Token rallies through key resistance with 31% volume surge as Nasdaq certifies first U.S. spot XRP ETF
News Background
As of 5:30 PM ET, Canary Capital’s spot XRP ETF — ticker XRPC — is officially effective after Nasdaq certified the listing, clearing the product for launch at the U.S. market open on Thursday. The approval finalizes the first U.S. exchange-listed XRP fund and marks one of the fastest accelerations through the SEC’s 8(a) automatic-effectiveness process.
The ETF will custody XRP through Gemini Trust Company and BitGo Trust Company while using the CoinDesk XRP CCIXber benchmark for pricing. Industry analysts view XRPC as the first major expansion of spot-crypto ETPs beyond Bitcoin and Ethereum, with expectations for institutional flows to mirror earlier adoption cycles.
The listing comes amid significant positioning activity. On-chain analytics show over 21,000 new XRP wallets were created in 48 hours — the strongest network expansion in eight months. Yet whale behavior remains mixed, with 1–10M XRP wallets offloading roughly 90 million tokens in the lead-up to launch, introducing short-term supply friction into an otherwise bullish backdrop.
Price Action Summary
XRP rallied 3.28% to $2.48 on Wednesday, outperforming the broader crypto market by 3.73 percentage points as traders accumulated positions into the ETF event. The token cleared the $2.45 ceiling that capped advances earlier in the week, with volume rising 30.81% above the seven-day average, confirming institutional engagement.
Overnight price action produced the session high of $2.52 on 163M tokens traded — 143% above the 24-hour average — before measured profit-taking pulled the asset back toward the $2.46–$2.49 consolidation band. The ability to hold above $2.40 throughout the session reflected strong bid-side support despite ongoing whale distribution.
Short-term technicals strengthened into the close. Higher lows from $2.40 to $2.46 formed an ascending structure, while intraday dips were met with immediate absorption — a behavior consistent with ETF-driven positioning phases seen in other spot crypto launches.
Technical Analysis
XRP maintains a constructive ascending channel, with intraday lows stepping higher from $2.459 to $2.471. Resistance sits at $2.52 — the overnight rejection point — followed by upper extensions into $2.59 and the psychological $2.70 region.
Momentum indicators reinforce bullish continuation potential: RSI remains below overbought territory on the 4-hour chart, and MACD velocity continues widening in positive trend. Breakout volume remains the core confirmation signal, with 163M tokens traded during the thrust higher validating institutional participation.
A breakdown below $2.38 would weaken structure, but holding above $2.40 preserves the bullish bias into Thursday’s ETF open.
What Traders Should Know
• Support/Resistance:
Primary support at $2.40; secondary at $2.33. Resistance at $2.52, then $2.59–$2.70 extension targets.
• Volume Dynamics:
163M breakout volume (+143%) confirms ETF-driven accumulation. Sustained prints above the 7-day average are required to validate follow-through.
• Chart Structure:
Ascending channel with higher lows signals breakout continuation toward $2.63–$2.72 on ETF-related inflows.
• ETF Catalyst:
XRPC launches Thursday at U.S. open — the most significant near-term volatility driver. Flows will determine whether XRP enters a BTC-style “ETF rerating” phase.
• Risk Management:
Bullish thesis holds above $2.38; failure opens downside toward $2.33–$2.27. Upside claims $2.59 and $2.70 if $2.52 breaks on volume.
