First US Spot XRP ETF Launches Successfully, Achieving $58M in First-Day Trading Volume

Canary Capital’s XRPC, the inaugural US spot exchange-traded fund (ETF) providing direct exposure to XRP, made an impressive debut on Thursday, recording a remarkable $58 million in trading volume on its first day.

Key Takeaways:

Canary Capital's XRPC ETF debuted with $58 million, marking the best first-day performance of any ETF this year.
The XRPC and Bitwise’s Solana ETF now lead the 2025 ETF launches, with the closest competitor lagging by over $20 million.
The strong opening highlights a growing institutional interest in regulated altcoin access, despite XRP's immediate price stability.

As highlighted by Bloomberg ETF analyst Eric Balchunas, this figure stands as the most successful debut of any ETF launched this year, surpassing over 900 new funds. The strong performance of XRPC narrowly edged out Bitwise’s Solana ETF (BSOL), which had recorded $57 million on its first day.

First US Spot XRP ETF Debuts With $58M Volume, Year’s Best Launch

XRP and Solana ETFs: Leaders in 2025

The two ETFs have now positioned themselves far ahead of other products in the 2025 market, with the third-place ETF trailing significantly. This trend indicates that demand for crypto-related investment products is robust among early-stage investors.

XRPC's initial performance reveals an increasing institutional eagerness for access beyond Bitcoin and Ethereum, as investments flow toward altcoins that possess compelling use-case narratives. XRP’s involvement in cross-border payments and its established ecosystem have driven institutional interest, even though the token did not exhibit significant price movement following the ETF's launch.

The encouraging trading volume indicates that investors are keen on regulated, exchange-traded investments that provide access to alternative digital assets without requiring direct token ownership. Observers will be closely monitoring whether this momentum persists in the forthcoming weeks, especially as the market evaluates the future viability of the XRP Ledger's payment infrastructure.

XRP Experiences 7.3% Decline on Debut Day

In a contrasting development, XRP faced a notable decrease of 7.3%, falling below the crucial $2.30 support level during one of its most tumultuous trading sessions in recent weeks, coinciding with the launch of the first US spot XRP ETF.

This decline occurred within a volatile trading range of $0.23, with 157.9 million XRP traded—almost 50% above the typical volume. The significant drop occurred during a brief four-minute period of liquidations, where XRP plummeted from $2.313 to $2.295.

A sudden spike where 4.06 million XRP was transacted marked the day's peak volatility, subsequently leading to a temporary halt in liquidity as order books tightened. The on-chain activity compounded the uncertainty, with 110.5 million XRP transferring between unidentified wallets during the selloff.

Despite this downturn, multiple market analysts are optimistic, forecasting that XRP may surpass $3.50 by the end of 2025 and potentially reach $5 by 2026, provided that institutional investments continue to support the market.

The XRP/USD chart also displays an analysis based on Elliott Wave theory, suggesting an optimistic bullish trend. According to this analysis, XRP seems to have completed a five-wave impulse sequence between 2013 and 2018 (labeled as Wave 1), followed by a corrective Wave 2 that hit its lowest point around 2023.

Currently, XRP appears to be entering the early stages of Wave 3, which is historically the most potent wave in such structures, potentially paving the way for a rally towards the $5-$6 range, representing more than a 150% increase from the current price of around $2.40. Key Fibonacci extension levels have been identified, with the 0.786 extension achieved around $2.20 and the next target at the 1.00 extension near $3.5, before reaching the 1.618 extension close to $5.5.