XRP rose 3.6% to $2.31 in Saturday trading, breaking above a key resistance level at $2.28 as ETF momentum and network growth renewed institutional interest. Volume during the breakout surged 86% above the 24-hour average, pushing the token to its strongest closing price in more than a week, outperforming Bitcoin and Ethereum amid widespread market activity being subdued.
news background
- Canary Capital Group has filed an amended prospectus for its proposed Canary XRP ETF, moving the fund closer to SEC approval under Section 8(a).
- The ETF trades on the Nasdaq under the ticker XRPC and stores XRP in Gemini Trust Company and BitGo Trust Company using the CoinDesk XRP CCIXber 60m New York Rate as the price benchmark.
- The filing follows a parallel move by 21Shares, which triggered an automatic effective countdown for its Spot XRP ETF.
- Bloomberg’s Eric Balchunas noted that the dual filing could force the SEC to make an initial decision on XRP-based ETFs, following the precedent set with approved Bitcoin and Ether products.
- The filing marks a week of increased institutional investor attention for Ripple. Ripple also announced new partnerships with Mastercard and WebBank for RLUSD payments.
Overview of price fluctuations
- XRP traded within the $0.19 range and gained momentum after clearing resistance at $2.22 and $2.28 in one big move as of 16:00 UTC.
- This breakout occurred with a volume of 165 million, a spike of 86% above the daily average, and confirmed institutional participation.
- Price action consolidated between $2.32 and $2.35, holding lows and suggesting controlled accumulation by large traders.
- On the hourly chart, we saw repeated protection between $2.309 and $2.310, with buyers absorbing any declines, but a brief spike in volatility to $2.324 indicated strong order book liquidity at the new support level.
technical analysis
- Once above $2.28, the RSI turns upward and the MACD moves into positive territory, confirming that the short-term compression is over. The high-low structure established a bullish channel with immediate resistance at $2.35-$2.40.
- On-chain data supports this move, showing that 21,595 new XRP wallets were created within 48 hours, the largest increase in eight months, along with mixed whale behavior.
- Although net foreign exchange reserves remain historically low, approximately 900,000 XRP was transferred to exchanges in five days, suggesting possible short-term supply pressure.
- The volume divergence between the breakout and subsequent consolidation signifies institutional repositioning rather than speculative momentum, and the bias remains reasonably bullish above $2.27.
What traders need to know
- Whether XRP can sustain above $2.30 will determine whether the current breakout develops into a sustained rally.
- A confirmed close above $2.35 could extend the rally towards $2.54-$2.80, but a break below $2.27 risks retesting the $2.13-2.15 zone.
- Traders continue to monitor ETF developments as a trigger for short-term volatility. If Canary’s registration passes automatically under the 8(a) rules, XRP could become the next major asset with U.S.-listed spot exposure. This is likely to accelerate institutional demand and price discovery into the fourth quarter.
