Canary Capital’s XRPC, the first US spot exchange-traded fund offering direct exposure to XRP, made a powerful entrance on Thursday with $58 million in first-day trading volume.
Key Takeaways:
Canary Capital’s XRPC ETF debuted with $58 million in volume, the strongest first-day performance of any ETF launched this year. XRPC and Bitwise’s Solana ETF now dominate 2025 ETF launches, with the next-best fund trailing by more than $20 million. The surge reflects rising institutional demand for regulated access to altcoins, even as XRP’s price showed little immediate reaction.The figure marks the strongest debut of any ETF launched this year, outpacing more than 900 new funds, according to Bloomberg ETF analyst Eric Balchunas.
The launch narrowly beat Bitwise’s Solana ETF (BSOL), which recorded $57 million on day one.
XRP and Solana ETFs Dominate 2025 Launches by Wide Margin
The two funds now stand far ahead of the rest of the 2025 class, with the third-place ETF trailing by more than $20 million, a sign that crypto-linked products continue to dominate early-stage investor demand.
XRPC’s opening performance underscores growing institutional appetite for exposure beyond bitcoin and ether, as capital begins flowing toward altcoins with strong use-case narratives.
XRP’s role in cross-border payments and its established ecosystem appear to have contributed to institutional interest, even though the token itself saw little immediate price movement following the ETF’s debut.
The strong early volume suggests investors are eager for regulated, exchange-listed vehicles that allow them to access alternative digital assets without holding the tokens directly.
Whether the momentum continues will be closely watched in the coming weeks, particularly as the market assesses broader interest in the XRP Ledger’s payment infrastructure and long-term utility.
XRP Drops 7.3% as First US Spot ETF Debuts
Meanwhile, XRP suffered a sharp 7.3% drop, breaking below the key $2.30 support level in one of its most volatile sessions in weeks, just as the first US spot XRP ETF made its market debut.
The decline unfolded across a violent $0.23 trading range, with 157.9 million XRP exchanged, nearly 50% above normal volume.
The core breakdown hit during a four-minute liquidation wave between 04:32 and 04:35 UTC, when XRP plunged from $2.313 to $2.295.
A single-minute burst of 4.06 million XRP marked the session’s peak stress point, followed by a brief liquidity freeze as order books thinned.
On-chain activity added to the uncertainty, with 110.5 million XRP moving between unknown wallets during the selloff.
Notably, multiple market analysts now predict XRP could finish 2025 above $3.50, with potential to reach $5 by 2026 if institutional inflows sustain momentum.
The XRP/USD chart displays an Elliott Wave analysis projecting a dramatic bullish scenario.
The chart shows that XRP has completed a five-wave impulse structure from 2013 to 2018 (Wave 1), followed by a prolonged corrective Wave 2 that bottomed around 2023.
The analysis indicates XRP is now in the early stages of Wave 3, historically the most powerful impulse wave.
The projection shows a potential rally toward the $5-6 range, representing over 150% gain from current levels around $2.40
Key Fibonacci extension levels are marked, with the 0.786 extension around $2.20 (already achieved) and the 1.00 extension near $3.5 serving as the next target before the 1.618 extension near $5.5.
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