ETF Catalyst Sets Ripple Up for Next Surge Toward $2.80

XRP surged 3.6% to $2.31 in Saturday trading, breaking through a crucial resistance level at $2.28 as ETF momentum and network expansion sparked renewed institutional interest. Volume skyrocketed by 86% above the 24-hour average during the breakout, achieving the token’s strongest close in over a week while outperforming Bitcoin and Ethereum in a generally subdued market environment.

News Background

• Canary Capital Group submitted an updated prospectus for its proposed Canary XRP ETF, inching closer to potential SEC endorsement under Section 8(a).
• The ETF will trade on Nasdaq under the ticker XRPC, with XRP held in custody by Gemini Trust Company and BitGo Trust Company, using the CoinDesk XRP CCIXber 60m New York Rate as its pricing standard.
• The filing follows a similar action by 21Shares, triggering an automatic-effectiveness countdown for its own spot XRP ETF.
• Bloomberg’s Eric Balchunas highlighted that dual filings may compel the SEC’s first ruling on XRP-based ETFs, mirroring precedents established by approved Bitcoin and Ether products.
• These filings contribute to a week of heightened institutional interest in Ripple, which has also unveiled new partnerships with Mastercard and WebBank for RLUSD settlement.

Price Action Summary

• XRP traded within a $0.19 range, gaining momentum after surpassing resistance levels at $2.22 and $2.28 in a single high-volume move at 16:00 UTC.
• The breakout occurred with a volume of 165M, marking an 86% increase over daily averages and confirming institutional involvement.
• Price action consolidated between $2.32–$2.35, showing higher lows and indicating controlled accumulation by major traders.
• Hourly charts revealed consistent defenses at $2.309–$2.310, where buyers absorbed every dip, while brief volatility spikes to $2.324 demonstrated strong liquidity at new support levels.

Technical Analysis

• The breakout above $2.28 confirmed the conclusion of short-term compression, with RSI trending upwards and MACD moving into positive territory. The higher-low structure established a bullish channel with immediate resistance at $2.35–$2.40.
• On-chain data corroborated the movement, revealing 21,595 new XRP wallets created within 48 hours — the largest rise in eight months — alongside varied whale activity.
• Approximately 900,000 XRP were transferred to exchanges over five days, suggesting potential short-term supply pressure, although net exchange reserves remain historically low.
• The volume divergence between the breakout and the following consolidation indicates institutional repositioning rather than speculative momentum, maintaining a moderately bullish bias above $2.27.

What Traders Should Know

• XRP’s ability to stay above $2.30 will be pivotal in determining whether the current breakout evolves into a sustained upward trend.
• A confirmed close above $2.35 could push the price towards $2.54–$2.80, while a fall below $2.27 risks a retest of the $2.13–$2.15 zone.
• Traders are closely watching ETF developments as a potential source of near-term volatility. If Canary’s registration advances automatically under 8(a) rules, XRP could become a leading asset with U.S.-listed spot exposure — a change that may drive institutional demand and enhance price discovery as we approach Q4.