XRP has experienced a notable rally following the recent certification of the Canary Capital’s spot XRP ETF, which is officially set to launch on the Nasdaq at market open on Thursday. This marks a significant milestone as it is the first U.S. exchange-listed XRP fund, and its approval highlights a rapid advancement through the SEC’s automatic-effectiveness process.
The ETF, utilizing the ticker XRPC, will custody XRP with support from the Gemini Trust Company and BitGo Trust Company while adopting the CoinDesk XRP CCIXber benchmark for price evaluation. Analysts in the industry are viewing XRPC as a key step in diversifying spot crypto exchange-traded products (ETPs) beyond the established Bitcoin and Ethereum, with expectations of attracting substantial institutional investments.
In the lead-up to the ETF launch, the XRP network has shown robust activity, with over 21,000 new wallets created within a span of 48 hours—the strongest growth seen in eight months. However, there is also a mixed picture among large XRP holders, with wallets containing 1–10 million XRP selling off approximately 90 million tokens, suggesting some volatility amid overall bullish sentiment.
On Wednesday, XRP saw a price increase of 3.28%, reaching $2.48, significantly outperforming the broader crypto market. The token surpassed a crucial resistance level at $2.45 and experienced a 30.81% increase in trading volume compared to the seven-day average, indicating heightened institutional interest. XRP hit a session high of $2.52 with 163 million tokens traded, well above the 24-hour average, before profit-taking brought it back to a consolidation range between $2.46 and $2.49.
Technical indicators suggest a positive outlook for XRP. The token is operating within a constructive ascending channel, with intraday lows rising from $2.459 to $2.471. It faces immediate resistance at $2.52, with potential upside into $2.59 and the psychological mark of $2.70. Notably, momentum indicators, including the RSI and MACD, suggest continued bullish potential.
Traders are advised to monitor key levels of support and resistance as the market prepares for the ETF opening. Primary support is positioned at $2.40, with secondary support at $2.33. Resistance levels to watch are at $2.52 and the extended targets of $2.59 to $2.70. The upcoming launch of the XRPC ETF is expected to be a significant catalyst for price movement, with trading flows likely determining whether XRP may enter a period of valuation growth akin to that seen with Bitcoin.
As the market anticipates the ETF launch, the positive developments surrounding XRP reinforce the growing institutional appetite for cryptocurrencies and their evolving landscape in traditional finance.