XRP rallied 6% as bitcoin neared the $67,000 mark in U.S. morning hours Wednesday, with data from one exchange showing spot buyers outpaced sellers by more than 200%.
News Background
- Long-time XRP supporter and exchange Bitrue told CoinDesk that it observed a sharp surge in XRP spot activity between Feb. 23–24, with retail purchase volumes rising 212% and outpacing sell orders by more than two-to-one.
- The spike coincides with what some traders describe as a quiet accumulation phase following recent volatility.
- Institutional positioning also appears constructive. Since launching in mid-November, XRP exchange-traded funds have attracted roughly $1.1 billion in net assets, posting positive weekly inflows with only limited outflow days.
- That stands in contrast to bitcoin ETFs, which are down on a year-to-date basis, suggesting potential capital rotation within crypto allocations rather than broad-based exit.
- Spot traders also realized nearly $1.93 billion in losses during mid-February’s drawdown, Bitrue said, a shakeout that historically has preceded stronger recoveries once speculative leverage clears.
Price Action Summary
- XRP climbed from $1.34 to $1.42, gaining roughly 6%
- Break above $1.37 triggered a volume surge to 259M, more than double the daily average
- Price consolidated near $1.42 after testing $1.43
Technical Analysis
- The decisive move came with the sustained break above $1.37 resistance. Volume expansion confirmed participation beyond thin liquidity conditions, with price forming higher lows throughout the session.
- Near-term structure remains constructive while XRP holds above $1.40. However, overhead supply near $1.45 remains a key test.
- Failure to maintain current levels would shift focus back to the $1.37 breakout zone as first support.
What traders say is next?
- Traders are watching whether the $1.40–$1.42 zone can hold as a new base. A push above $1.45 would open room toward $1.50 and potentially $1.57.
- If momentum fades and XRP slips back below $1.37, the breakout risks turning into a false move, reopening the prior consolidation range.
- For now, elevated volume combined with spot-heavy buying suggests positioning is improving — but confirmation depends on follow-through above resistance.
