The launch of Canary Capital’s XRP-focused exchange-traded fund marked one of the strongest debuts for a crypto ETF this year, even as both the ETF and the XRP token slipped in value shortly after trading began.
The spot XRP ETF, listed under the ticker XRPC, quickly attracted investor attention.
Within its first 30 minutes on the market, XRPC recorded $26 million in trading volume, according to Bloomberg ETF specialist Eric Balchunas.
The fund’s strong early performance continued through the afternoon session.
Bloomberg analyst James Seyffart said: “2.5 hours left in the trading day, and Canary Capital’s XRPC is already over $46 million in day one trading. This is almost guaranteed to be near the top of the list for 2025 launches and still has a shot at beating Bitwise’s Solana ETF (BSOL) for the top spot.”
The ETF has been widely anticipated since 2024, aided in part by a shifting regulatory environment and renewed political momentum in the U.S.
Following President Donald Trump’s reelection, expectations rose for friendlier regulatory conditions for digital assets.
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That shift helped increase speculation that an XRP ETF would eventually gain approval.
Launch Sparks Optimism but Triggers Sell-the-News Reaction
Crypto ETFs have historically been viewed as bullish catalysts, thanks to their ability to draw capital from traditional finance into digital assets.
However, despite the strong opening-day volume, XRP’s price experienced a modest downturn.
In the 24 hours following the ETF’s debut, XRP fell roughly 2.7%, sliding from around $2.50 to near $2.28.
The token remains just above its 365-day moving average, a key support level watched by technical analysts.
XRPC also saw volatility, dropping about 8% from an intraday high of nearly $27 to around $24.50 later in the session.
Analysts say this price action fits the classic “sell-the-news” pattern often observed in crypto markets after major events.
Still, long-term forecasts for XRP remain upbeat among some institutions and market strategists.
In January, several analysts predicted XRP could climb above $10 if a U.S.-approved ETF came to market.
JPMorgan analysts also projected that an XRP ETF could attract as much as $8 billion in inflows.
More recent projections are somewhat more measured, with some estimating that XRP could reach $5 by the end of 2025.
These forecasts point to ETF-driven demand and expectations of improved regulatory clarity as key drivers.
Whether XRP can sustain long-term momentum will depend on broader market conditions, inflows into XRPC, and the overall performance of digital assets in the evolving U.S. regulatory landscape.
