XRP rose 6% as bitcoin approached the $67,000 mark in US morning hours on Wednesday, with data from one exchange showing spot buyers outnumbering sellers by more than 200%.
News background
- Longtime XRP supporter and exchange Bitrue told CoinDesk that it saw a sharp increase in XRP spot activity between February 23 and 24, with retail buying volumes increasing by 212% and outpacing sell orders by more than two to one.
- The rise coincides with what some traders describe as a quiet accumulation phase following recent volatility.
- The institutional positioning also seems constructive. Since launching in mid-November, XRP ETFs have attracted approximately $1.1 billion in net assets, recording positive weekly inflows with limited exit days.
- This contrasts with bitcoin ETFs, which have fallen so far this year, suggesting a possible rotation of capital within cryptocurrency allocations rather than a widespread outflow.
- Spot traders also made nearly $1.93 billion in losses during the mid-February drawdown, Bitrue said, a shakeout that has historically preceded stronger recoveries once speculative leverage is removed.
Price Action Summary
- XRP rose from $1.34 to $1.42, gaining about 6%
- The break above $1.37 caused volume to increase to 259 million, more than double the daily average
- Price consolidated near $1.42 after testing $1.43
Technical analysis
- The decisive move came with the sustained break above the $1.37 resistance. Expanding volume confirmed participation beyond tight liquidity conditions, and the price formed higher lows throughout the session.
- The short-term structure remains constructive while XRP remains above $1.40. However, the overall bid near $1.45 remains a key test.
- If current levels do not hold, attention would once again focus on the $1.37 breakout zone as first support.
What do traders say will be next?
- Traders are watching whether the area between $1.40 and $1.42 can hold as a new base. A push above $1.45 would open space towards $1.50 and potentially $1.57.
- If the momentum fades and XRP falls back below $1.37, the breakout risks becoming a false move, reopening the previous consolidation range.
- For now, elevated volume combined with heavy spot buying suggests positioning is improving, but confirmation depends on tracking above resistance.
