Canary Capital

First U.S. Spot XRP ETF Shatters Records with $58M Day-One Volume

Canary Capital's XRP ETF (XRPC) shattered records with $58M in day-one volume—the biggest ETF launch of 2025. The historic debut marks XRP's entry into regulated traditional finance, following resolution of the Ripple-SEC case and clearing the path for mainstream adoption.

The Ripple Effect

— 7 min read
First U.S. Spot XRP ETF Shatters Records with $58M Day-One Volume

The crypto market witnessed a historic moment on November 13, 2025, as Canary Capital's spot XRP ETF (ticker: XRPC) debuted on Nasdaq, generating $58 million in first-day trading volume—the largest ETF launch of 2025 among nearly 900 fund debuts. The milestone marks XRP's entry into regulated traditional finance and signals growing institutional appetite for utility-focused digital assets.

Record-Breaking Launch Exceeds All Expectations

XRPC generated $26 million within the first hour of trading alone, according to Bloomberg senior ETF analyst Eric Balchunas. The strong debut crushed Balchunas' initial $17 million prediction and surpassed Bitwise's Solana ETF (BSOL), which had held the previous record with $57 million in day-one volume.

The momentum began immediately at market open, with approximately $130,000 in volume at the opening bell, climbing to over $500,000 within five minutes, and reaching over $916,000 in the first 30 minutes. This explosive start reflects pent-up institutional demand for regulated XRP exposure following years of regulatory uncertainty.

Nasdaq certified the listing on November 12, 2025, utilizing the auto-effective registration process under Section 8(a) of the Securities Act of 1933. This triggered a 20-day window for automatic approval unless the SEC objected, streamlining the path to market.

What XRPC Offers Investors

The XRPC fund allows investors to access XRP through standard brokerage accounts, offering a simplified entry point for exposure to the asset's price without the complexity of crypto wallets or exchanges. The fund holds XRP through custodians Gemini Trust Company and BitGo Trust Company, using the CoinDesk XRP CCIXber benchmark for pricing.

Steven McClurg, CEO of Canary Capital, stated: "XRP is one of the most established and widely used digital assets in the world, accessibility to XRP through an ETF will enable the next wave of adoption and growth in a critical blockchain system."

The fund is structured under the Investment Company Act of 1940—a regulatory framework that mandates the use of a qualified custodian to hold the underlying crypto assets, providing institutional-grade security and compliance.

Regulatory Clarity Powers Launch

The ETF launch follows the official resolution of Ripple Labs' lengthy legal battle with the Securities and Exchange Commission. The SEC and Ripple formally resolved their legal dispute in August 2025, with the Second Circuit Court of Appeals approving a joint stipulation dismissing both parties' appeals.

The settlement confirmed Ripple's $125 million penalty and upheld the court's clarification that XRP is not a security for secondary market trades. This regulatory clarity removed a significant obstacle that had prevented XRP ETF approvals for years.

Following the SEC's comprehensive July 2025 guidance on crypto asset ETPs, institutional confidence has grown significantly. As of November 13, eleven XRP ETF products are listed on the Depository Trust & Clearing Corporation website, with filings from major firms such as Bitwise, Franklin Templeton, 21Shares, and CoinShares, suggesting additional XRP ETFs may launch in the coming months.

Market Response and XRP Price Action

Despite launching during broader crypto market volatility, XRP—the fourth largest cryptocurrency by market cap—held up relatively well, trading around $2.30 at publication time. The token had gained approximately 7.8% over the week leading up to the ETF launch, outperforming many major cryptocurrencies.

On-chain data reveals mixed sentiment ahead of the launch. According to Glassnode, more than 216 million XRP (approximately $556 million) left exchanges in the week before the announcement, typically indicating investors are holding rather than trading—a bullish signal. However, larger holders reduced their holdings by 10 million XRP (around $25 million) in the two days before launch.

Ripple CEO Brad Garlinghouse celebrated the launch with a simple but powerful message on X: "It's (finally!) happening."

XRP's Utility Foundation

Unlike many cryptocurrencies launched primarily for speculative purposes, XRP was launched in 2012 and designed for fast, low-cost global payments, operating on the XRP Ledger, a decentralized blockchain built for efficiency. XRP is often seen as the "bridge asset" connecting traditional finance and digital liquidity.

This focus on real-world utility has attracted institutional attention beyond speculative trading. At Swell 2025, BlackRock's Maxwell Stein described the XRP Ledger as a scalable rail for trillions of dollars in tokenized assets and cross-border payments, reinforcing XRP's status as a utility-driven asset rather than a purely speculative token.

Implications for XRP Adoption and Price Potential

What This Means for XRP:

The ETF launch provides several concrete benefits for XRP adoption:

  1. Institutional Access: Traditional investors can now gain XRP exposure through retirement accounts and standard brokerage platforms without navigating crypto exchanges.
  2. Regulatory Legitimacy: The fund's approval represents the first XRP public spot investment product registered under the Securities Act of 1933, lending regulatory credibility to XRP as an asset class.
  3. Increased Liquidity: Strong day-one volume suggests sustained institutional interest, potentially providing price support and reducing volatility.
  4. Competition Ahead: With nearly a dozen XRP ETF applications filed, investors will soon have multiple options, potentially driving fee compression and increased accessibility.

Price Predictions and Market Analysis:

Some analysts have offered optimistic projections for XRP's price trajectory, though these should be viewed as speculative. Some analysts predict a potential rally toward $5 in Q4 2025, representing a 108% increase from current prices around $2.39. However, such projections depend heavily on continued institutional inflows and favorable market conditions.

Technical analysis shows a falling wedge pattern with $2.88 as the breakout level; closing above this mark could signal renewed strength, while losing support at $2.31 risks triggering further declines to $2.06. As of publication, XRP remains near key technical levels that will determine its near-term direction.

Important Context: Cryptocurrency price predictions have historically proven unreliable due to extreme volatility, regulatory developments, and rapidly changing market dynamics. Past performance does not indicate future results.

Broader Crypto ETF Landscape

The XRPC launch extends a recent surge in altcoin-focused investment products. In recent months, spot ETFs for Solana, Litecoin, and Hedera have debuted, each showing institutional interest. In October 2025, the Bitwise Solana Staking ETF (BSOL), Canary Litecoin ETF (LTCC), and Canary HBAR ETF (HBR) collectively produced $65 million in opening-day volume, with BSOL dominating at $56 million.

XRPC's performance positions it among the strongest altcoin ETF launches to date, trailing only Bitcoin and Ethereum ETFs in terms of first-day institutional interest.

Key Takeaways

  • Historic Launch: XRPC generated $58 million in day-one volume, the largest ETF debut of 2025
  • Regulatory Clarity: Launch follows August 2025 resolution of Ripple-SEC case
  • Institutional Interest: Strong first-hour volume ($26 million) signals sustained demand
  • Utility Focus: ETF provides exposure to XRP's established payment infrastructure
  • Competition Coming: Nearly a dozen additional XRP ETF applications pending

The Canary XRP ETF launch represents a watershed moment for cryptocurrency integration into traditional finance. By providing regulated, accessible exposure to a utility-focused digital asset, XRPC bridges the gap between blockchain innovation and mainstream investment. Whether this translates to sustained price appreciation remains to be seen, but the institutional demand demonstrated on day one suggests XRP's journey into traditional finance is just beginning.

DISCLAIMER: This newsletter is for informational purposes only and does not constitute investment advice, advertising, or a recommendation to buy, sell, or hold any securities. This content is not sponsored by or affiliated with any of the mentioned entities. Investments in cryptocurrencies or other financial assets carry significant risks, including the potential for total loss, extreme volatility, and regulatory uncertainty. Past performance is not indicative of future results. Always consult a qualified financial professional and conduct thorough research before making any investment decisions.

Sources & References

Primary Sources:

Canary Capital Official

Securities and Exchange Commission

Financial News & Analysis:

The Block

CoinDesk

Finance Magnates

Yahoo Finance

TheStreet Crypto

TradingView News

Specialized Crypto Media:

CoinPedia

CryptoSlate

Crypto Briefing

ForkLog

Bitcoin Ethereum News

All sources accessed and verified as of November 13, 2025. Information is accurate as of publication date and subject to change as markets evolve.

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