XRP climbed 3.6% to $2.31 in Saturday trading, breaking above key resistance at $2.28 as ETF momentum and network growth drove renewed institutional interest. Volume surged 86% above its 24-hour average during the breakout, lifting the token to its strongest close in a week while outperforming Bitcoin and Ethereum amid subdued market activity.
News background
- Canary Capital Group has filed an amended prospectus for the 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 effectiveness for its own spot XRP ETF.
- Bloomberg’s Eric Balchunas noted that the dual filings could force the SEC’s first ruling on XRP-based ETFs, which echoes previously established by-approved bitcoin and ether products.
- The filings add to a week of expanding institutional focus on Ripple, which also announced new partnerships with MasterCard and Webbank for RLUSD settlement.
Summary of Price Action
- XRP traded within a range of $0.19, gaining strength after clearing resistance at $2.22 and $2.28 in a single high volume move at 16:00 UTC.
- The breakout occurred at a volume of 165m, marking an 86% jump over the daily averages and confirming institutional participation.
- Price action consolidated between $2.32-$2.35, holding higher lows and sign-controlled accumulation by larger traders.
- Hourly charts showed repeated resistances at $2.309-$2.310, with buyers absorbing each dip, while short volatility spikes at $2.324 indicated strong order-book liquidity at new support levels.
Technical Analysis
- The breakout above $2.28 confirmed the end of the short-term compression, with the RSI reversing 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 in 48 hours—the largest increase in eight months—along with mixed whale behavior.
- More than 900,000 XRP were moved on exchanges over five days, suggesting potential short-term supply pressures, even as net exchange reserves remain historically low.
- The volume divergence between the breakout and subsequent consolidation indicates institutional repositioning rather than speculative momentum, keeping the bias moderately bullish above $2.27.
What entrepreneurs should know
- XRP’s ability to hold above $2.30 will determine if the current breakout evolves into a prolonged 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 near-term volatility trigger. If Canary’s registration automatically passes under the 8(a) rules, XRP could become the next major asset to have a US-listed venue—a development that could accelerate institutional demand and price discovery heading into Q4.
