Historical Moment: First Day Data for XRP Spot ETF Released – Positive Outlook Despite Price Drop
The first ETF offering direct spot access to XRP, launched by Canary Capital under the ticker XRPC, began trading in the US with a record-breaking $58 million in trading volume on its opening day. This surpassed the previous record held by Bitwise's Solana ETF BSOL. XRP's price dropped 3% on the launch day, but investor interest remained strong. The ETF, created under the SEC's faster regulatory standards, is seen as a milestone in cryptocurrency management. XRP is the fourth-largest cryptocurrency, and interest in XRP-related ETFs has grown, with past ETFs like XRPR achieving notable trading volumes.
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Launch of First Spot XRP ETF in the US
The first exchange-traded fund (ETF) offering direct spot access to XRP has begun trading in the US, creating a significant impact on the market from day one. Launched by Canary Capital, the fund recorded $58 million in trading volume on its opening day, achieving the highest first-day volume among the nearly 900 ETF launches this year.
Initial Market Reaction and Milestone
According to Bloomberg data, XRP fell about 3% on Thursday following the ETF launch, but this decline did not appear to deter investor interest. Bloomberg senior ETF analyst Eric Balchunas highlighted that the fund, trading under the ticker symbol XRPC, generated $26 million in volume within the first hour and hit $58 million by the end of the day, outperforming other new ETFs of the year.
Comparison with Previous Record-Holder
The XRPC ETF's debut surpassed the previous record-holder, Bitwise's Solana ETF (BSOL). BSOL had reached $57 million on its launch day and further posted a second-day performance of $72 million. Balchunas noted that XRPC and BSOL are clearly the top-performing ETFs this year, with a significant margin of over $20 million ahead of the third-place ETF.
Regulatory Framework and Significance
Launched under the SEC's new, expedited listing standards, the XRPC fund is considered a major milestone in cryptocurrency asset management. Canary Capital CEO Steven McClurg emphasized the importance of the new regulatory framework, stating that it enables such products to reach investors more swiftly and efficiently.
XRP's Market Position
With a market capitalization of approximately $138 billion, XRP stands as the fourth-largest cryptocurrency, following Bitcoin, Ethereum, and Tether. The rising interest in XRP-related ETFs further solidifies its position in the market.
Other XRP ETF Launches
Earlier this year, REX Shares launched the XRPR ETF, offering a hybrid structure that both directly holds XRP and allocates at least 40% in related ETFs. It recorded an impressive opening volume of $37.7 million on its debut day, making it the best debut at the time. Furthermore, REX-Osprey's DOGE ETF also reached $17 million in first-day volume, showcasing investor interest in crypto-related ETFs.