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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.