The
Canary XRP ETF
(XRPC) set a new precedent on November 13, 2025, as the inaugural spot
XRP
exchange-traded fund to be listed in the U.S., launching on Nasdaq. Overseen by Canary Capital, the fund started trading under the symbol XRPC after automatic approval from the SEC, which was prompted by a
Form 8-A filing
on November 10. Charging a 0.50% management fee, the ETF
mirrors the XRP-USD CF Benchmarks Reference Rate Index
, providing investors with regulated access to the third-largest digital asset by market value.
This launch represented a significant milestone for XRP, a cryptocurrency that has historically encountered regulatory challenges.
With a $143 billion market capitalization
and institutional-grade custody solutions from Gemini Trust Company and BitGo Trust Company,
XRP's increasing attractiveness is evident
. U.S. Bancorp Fund Services acts as the transfer agent and administrator,
upholding strict regulatory compliance
.
The introduction of the XRP ETF coincides with heightened interest in crypto ETFs, following the recent debut of spot
Solana
ETFs in late October.
Bitwise's Solana Staking ETF (BSOL) amassed $531 million
in net assets during its opening week. Experts, such as Bloomberg's Eric Balchunas, believe the XRP ETF could surpass the performance of other altcoin ETFs.
Steven McClurg, CEO of Canary Capital, stated
that XRP's established use in institutional cross-border payments could lead to inflows twice as large as Solana's. "XRP's practical applications set it apart from newer cryptocurrencies," Balchunas remarked,
referencing its $143 billion market cap
as evidence of strong demand.
The ETF's initial trading day supported these projections.
TradingView recorded $58 million in trading volume
on its first day, while
Benzinga reported $26 million within the first half hour
. In comparison, Bitwise's Solana ETF saw $57 million in its first full day. Following the ETF's launch, XRP's value
climbed about 3%
, though it later declined amid broader market fluctuations
as market analysts observed
.
The approval of this ETF marks a turning point for digital assets. After prolonged legal disputes with the SEC,
Ripple's XRP can now be accessed via standard brokerage platforms
, making it easier for both institutional and individual investors to participate. Balchunas described the listing as a "watershed moment,"
stressing that regulated offerings like XRPC could attract billions in investments
under management.
Market analysts share McClurg's positive outlook.
ETF specialist Nate Geraci likened XRPC's prospects
to the early days of
Bitcoin
and
Ethereum
ETFs, predicting similar patterns of growth. Meanwhile, crypto commentator Paul Barron
criticized BlackRock for not being the first to launch an XRP ETF
, despite its leadership in Bitcoin and Ethereum products. "The competition for XRP has begun," Barron posted,
pointing to Canary Capital's advantage as the first mover
.
The success of the XRP ETF may pave the way for more innovation in crypto investment vehicles. With
11 XRP ETFs now available on the DTCC
, the environment is set for greater institutional involvement. As XRPC continues trading, market participants will monitor trading volumes and price consistency as signals of mainstream adoption in conventional finance.
According to market analysis
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According to Canary Capital
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According to TradingView
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According to Cryptobriefing
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According to Benzinga
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According to market analysis
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According to Canary Capital
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