First US Spot XRP ETF Debuts With $58M Volume, Year’s Best Launch

Core Insights - Canary Capital's XRPC ETF made a strong debut with $58 million in first-day trading volume, marking the best performance of any ETF launched this year [1][3][9] - The launch of XRPC outperformed Bitwise's Solana ETF, which recorded $57 million on its first day, indicating a competitive landscape among crypto-linked ETFs [3][4] - The strong early performance of XRPC and Solana ETFs highlights a significant institutional interest in altcoins, suggesting a shift in investor focus beyond traditional cryptocurrencies like Bitcoin and Ether [4][5] Market Performance - XRP experienced a notable 7.3% drop, falling below the $2.30 support level during a volatile trading session coinciding with the ETF's debut [7] - The trading session saw a wide range of $0.23, with 157.9 million XRP exchanged, nearly 50% above normal volume, indicating heightened market activity [7][8] - A peak trading moment involved a single-minute burst of 4.06 million XRP, followed by a liquidity freeze, reflecting market stress during the selloff [8] Institutional Interest - The strong opening volume of XRPC suggests a growing institutional appetite for regulated, exchange-listed vehicles that provide access to alternative digital assets without direct token ownership [5][9] - XRP's established role in cross-border payments and its ecosystem have contributed to this institutional interest, despite the token's limited immediate price movement following the ETF launch [5][9] - The ongoing performance of XRPC will be closely monitored to assess broader interest in the XRP Ledger's payment infrastructure and its long-term utility [6]