XRP climbed 3.6% to $2.31 on Saturday, surpassing key resistance at $2.28 as ETF momentum and network growth sparked renewed institutional interest. Volume surged 86% above the 24-hour average during the breakout, bringing the token to its strongest close in over a week while outperforming Bitcoin and Ethereum amid more subdued market activity.
News context
- Canary Capital Group has filed an amended prospectus for its proposed Canary XRP ETF, moving the fund one step closer to potential SEC Section 8(a) approval.
- The ETF would trade on Nasdaq under the symbol XRPC and would hold XRP with Gemini Trust Company and BitGo Trust Company, using the CoinDesk XRP CCIXber 60m New York Rate as a pricing benchmark.
- 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 double filings could force the SEC’s first ruling on XRP-based ETFs, echoing precedents set by approved Bitcoin and Ether products.
- The filings add to a week of growing institutional attention on Ripple, which also announced new partnerships with Mastercard and WebBank for RLUSD settlement.
Price Action Summary
- XRP traded within a range of $0.19, gaining strength after breaking through resistance at $2.22 and $2.28 in a single high volume move at 4:00 p.m.
- The breakout occurred on volume of 165 million, marking an 86% jump from daily averages and confirming institutional participation.
- Price action consolidated between $2.32 and $2.35, maintaining higher lows and signaling controlled accumulation by larger traders.
- Hourly charts showed repeated defenses between $2.309 and $2.310, where buyers absorbed each decline, while brief spikes in volatility at $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 squeeze, with the RSI moving higher and the MACD moving into positive territory. The upper-lower pattern has established a bullish channel with immediate resistance between $2.35 and $2.40.
- On-chain data supported the move, showing 21,595 new XRP wallets created in 48 hours – the largest increase in eight months – as well as mixed whale behavior.
- Around 900,000 XRP was transferred to exchanges in five days, suggesting potential supply pressure in the near term, 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 rise.
- A confirmed close above $2.35 could extend the trend towards $2.54 to $2.80, while a failure below $2.27 risks retesting the $2.13 to $2.15 zone.
- Traders continue to monitor the progress of ETFs as a trigger for short-term volatility. If Canary’s registration automatically passes under 8(a), XRP could become the next major asset with US-listed spot exposure – a development that could accelerate institutional demand and price discovery heading into the fourth quarter.
