XRP’s recent performance has garnered significant attention as it surged by 6%, reaching approximately $1.42, in tandem with Bitcoin’s rise toward the $67,000 mark during U.S. trading hours on Wednesday. Data from the digital exchange Bitrue indicates a striking uptick in XRP spot trading, with buyers outpacing sellers by an impressive margin of more than 200%.
Bitrue noted a considerable increase in retail purchasing activity involving XRP between February 23 and 24, reporting a remarkable 212% rise in purchase volumes compared to sell orders. This surge appears to align with what some traders have characterized as a “quiet accumulation phase” following a period of market volatility.
Institutional interest in XRP remains robust, particularly with the launch of XRP exchange-traded funds (ETFs) in mid-November. These ETFs have managed to attract approximately $1.1 billion in net assets and have experienced positive weekly inflows, with only a few days of limited outflow. This trend contrasts with Bitcoin ETFs, which have seen declines year-to-date, possibly signaling a capital rotation within crypto investments rather than a general market exit.
In addition, Bitrue reported that spot traders experienced nearly $1.93 billion in losses during a market drawdown in mid-February, which is historically a precursor to stronger recoveries following the cleansing of speculative leverage in the market.
On the price action front, XRP climbed from $1.34 to $1.42, marking a gain of around 6%. A breakout above the critical resistance level of $1.37 triggered a significant surge in trading volume, which reached 259 million, more than double the daily average. After testing the $1.43 mark, XRP consolidated near $1.42.
From a technical analysis perspective, the decisive move occurred with the sustained breach above the $1.37 resistance level, accompanied by volume expansion that indicated active market participation beyond previous thin liquidity conditions. The price has consistently formed higher lows during the session, signaling a constructive near-term market structure as long as XRP maintains positions above $1.40. However, traders note that there is a critical overhead supply level to watch near $1.45. If XRP fails to hold its current position, attention may shift back to the $1.37 breakout zone as the first line of support.
Market participants are closely monitoring whether the $1.40–$1.42 range can establish itself as a new support base. A successful push above the $1.45 level could pave the way toward $1.50 and even $1.57. Conversely, if momentum wanes and XRP drops below $1.37, this could signal a false breakout, leading to a reversion to earlier consolidation ranges. For the time being, heightened trading volume and a strong inclination toward spot buying indicate that market positioning is becoming increasingly favorable, but continued confirmation will depend on further follow-through above resistance levels.
