XRP rose 3.6% to $2.31 in Saturday trading, breaking above key resistance at $2.28 as ETF momentum and network growth fueled renewed institutional interest. Volume surged 86% above its 24-hour average during the breakout, lifting the token to its strongest close in over a week, while outperforming Bitcoin and Ethereum amid muted broader market activity.
News background
- Canary Capital Group filed an amended prospectus for its proposed Canary XRP ETF, moving the fund closer to potential SEC approval under Section 8(a).
- The ETF will trade on Nasdaq under the ticker XRPC and hold XRP in custody at Gemini Trust Company and BitGo Trust Company, using the CoinDesk XRP CCIXber 60m New York Rate as its pricing benchmark.
- The filing follows a parallel move by 21Shares, which triggered an automatic efficiency countdown for its own spot XRP ETF.
- Bloomberg’s Eric Balchunas noted that dual filings could force the SEC’s first decision on XRP-based ETFs, echoing precedents set by approved Bitcoin and Ether products.
- The filings add to a week of growing institutional focus on Ripple, which also announced new partnerships with Mastercard and WebBank for RLUSD settlement.
Summary of price action
- XRP traded within a $0.19 range and strengthened after clearing resistance at $2.22 and $2.28 in a single high-volume move at 16:00 UTC.
- The outbreak took place at 165 million. volume, marking an 86% jump over daily averages and confirming institutional participation.
- Price action consolidated between $2.32-$2.35, holding higher lows and signaling controlled accumulation by major traders.
- Hourly charts showed repeated defenses at $2,309-$2,310, with buyers absorbing each dip, while brief volatility spikes to $2,324 indicated strong order book liquidity at new support levels.
Technical Analysis
- The break above $2.28 confirmed the end of short-term compression, with the RSI turning higher and the MACD crossing into positive territory. The higher-low structure established a bullish channel with immediate resistance at $2.35-$2.40.
- On-chain data supported the move, showing 21,595 new XRP wallets created within 48 hours — the biggest increase in eight months — along with mixed whale behavior.
- Roughly 900,000 XRP were transferred to exchanges over five days, suggesting potential near-term supply pressures, although net currency reserves remain historically low.
- Volume divergence between the breakout and subsequent consolidation implies institutional repositioning rather than speculative momentum, keeping the bias moderately bullish above $2.27.
What traders should know
- XRP’s ability to hold above $2.30 will determine whether the current breakout develops into a sustained leg higher.
- A confirmed close above $2.35 could extend the move towards $2.54-$2.80, while failure below $2.27 risks retesting the $2.13-$2.15 zone.
- Traders continue to monitor the ETF’s progress as a short-term volatility trigger. If Canary’s registration automatically passes under the 8(a) rules, XRP could become the next major asset with US-listed spot exposure – a development that could accelerate institutional demand and price discovery heading into Q4.
