Canary's XRP ETF Off to Hot Start, Has 'Good Shot' of Breaking Record: Analyst
The newly launched Canary XRP ETF made a remarkable debut, surpassing its expected full-day trading volume of $17 million in just 30 minutes with $26 million traded, according to Bloomberg data. Experts predict it could surpass the $57 million first-day record set by Bitwise Solana Staking ETF earlier this year. This is the second U.S. XRP ETF, following Rex-Osprey's successful September launch. Analysts believe the ETF could drive further institutional interest and support XRP's price, which rose 3% to $2.42 amidst a flat broader crypto market.
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Canary XRP ETF Surpasses Trading Expectations
Could an XRP fund produce the year's hottest start for any exchange-traded fund? It's possible, according to Bloomberg Senior ETF Analyst Eric Balchunas. On Thursday, Balchunas noted on X that the newly launched Canary XRP ETF, which began trading on the same day, had already exceeded his full-day estimate for trading volume within just 30 minutes of opening. His initial forecast was $17 million in trading volume for the entire day, but the ETF had already achieved $26 million in trading in its first half-hour, according to Bloomberg data.
XRPC Performance Compared to Other ETFs
Balchunas remarked, 'Wow, gonna blow away my $17M guess,' and suggested the XRP fund could potentially surpass the Bitwise Solana Staking ETF (BSOL). BSOL holds the record as the largest ETF launch this year with $57 million in first-day trading volume. Balchunas believes the Canary XRP ETF has a 'good shot' at surpassing this benchmark.
Tweet from Eric Balchunas on November 13, 2025: "$XRPC at $26m in volume in first 30min, wow, gonna blow away my $17m guess. Has good shot at beating $BSOL's $57m as biggest Day One of any launch this year. pic.twitter.com/UrbHsRYxYV"
SEC Filing for Canary XRP ETF
The Nashville-based Canary Group officially registered its XRP ETF by filing an 8-A form with the SEC on Monday. The ETF is designed to track the spot price of XRP, which is currently the fourth-largest cryptocurrency by market capitalization. This is the second U.S.-based XRP ETF, following Rex-Osprey's ETF launched in September. The earlier fund raised $38 million on its first day of trading and now manages over $128 million in assets.
XRP ETF Market Potential
According to Sumit Roy, Senior Analyst at ETF.com, XRP funds have the potential to attract significant inflows. 'While Solana is arguably more popular than XRP, Bitwise's Solana ETF managed to become a $500 million fund in two weeks,' Roy told Decrypt. This indicates a significant demand for crypto funds that provide exposure beyond Bitcoin and Ethereum, particularly assets like XRP.
XRP Price and Market Context
XRP's price was up about 3% on the day, reaching $2.42, while many other top-tier assets such as Bitcoin and Ethereum showed losses. The overall cryptocurrency market remained flat, according to CoinGecko. Analysts believe the launch of the Canary ETF, combined with rising institutional interest and improving macroeconomic conditions, could help bolster XRP's value in the short term. Additional factors, such as the end of the U.S. government shutdown, are also seen as supportive for XRP's future growth.