XRP climbed 3.6% to $2.31 in early trading after breaking above the key $2.28 resistance level. This move was driven by dual ETF filings entering the SEC’s 20-day automatic effectiveness window, signaling growing institutional appetite for XRP exposure. Volume during the breakout hour reached 165 million XRP, an 86% increase over the 24-hour average.
On-chain metrics show a surge in activity, with 21,595 new XRP wallets created in the past 48 hours—the highest level of wallet growth in eight months. Net exchange reserves remain at historic lows despite elevated transfer volumes, suggesting that large holders continue to accumulate rather than sell.
Canary Capital Group’s amended prospectus for a spot XRP ETF, which would trade under ticker XRPC, edged closer to approval under Section 8(a) rules. The fund plans to custody assets with Gemini Trust Company and BitGo Trust Company, using the CoinDesk XRP CCIX 60-minute New York Rate as its benchmark. Simultaneously, 21Shares triggered its own automatic-effectiveness countdown for a similar product.
Technical indicators confirm the bullish bias: the hourly RSI turned upwards after exiting neutral territory, while the MACD line crossed above its signal line. Support now rests at $2.30, with immediate resistance at $2.35 and $2.40. A sustained close above $2.35 would open targets toward $2.54 and $2.80, while a reversal below $2.27 could retest $2.13.
Institutional flows into XRP are further evidenced by recent partnership announcements. Ripple’s collaborations with Mastercard and WebBank for the RLUSD settlement network underscore broader adoption themes. Market participants will closely watch the SEC’s decision paths on these filings, which may set a precedent for non-Bitcoin spot ETF approvals.
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