Bitwise XRP ETF Debuts Amid Market Volatility

Bitwise

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  • Bitwise XRP ETF traded $25.93M on its first day amid market turmoil.
  • XRP fell below $2, with $2 seen as critical support.
  • Analysts expect the ETF to gain traction as market liquidity improves.

    Bitwise’s XRP ETF debuted on a tumultuous trading day, registering 1,127,647 shares traded, equivalent to $25.93 million in volume. While respectable, the figure fell short of Canary Capital’s XRPC ETF, which opened with $58.5 million just last week. Canary’s CEO, Steven McClurg, congratulated Bitwise, highlighting that smaller firms are increasingly challenging the dominance of Wall Street giants in ETF launches. Analysts suggest that the ETF’s first-day performance may not reflect its full potential, particularly given the extraordinary market volatility.

    Market Meltdown Dampens Trading

    The launch coincided with a major market sell-off, as the S&P 500 lost $1.5 trillion in intraday value. Bitcoin tumbled to $87,000, triggering forced liquidations across crypto derivatives, and the total cryptocurrency market capitalization dipped below $2.95 trillion. This liquidity crunch impacted altcoins across the board, including XRP, which fell below $2 shortly after the ETF began trading. Traders and investors navigating this environment faced heightened risk, but experts argue the ETF could gain momentum once market conditions stabilize.

    Also Read: Bitwise CIO: 2026 Will Be Crypto’s Breakout Year

    XRP Price Faces Critical Support Levels

    XRP’s price trajectory has been weakening for months, and the market crash intensified downside risks. Analysts note that XRP now trades below a key support region near $2.25, with $2 seen as critical short-term support. If this level fails to hold, a retest of $1.80 or even $1.60 could follow. Technical indicators, such as the daily RSI, confirm bearish momentum, suggesting caution for traders eyeing near-term gains.

    Looking Ahead for Bitwise and XRP

    Despite the challenging debut, Bitwise’s XRP ETF represents a strategic step in mainstream crypto adoption. Market observers anticipate that improved liquidity and investor confidence could boost trading volumes in the coming sessions. For XRP holders and ETF investors alike, the launch underscores both the risks and opportunities inherent in the crypto market during turbulent times.

    Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.