-higher validation of institutional participation.
A split below $2.38 would weaken the structure, but holding above $2.40 keeps the bullish bias in Thursday’s ETF open.
What traders should know
• Support/resistance:
Primary support at $2.40; secondary at $2.33. Resistance at $2.52, then $2.59-$2.70 extension target.
• Volume dynamics:
163M breakout volume (+143%) confirms ETF-driven accumulation. Sustained prints above the 7-day average are required to validate follow-up.
• Diagram structure:
Ascending channel with higher lows signals continued breakout towards $2.63-$2.72 on ETF-related inflows.
• ETF Catalyst:
XRPC launches on Thursday at the US Open – the most significant short-term volatility driver. Flows will determine whether XRP enters a BTC-style “ETF rating” phase.
• Risk management:
Bullish thesis holds above $2.38; failure opens downside towards $2.33-$2.27. Upside claims $2.59 and $2.70 if $2.52 breaks on volume.
