The first exchange-traded fund (ETF) offering direct spot access to XRP has begun trading in the US, creating a huge impact on the market from day one.
Launched by Canary Capital, the fund reached $58 million in trading volume on its opening day, marking the highest first-day volume among the nearly 900 ETF launches this year.
XRP fell about 3% on Thursday after the ETF launched, according to Bloomberg data, but that didn’t appear to dampen investor interest. Bloomberg senior ETF analyst Eric Balchunas noted that the fund, which trades under the ticker symbol XRPC, saw $26 million in volume in its first hour and reached $58 million by the end of the day.
This performance surpassed the previous record-holder, Bitwise’s Solana ETF BSOL. BSOL reached $57 million on its launch day and had a massive second-day performance of $72 million the following day. Balchunas stated that XRPC and BSOL are clearly ahead this year, with a gap of more than $20 million between them and the third-place ETF.
Launched under the SEC’s new, faster listing standards, XRPC is considered a significant milestone in cryptocurrency management. Canary Capital CEO Steven McClurg stated that the new regulatory framework allows such products to reach investors more quickly.
With a market capitalization of approximately $138 billion, XRP is the fourth-largest crypto asset after Bitcoin, Ethereum, and Tether.
XRP-related ETF interest has already increased this year. Launched in September by REX Shares, the XRPR ETF offered a hybrid structure that both directly holds XRP and invests at least 40% in related ETFs. It achieved its best-ever debut of the year at the time, generating $37.7 million in volume on its first day. Additionally, REX-Osprey’s DOGE ETF reached $17 million in opening volume.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/historical-moment-first-day-data-for-xrp-spot-etf-released-positive-outlook-despite-price-drop/
