XRP Surges on Institutional Accumulation and Spot Buying Activity

XRP has experienced a significant price increase in recent days, rising by approximately 6% since breaking above the $1.37 resistance level.

According to data from Bitrue, a long-time XRP supporter and exchange, spot trading activity has surged since February 23rd, with retail purchase volumes increasing by 212%. This sharp spike in buying activity is likely due to institutional accumulation, as evidenced by the launch of XRP exchange-traded funds (ETFs) that have attracted over $1.1 billion in net assets.

The near-term technical analysis suggests a constructive structure for XRP, with the price holding above $1.40 and forming higher lows throughout the session. However, overhead supply near $1.45 remains a key test for the cryptocurrency, with failure to maintain current levels potentially shifting focus back to the $1.37 breakout zone.