Canary Capital’s new XRP ETF delivered the strongest first-day trading performance of any U.S. exchange-traded product this year, recording $58 million in opening-day volume. The debut stood out even as the broader crypto market faced selling pressure, highlighting growing interest in XRP exposure among both retail and institutional investors.
The fund, trading under the ticker XRPC, began trading shortly after completing its regulatory registration earlier in the week. Within hours of opening, XRPC had cleared early analyst expectations and surpassed the year’s previous ETF debut record.
XRP ETF Surpasses Projections and Beats Solana ETF Debut
The fund’s performance was first highlighted by Bloomberg senior ETF analyst Eric Balchunas, who noted that XRPC “barely” exceeded Bitwise’s Solana-focused ETF, which registered $57 million on its first day. Balchunas had initially expected around $17 million in day-one activity for XRPC, but the fund crossed that mark in less than 30 minutes.
By the end of the session, XRPC held the top position for the year’s strongest ETF debut.
Despite the heavy volume, XRPC closed its first trading day at $24.55, down 7.8% after a volatile session, according to market data from Barchart. The price decline came in parallel with weakness across the broader crypto market.
Market Conditions Weigh on Crypto Prices
While the XRP ETF impressed with its highly active debut, the crypto market spent the day moving lower. Total market capitalization slipped 3.5% to $3.43 trillion, based on CoinGecko data.
Major assets also trended downward:
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Bitcoin fell 3.4%
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Ethereum dropped 6.7%
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Solana declined around 5%, partially retracing gains from its recent ETF listing
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XRP traded in line with market volatility, though sentiment remained supported by the success of XRPC’s debut
The market downturn made XRPC’s strong opening even more notable, as most new products typically debut alongside neutral or positive sentiment.
Analysts Highlight Retail Strength and Institutional Readiness
Market observers say the robust first-day numbers show meaningful demand for regulated XRP exposure after years of uncertainty surrounding the asset’s legal status.
“XRP has one of the strongest and most consistent retail communities in crypto,” said Min Jung, senior analyst at quantitative trading firm Presto. “This level of participation can be difficult to quantify, but it has historically led to heavier first-day activity whenever new XRP-related products become available.”
Jung added that XRP remains “one of the most recognizable crypto assets for everyday investors,” which naturally increases awareness and participation during early trading hours.
On the institutional side, Jung noted renewed comfort following Ripple’s recent regulatory progress in the U.S., combined with the broader market view that XRP is not a security. This shift has “opened the door for institutions that previously avoided direct XRP exposure,” he said.
Liquidity Providers and Arbitrage Traders Added to Activity
While analysts believe organic demand from XRP’s large user base played a significant role, not all flows represented new investors building long-term positions.
Jung explained that a “meaningful portion” of Thursday’s activity came from liquidity providers handling creation and redemption baskets, as well as traders exploiting short-lived price differences between XRPC and spot XRP. Such dynamics are common during the first trading session of a new ETF and typically stabilize over time.
Even so, Jung emphasized that early participation levels show both “real demand” and “renewed confidence” in XRP as a regulated, investable asset class.
XRP ETF Seen as a Major Milestone for the Asset
With the XRP ETF now available on U.S. markets, analysts believe the product could help strengthen liquidity, encourage broader adoption, and improve accessibility for institutions that prefer regulated financial instruments.
The successful debut also adds momentum to XRP’s evolving market narrative, especially after years of regulatory uncertainty. For many investors, the arrival of the first U.S. spot XRP ETF signals a new chapter and a more structured path for long-term participation in the XRP ecosystem.
As the fund continues trading, analysts will be watching whether XRPC can maintain strong inflows, particularly if broader market sentiment improves in the coming weeks.
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