XRP’s First U.S. Spot ETF Debuts With Heavy Early Trading as Market Watches Liquidity, Demand, and Price Reactions

Early Trading Data Shows Surging Interest as Nasdaq-Certified XRPC Fund Goes Live

TL;DR

• Canary Capital’s XRPC becomes the first U.S. spot XRP ETF, certified by Nasdaq on Nov. 12, 2025, and immediately posts $26 million volume in its first 30 minutes.
• XRP reacts with a price move toward $2.40, higher trading activity, rising whale participation, and growing debate over supply-demand pressure and future inflows.
• Analysts highlight potential first-year ETF inflows in the $3–$8 billion range, while technical watchers map resistance zones around $2.40–$2.65.

Nasdaq’s approval of Canary Capital’s spot XRP ETF—trading under the ticker XRPC—arrived on November 13, 2025, at roughly 5:30 p.m. ET, marking a milestone that instantly pushed XRP’s institutional narrative forward. Certification under the Securities Act of 1933 opened the door for U.S. market access through a pure-play spot structure that tracks the underlying token rather than futures or derivatives. 

Canary’s team underscored the framing clearly, pointing to XRP’s established cross-border settlement role and its design for rapid, scalable value transfer. CEO Steven McClurg publicly credited SEC leadership that continues to back open capital markets, calling the launch the first single-token spot XRP ETF approved in the country.

Trading screens reflected interest far exceeding early forecasts once the U.S. session opened. Bloomberg ETF analyst Eric Balchunas acknowledged that his full-day estimate of $17 million for debut turnover had already been surpassed within half an hour, as volume hit close to $26 million before the first hour closed. He noted that a run at this year’s biggest Day One figure—around $57 million—was suddenly plausible. 

Trading activity on the spot market strengthened alongside the ETF’s surge, sending XRP roughly 3% higher toward $2.40 while daily volume crossed $6.24 billion, before giving up the gains due to the broader market headwinds. Analysts described the reaction as a blend of ETF-driven interest and a broader recalibration in the crypto price index, with technical signals pointing to resistance at $2.40–$2.52 and a key breakout level at $2.65 that would put a potential run toward $3.00 into play.

Large holders appeared positioned well ahead of the approval. On-chain activity highlighted increased whale-sized transactions as prices were still compressed, reinforcing the dynamic that major allocations often precede retail flows. Market researchers estimated that ETFs tied to XRP could attract $3–$8 billion in inflows during the first year of availability, raising concerns about whether the available exchange float—widely estimated at only a few billion tokens—can absorb sustained demand. Liquidity stress remains one of the most discussed issues as analysts weigh the coin market cap, ETF participation patterns, and supply conditions that have already shown signs of tightening. Some coverage referenced a claim suggesting up to $10 billion flowing into XRP around the ETF reveal, though the exact composition and methodology behind that figure remain only partly explained.

Regulatory filings came together quickly as Canary submitted a Form 8-A earlier in the week, moving through the automatic-effectiveness process with what observers described as unusually rapid progression. Reports also contrasted XRPC’s ’33 Act structure with the Cayman-based XRPR fund launched months earlier under the ’40 Act, noting that XRPC’s model is viewed as a more direct spot vehicle for U.S. institutions. Market watchers have tied the ETF to a broader shift in altcoin-based fund offerings after the precedent set by spot Bitcoin and spot Ethereum products, arguing that brokerage-accessible exposure can reshape demand without requiring investors to directly custody digital assets.

Analysts continue to debate the near-term price implications. Elliott Wave-style commentary outlined a possible Wave 3 extension toward $3.50 and even $5.50 if momentum holds, although technicians stressed that XRP still faces considerable resistance before any such move can materialize. One fund manager described the phenomenon succinctly: success often comes from concentrated enthusiasm rather than broad neutrality, suggesting that XRP’s deeply loyal base may be a structural advantage as new investment vehicles open. Additional on-chain metrics reported more than 1.12 billion tokens moving across the ledger during the launch window, reinforcing the argument that utility-driven activity continued alongside speculative repositioning. Commentary around ETF infrastructure also resurfaced old confusion about DTCC preparation listings, reminding readers that only SEC approval and exchange certification activate true launch conditions.

Building on the liquidity and flow dynamics discussed earlier, the Canary Capital XRP ETF’s launch added another layer of context to XRP’s market behavior, posting over $250 million in first-day inflows amid $58 million in trading volume thanks to its in-kind creation model, where institutions deliver XRP directly instead of executing large spot-market buys. That structure not only explains the gap between inflows and volume but also signaled deeper institutional readiness, aligning with the ETF’s status as the top performer among ~900 ETF launches in 2025. 

Smart-money wallets echoed that sentiment, adding roughly $44 million net long to XRP within 24 hours, even as overall market liquidity remained thin. Analysts characterized XRP’s price stabilization near $2.30 as part of a broader “healthy reset,” positioning both XRP and SOL to lead the next momentum cycle once risk appetite returns.

The debut of XRPC now stands as one of the most anticipated ETF events of the year, combining heavy early volume, shifting crypto price dynamics, and a closer examination of XRP’s liquidity profile. Whether the product ultimately sets institutional benchmarks or tests market-wide supply limits remains an open question, but the launch has already pushed XRP deeper into mainstream financial infrastructure—bringing regulated exposure, new trading flows, and heightened scrutiny into how quickly the next wave of altcoin ETFs might arrive.

Meanwhile, Canary Capital is likely pausing new crypto ETF filings for the remainder of the year, as CEO Steve McClurg indicated they have submitted applications for all eligible tokens under current SEC guidelines. The recently launched XRP ETF and an upcoming Solana product complete their current offerings. Under the SEC's generic listing standards, only a limited number of assets qualify due to criteria such as needing an active futures market for over six months. Canary plans to focus on managing existing products while awaiting potential regulatory changes that could affect future ETF launches.

McClurg thinks the XRP fund might outshine the Solana funds that were launched earlier this month. He believes this is because the XRP network is better known to traditional finance stakeholders, whereas Solana is more entrenched within the crypto-native community.

This article has been refined and enhanced by ChatGPT.