The Canary Capital XRP (XRPC) exchange-traded fund, which holds spot XRP, pulled in more than $46 million in its first hours of trading on Thursday, even as the token and the ETF slipped in price.
XRPC recorded $26 million in trading volume within the first 30 minutes of the launch, senior Bloomberg ETF analyst Eric Balchunas said. Bloomberg ETF analyst James Seyffart added:
“2.5 hours left in the trading day, and Canary Capital’s XRPC is already over $46 million in day one trading. This is almost guaranteed to be near the top of the list for 2025 launches and still has a shot at beating Bitwise’s Solana ETF (BSOL) for the top spot.”
The highly anticipated ETF has been on analysts’ radar since 2024, with the odds of an XRP investment vehicle surging following the reelection of US President Donald Trump in and the ensuing pro-crypto regulatory pivot.
Crypto investors view ETFs as bullish price catalysts for the underlying assets they hold, as the investment vehicles siphon money from traditional financial markets into the crypto market. Despite this, the price of XRP dipped slightly following the Canary ETF debut.
Related: XRP rallies on US shutdown nearing end, ETF tickers landing on DTCC
XRP price dips following ETF debut in a classic sell-the-news move
The price of XRP dipped by 2.7% over the last 24 hours, from a high of about $2.50 to $2.28. The price is hovering just above its 365-day moving average, a dynamic support level.
XRPC experienced a corresponding 8% drop from an intraday high of nearly $27 to about $24.50 on launch day, according to Yahoo Finance.
In January, market analysts forecast that XRP could hit a price target above $10 following the approval of an XRP ETF in the United States.
Analysts at financial services giant JPMorgan also forecast that an XRP ETF could attract up to $8 billion in capital flows.
The most recent analyst projections forecast a potential XRP rally to $5 by the end of 2025, driven by the launch of the ETF and the US government ending its shutdown.
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