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 the 24-hour average during the breakout, leading the token to its strongest close in over a week and outperforming Bitcoin and Ethereum amid moderate and widespread market activity.
News background
- Canary Capital Group has filed an amended prospectus for its proposed Canary XRP ETF, moving the fund closer to potential SEC approval under Section 8(a).
- The ETF would trade on Nasdaq under the symbol XRPC and hold XRP in custody with Gemini Trust Company and BitGo Trust Company, using the CoinDesk XRP CCIXber 60m New York rate as a price reference.
- The filing follows a parallel move by 21Shares, which triggered an automatic effective countdown for its own XRP spot ETF.
- Bloomberg’s Eric Balchunas noted that the 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 increasing institutional focus on Ripple, which also announced new partnerships with Mastercard and WebBank for the settlement of RLUSD.
Price Action Summary
- XRP traded within a range of $0.19, gaining strength after breaking through the resistance at $2.22 and $2.28 in a single high volume move at 16:00 UTC.
- The breakout occurred at a volume of 165 million, representing a jump of 86% over the daily averages and confirming institutional participation.
- Price action consolidated between $2.32 and $2.35, holding higher lows and signaling controlled accumulation by larger traders.
- Hourly charts showed repeated defenses between $2,309 and $2,310, with buyers absorbing each dip, while brief volatility spikes up to $2,324 indicated strong order book liquidity at new support levels.
Technical analysis
- The break above $2.28 confirmed the end of the short-term compression, with the RSI rising and the MACD crossing into positive territory. The high-low structure established a bullish channel with immediate resistance between $2.35 and $2.40.
- On-chain data backed up the move, showing 21,595 new XRP wallets created in 48 hours (the biggest increase in eight months) along with mixed whale behavior.
- Approximately 900,000 XRP were transferred to exchanges over five days, suggesting possible near-term supply pressure, although net foreign exchange reserves remain historically low.
- The volume divergence between the breakout and subsequent consolidation implies institutional repositioning rather than speculative momentum, maintaining the moderately bullish bias above $2.27.
What traders should know
- XRP’s ability to hold above $2.30 will determine whether the current breakout evolves into a sustained bullish leg.
- A confirmed close above $2.35 could extend the move towards $2.54-2.80, while a close below $2.27 risks retesting the $2.13-2.15 zone.
- Traders continue to monitor the progress of ETFs as a trigger for short-term volatility. If Canary’s registration is automatically approved under 8(a) rules, XRP could become the next major asset with spot exposure listed in the US, a development that may accelerate institutional demand and price discovery heading into the fourth quarter.
