XRP Surges Past $2.30 on ETF Hopes, Volume Soars 86%

XRP increased 3.6% to $2.31 on Saturday, breaking through the important $2.28 resistance level as enthusiasm around exchange-traded funds (ETFs) and network expansion fueled renewed institutional interest. Trading volume spiked 86% above the average over 24 hours, driving the token to its best weekly close and outperforming Bitcoin and Ethereum during a quieter market phase.

The surge follows a recent amendment filed by Canary Capital Group for its proposed spot XRP ETF called Canary XRP ETF, moving it closer to potential approval by the U.S. Securities and Exchange Commission (SEC) under Section 8(a). This fund, planned to trade on Nasdaq under ticker XRPC, will hold XRP with custodians Gemini Trust Company and BitGo Trust Company and price the asset using the CoinDesk XRP CCIXber 60-minute New York Rate benchmark. In parallel, 21Shares initiated an automatic-effectiveness countdown for its own spot XRP ETF filing. Bloomberg’s Eric Balchunas noted that these simultaneous filings could prompt the SEC’s first review of XRP-based ETFs, similar to earlier decisions on Bitcoin and Ether ETF products. This regulatory development adds to growing institutional focus, reinforced by Ripple‘s recent partnerships with Mastercard and WebBank for RLUSD settlement.

During trading, XRP moved within a $0.19 range, gaining momentum after surpassing $2.22 and $2.28 resistance levels in a sharp, high-volume rally around 16:00 UTC on Saturday. Volume reached approximately 165 million tokens, confirming institutional involvement. Post-breakout, the price stabilized between $2.32 and $2.35, holding higher lows—a sign of accumulation by larger traders. Hourly charts showed buyers consistently defending the $2.309–$2.310 range, with brief upward moves to $2.324 indicating strong liquidity on the order book near the new support.

Technical analysis confirms that breaking above $2.28 ended a short-term compression phase. The Relative Strength Index (RSI) turned upward and the Moving Average Convergence Divergence (MACD) indicator entered positive territory. Price action established a bullish channel with immediate resistance positioned between $2.35 and $2.40. On-chain metrics revealed 21,595 new XRP wallet creations over 48 hours, marking the highest growth in eight months. Although approximately 900,000 XRP were transferred to exchanges over five days—potentially adding short-term supply pressure—net exchange-held reserves remain at historically low levels. The contrast in volume between the breakout and the following consolidation suggests repositioning by institutions rather than speculative momentum, supporting a moderately bullish bias above $2.27.

For traders, sustaining prices above $2.30 is key to extending this upward move. A confirmed close above $2.35 could push XRP toward $2.54–$2.80, while falling below $2.27 risks a decline to the $2.13–$2.15 area. The ongoing progress of ETF approvals remains a closely watched factor, as a successful automatic approval of Canary’s registration under 8(a) rules would make XRP one of the first major U.S.-listed spot exposure assets, potentially accelerating institutional demand and price discovery heading into the final quarter of the year.

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