Token Breaks Key Resistance with 31% Volume Increase as Nasdaq Certifies First US Spot XRP ETF
News context
As of 5:30 p.m. ET, Canary Capital’s XRP spot ETF – ticker XRPC – officially went live after Nasdaq certified the listing, allowing the product to launch on the US open market on Thursday. The approval finalizes the first publicly traded XRP fund in the United States and marks one of the fastest accelerations of the SEC’s 8(a) automatic effectiveness process.
The ETF will hold XRP through Gemini Trust Company and BitGo Trust Company while using the CoinDesk XRP CCIXber benchmark for pricing. Industry analysts view XRPC as the first major expansion of spot cryptocurrency ETPs beyond Bitcoin and Ethereum, with expectations that institutional flows will mirror previous adoption cycles.
This listing comes amid significant positioning activity. On-chain analytics show that more than 21,000 new XRP wallets were created in 48 hours – the network’s biggest expansion in eight months. Still, whale behavior remains mixed, with 1-10 million XRP wallets offloading around 90 million tokens ahead of launch, introducing short-term supply frictions amid an otherwise bullish backdrop.
Price Action Summary
XRP rose 3.28% to $2.48 on Wednesday, outperforming the broader crypto market by 3.73 percentage points as traders accumulated positions in the ETF event. The token broke the $2.45 high that capped advances earlier in the week, with volume up 30.81% above the seven-day average, confirming institutional commitment.
Overnight price action produced a session high of $2.52 on 163 million tokens traded – 143% above the 24-hour average – before measured profit-taking took the asset back towards the $2.46-$2.49 consolidation band. The ability to hold above $2.40 throughout the session reflects strong buy-side support despite continued whale distribution.
Short-term technicals strengthened through the close. Higher lows of $2.40 to $2.46 formed an ascending structure, while intraday declines were immediately absorbed – behavior consistent with ETF-driven positioning phases seen in other spot crypto launches.
Technical analysis
XRP maintains a constructive ascending channel, with intraday lows rising from $2.459 to $2.471. Resistance lies at $2.52 – the overnight rejection point – followed by extensions above $2.59 and the psychological $2.70 region.
Momentum indicators reinforce the upside continuation potential: the RSI remains below overbought territory on the 4-hour chart and the MACD velocity continues to widen in a positive trend. Breakout volume remains the primary confirmation signal, with 163 million tokens traded during the push higher validating institutional participation.
A break below $2.38 would weaken the structure, but holding above $2.40 would preserve the bullish bias from Thursday’s ETF open.
What Traders Should Know
• Support/Resistance:
Primary support at $2.40; secondary at $2.33. Resistance at $2.52, then extension targets from $2.59 to $2.70.
• Volume dynamics:
A breakout volume of 163 million (+143%) confirms the accumulation induced by ETFs. Sustained impressions above the 7-day average are required to validate tracking.
• Structure of the graph:
An ascending channel with higher lows signals a continued breakout towards $2.63 – $2.72 on ETF-related entries.
• ETF catalyst:
XRPC launches on Thursday at the US open – the most important driver of short-term volatility. The flows will determine whether XRP enters a BTC-like “ETF revaluation” phase.
• Risk management:
The bullish thesis holds above $2.38; failure opens the way for a decline towards $2.33 – $2.27. The upside calls for $2.59 and $2.70 if $2.52 breaks on volume.
