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XRP ETF Launches In The US With $58M Volume: Hype Or Heavyweight?

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Canary Capital has launched the first US ETF providing direct exposure to XRP. The fund will begin trading today on Nasdaq under the ticker XRPC.

It’s quite strange to think that it saw a trading volume of $58 million in the beginning. That’s more than any other ETF launched this year (about 900 funds), according to Bloomberg ETF analyst Eric Balchunas. It even beat Bitwise’s Solana ETF by a whisker.

These two cryptocurrency ETFs are well ahead of the rest, with the third-best launch following by over $20 million, demonstrating that investor demand for cryptocurrency-related products is still strong.

β€œXRP is one of the most established and widely used digital assets in the world, accessibility to XRP via an ETF will enable the next wave of adoption and growth in a critical blockchain system,” said Steven McClurg, CEO of Canary Capital.

Investors are hungry and want to get in on the action. However, they also want to minimize the risks associated with cryptocurrencies. They want ways to gain crypto visibility without directly holding the tokens. XRPC gives them this option.

On the other hand, the duration of this momentum will depend on how the market speculates on the long-term prospects of XRP as a global payments facilitator.

Despite its popular demand, it has had little to no effect on XRP price action.

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XRP Drops 7% During ETF Launch: Is $5 Possible?

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XRP

XRP





7.45%








XRP

XRP
XRP


Price

$2.27

7.45%/24 hours





Volume in 24 hours


$7.35 billion



Price 7d

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ETF launched, XRP tumbled 7.3%, breaking below key support at $2.03, marking it as one of the most volatile trading sessions of the week.

XRP fluctuated in the $0.23 range and nearly 158 million tokens changed hands, which is about 50% more than usual.

Market capitalization





The steepest drop occurred in just four minutes, when XRP fell from $2,313 to $2,295. Additionally, 4 million XRP tokens were unlocked shortly before the ETF’s launch, freezing liquidity for a brief moment as both buyers and sellers retreated.

Adding to the chaos, over 200 million XRP moved between unknown wallets during the sell-off, causing much speculation.

Despite the turmoil, however, cryptocurrency advocates are optimistic. Many believe that XRP could surpass $3.50 by the end of this year and possibly reach $5 in 2026 if institutional interest in XRP is maintained.

Technical chart reading using Elliott Wave Theory suggests that XRP may be entering a bullish phase. It completed a major growth cycle from 2013 to 2018 (wave 1), followed by a long correction that ended around 2023 (wave 2).

It appears to be starting the third wave of its growth cycle, which is typically the most powerful.

Based on Fibonacci levels, XRP has already reached the $2.20 mark (0.786 extension). Next targets are $3.50 (1.00 extension) and potentially $5.50 (1.618 extension), which would mean a gain of more than 150% from current prices near $2.40.

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Is it all hype? Or is he a heavyweight?

Now that the first XRP spot ETF token has launched, has all this hype driven up its price, or is there real, pent-up demand?

Canaray Capital certainly had an advantage by being first to market, but larger players like Franklin Templeton and Bitwise are biding their time and could attract significantly more investment when they are ready to launch their own products.

According to VettaFi, a FinTech and data firm, these firms rank much higher than Canaray Capital in terms of assets under management (AUM). Franklin Templeton is in 19th place and Bitwise in 56th, compared to Canary Capital in 238th.

Both Franklin Templeton and Bitwise are expected to launch their own XRP spot ETFs next week, after updating their filings to eliminate delays.

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Key points

  • The XRPC ETF launched with record volume of $58 million, beating more than 900 funds, including Solana’s

  • XRP price fell 7.3% during the ETF’s debut, triggering sell-offs and high-volume portfolio moves

  • Analysts Predict XRP Could Reach $5 by 2026, Supported by Institutional Interest and Technical Charts

The post XRP ETF Launches in US with $58 Million in Volume: Hype or Heavyweight? appeared first on 99Bitcoins.

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