Canary Capital’s spot XRP ETF surpassed $36 million in buying and selling quantity inside its first three hours on Nov. 13, positioning the fund as a contender for the strongest exchange-traded fund debut of 2025.
The XRPC traded at $25.74 as of 4:43 P.M. UTC, producing quantity equal to 63% of Bitwise’s Solana ETF (BSOL) first-day efficiency, which is the present 2025 benchmark amongst greater than 850 fund launches.
Bloomberg senior ETF analyst Eric Balchunas projected the fund would “blow away” his preliminary $17 million estimate and doubtlessly surpass BSOL’s $57 million opening-day report.
XRP climbed 3.3% to $2.41 within the 24 hours surrounding the launch whereas Ethereum and Solana declined 1.4% and 1.3%, respectively.
The divergence suggests concentrated shopping for curiosity tied to the brand new funding automobile moderately than broader market momentum.
Canary Capital framed its product round XRP Ledger’s technical structure, stating on X that the community “represents a number one framework for international funds, purpose-built for interoperability and real-world settlement.”
The positioning emphasizes cost infrastructure over speculative buying and selling, aligning with Ripple’s long-standing narrative round enterprise adoption.
Regulatory context frames launch significance
The fund’s approval carries weight past its buying and selling metrics. The Securities and Alternate Fee maintained energetic litigation towards Ripple Labs for 5 years earlier than settling three months in the past.
Following the choice, XRPC is the primary XRP public spot funding product registered below the Securities Act of 1933.
NovaDius Wealth president Nate Geraci acknowledged on Nov. 2 that the launch represents “the ultimate nail within the coffin of earlier anti-crypto regulators.”
On Nov. 11, he famous the SEC appealed a court docket ruling that XRP didn’t represent a safety only one yr prior. Geraci acknowledged:
“Exhausting to explain crypto regulatory shift over previous yr. Evening & day.”
Moreover, he predicted on Oct. 29 that the fund would “simply turn out to be” a billion-dollar product inside months, with “flows dramatically exceeding what individuals are anticipating.”
Relating to inflows, consultants predicted in September that XRP ETFs would seize $8 billion of their first yr of buying and selling.
The launch checks whether or not institutional demand for XRP exists, regardless of the SEC’s years of making a situation of authorized uncertainty for Ripple, which solely not too long ago began to alter.
