XRP experienced a notable increase of 3.6%, reaching $2.31 in Saturday trading. This price surge saw the cryptocurrency break through critical resistance levels at $2.28, largely fueled by optimism surrounding ETF developments and robust network growth that has sparked renewed interest from institutional investors. The trading volume surged by 86% above the 24-hour average during this breakout, marking the token’s strongest closing position in over a week. Notably, XRP outperformed both Bitcoin and Ethereum amid relatively subdued broader market conditions.
Recent filings have further influenced market dynamics. Canary Capital Group submitted an amended prospectus for its proposed Canary XRP ETF, propelling the fund closer to potential approval from the SEC under Section 8(a). If approved, this ETF would trade on the Nasdaq under the ticker XRPC and hold XRP in custody with notable institutions like Gemini Trust Company and BitGo Trust Company, using the CoinDesk XRP CCIXber 60m New York Rate as its pricing benchmark.
This regulatory movement is mirrored by an analogous filing from 21Shares, which has initiated an automatic effectiveness countdown for its own spot XRP ETF. Experts, including Bloomberg’s Eric Balchunas, speculate that the simultaneous filings may compel the SEC to make its inaugural decision concerning XRP-based ETFs, drawing parallels with previous approvals for Bitcoin and Ether products. This week has also seen increased institutional engagement with Ripple, highlighted by new partnerships with Mastercard and WebBank for RLUSD settlement.
In terms of recent price action, XRP fluctuated within a $0.19 range, gaining momentum after overcoming resistance at $2.22 and $2.28 in a dominant high-volume move at 16:00 UTC. This breakout, recorded at 165M in volume, not only confirmed institutional involvement but also marked an 86% acceleration over daily averages. XRP’s price consolidated between $2.32 and $2.35, establishing higher lows indicative of controlled accumulation by larger traders. Analysis of hourly charts revealed frequent defenses around the $2.309–$2.310 range, with buyers consistently absorbing dips, while momentary volatility spikes reaching $2.324 underscored strong liquidity at new support levels.
Technical indicators have also signaled bullish momentum. The breakout above $2.28 indicated the conclusion of short-term price compression, with the Relative Strength Index (RSI) trending upward and the Moving Average Convergence Divergence (MACD) crossing into positive territory. A bullish channel has been established with immediate resistance anticipated between $2.35 and $2.40.
Supporting the recent price movement, on-chain data revealed the creation of 21,595 new XRP wallets within just 48 hours — the highest surge observed in eight months. However, mixed behaviors among larger holders, or whales, have also been noted, with approximately 900,000 XRP transferred to exchanges over the past five days, suggesting potential short-term supply pressure. Nonetheless, net exchange reserves remain at historically low levels, hinting at a potential accumulation phase.
Moving forward, the ability of XRP to maintain its position above $2.30 will be crucial. A sustained close above $2.35 could pave the way for further gains, targeting prices between $2.54 and $2.80. Conversely, a drop below $2.27 could lead to a re-test of the $2.13–$2.15 zone. Market participants are closely watching ETF developments as they could serve as a near-term volatility trigger. If Canary’s registration is approved automatically under the 8(a) rules, XRP stands to become a key asset with U.S.-listed spot exposure, a scenario that could significantly boost institutional demand and enhance price discovery as the year approaches its end.
