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XRP’s price (XRP-USD) climbed more than 11% in a single day to reach $1.23. This is a big change for XRP after weeks of flat price moves where it stayed trapped between $1.00 and $1.13.

The move pushes XRP safely past its short-term floor of $1.05 to $1.08. Trading volume picked up as buyers stepped back into the market. However, price charts show that XRP still trades below its longer-term average near $1.36. This makes the $1.25 level the main hurdle for buyers to clear next.

A big reason for the recent price jump is growing interest in crypto investment funds. Bitwise CEO Hunter Horsley shared that the Bitwise XRP ETF saw about $20 million in trading volume on August 19. That made up 6.6% of all trading across Bitwise’s funds that day. Total daily volume across all XRP funds reached $31.66 million. This marked their busiest trading day since mid-June.

Even though new cash entering the Bitwise fund stayed small at $1.19 million, it remains the top XRP fund on the market. Bitwise currently manages over $322 million in total assets for its XRP fund. This puts it well ahead of competing funds run by Canary Capital (XRPC) and Franklin Templeton (XRPZ).

Traders say holding above $1.05 is key if XRP wants to keep its gains. If buyers can push XRP’s price past $1.25 on high volume, it opens up room to test the $1.36 mark next.

Following a trend first set by Bitcoin, XRP is getting a boost as traditional investment funds give mainstream buyers a simpler way to buy in. If fund volume keeps rising, the current price jump is likely to give buyers solid footing to aim for higher targets.

At the time of writing, XRP’s price is sitting around $1.23.