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- Canary XRP ETF posts $58M in first-day trading volume.
- XRPC becomes highest-volume ETF launch of the year.
- Ripple CEO Garlinghouse confirms institutional interest in XRP ETFs.
Ripple CEO Brad Garlinghouse has long anticipated meaningful institutional adoption of XRP-based investment products, and recent developments suggest his optimism is finally paying off. The Canary XRP ETF (XRPC), the first-ever spot-based XRP ETF on a U.S. exchange, launched on Nasdaq yesterday, immediately capturing investor attention.
Within the first 30 minutes, XRPC recorded $26 million in trading volume, surpassing initial estimates and signaling strong investor demand. Bloomberg Senior ETF Analyst Eric Balchunas noted that the debut far exceeded expectations, highlighting the fund’s potential to transform XRP’s market profile. Garlinghouse celebrated the launch, noting that “it is finally happening,” reflecting years of anticipation for a legal and regulatory pathway to XRP ETFs.
Spot XRP ETF: Overcoming Regulatory Hurdles
The SEC v. Ripple lawsuit had cast doubt over the possibility of spot XRP ETFs in the U.S., leaving investors skeptical about regulatory approval. However, the resolution of the legal dispute cleared the way for institutional products like XRPC to enter the market. Garlinghouse’s confidence in an eventual XRP ETF, even amid uncertainty, now appears vindicated, with both retail and institutional investors showing strong interest.
Also Read: Ripple Confirms No IPO — Will Institutional Backing Replace Public Funding?
Record-Breaking Trading Volume
By the close of its first trading session, XRPC reached $58 million in volume, making it the highest-volume ETF debut of the year, outperforming more than 900 other ETFs introduced in the same period. The fund narrowly edged out the Bitwise Solana Staking ETF (BSOL), which launched at $57 million. Balchunas noted that XRPC and BSOL are in a league of their own, with the next-highest debut trailing by over $20 million. Additionally, the Canary XRP ETF posted a net inflow of $245 million, underscoring robust investor confidence.
XRP Gains Institutional Momentum
The debut of the Canary XRP ETF marks a turning point for institutional engagement with XRP. Garlinghouse’s long-held conviction about the inevitability of XRP ETFs aligns with growing market realities, as investors flock to spot-based products. With first-day performance exceeding expectations, XRP’s path toward broader institutional adoption appears stronger than ever.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
