The Canary Capital XRP (XRPC) exchange-traded fund, which holds spot XRP, attracted more than $46 million in its first few hours of trading on Thursday, despite both the token and the ETF experiencing slight price declines. Within just 30 minutes of its debut, XRPC generated $26 million in trading volume, according to senior Bloomberg ETF analyst Eric Balchunas.

Bloomberg 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.”

Strong debut despite early price dip

The long-anticipated ETF had been closely watched by analysts since 2024, with expectations for an XRP investment vehicle increasing after the reelection of U.S. President Donald Trump and the administration’s subsequent pro-cryptocurrency policy shift. ETFs are often seen as bullish for the underlying assets they track, as they attract liquidity from traditional finance into digital markets. Still, XRP’s price slipped slightly following the Canary ETF’s debut in what many analysts called a classic “sell-the-news” scenario.

Price performance and market expectations

Over the past 24 hours, XRP declined by around 2.7%, dropping from approximately $2.50 to $2.28. The token remains just above its 365-day moving average, considered a key support level. XRPC itself also fell by roughly 8%, from an intraday high of nearly $27 to around $24.50, according to Yahoo Finance data.

Analyst forecasts point to long-term optimism

Earlier this year, analysts predicted that XRP could surpass $10 following an eventual U.S. approval of an XRP ETF. JPMorgan analysts projected such a product could bring as much as $8 billion in inflows. More recent forecasts remain optimistic, suggesting XRP could climb to $5 by the end of 2025, supported by renewed market confidence, ETF-driven inflows, and the broader recovery following the resolution of the U.S. government shutdown.

Sources:

https://www.businesswire.com/news/home/20251113588596/en/Canary-Capital-Launches-Spot-XRP-ETF-XRPC-Delivering-Simplified-Access-to-a-Foundational-Blockchain-Asset

https://cointelegraph.com/news/xrp-etf-launch-strong-volume-price-fall-flat

https://x.com/EricBalchunas/status/1988988049045553202

https://x.com/JSeyff/status/1989041504585679157

https://finance.yahoo.com/quote/XRPC/