The first-ever XRP ETF saw $26 million in trading volume in just 30 minutes, outpacing analysts’ expectations.
Summary
- Canary XRP ETF saw $26 million in volume for the first 30 minutes of trading
- The demand legitimized XRP, which long battled with legal issues
- XRP ETF launch is on track to become one of the biggest among altcoins
After the first U.S.-listed spot XRP ETF launched today, early signs point to robust investor demand. On Wednesday, November 13, the Canary XRP ETF saw $26 million in trading volume within just 30 minutes of launch.
Shortly after the launch, Bloomberg analyst Eric Balchunas noted that the fund exceeded its $17 volume target within less than an hour. He also added that the fund, managed by Canary Capital and trading under the ticker XRPC, is well-positioned to overtake BSOL on first-day volume. BSOL’s launch-day volume was $57 million.
While $26 million in trading volume seems modest compared to Bitcoin (BTC) and Ethereum (ETH) ETF debuts, it is far above the daily volume of most altcoin ETFs. For instance, the Litecoin (LTC) spot ETF volume reached just $1 million on its first day of trading on September 18.
For comparison, nine Ethereum spot ETFs reached $1 billion in trading volume on their launch day in July 2024.
XRP bounced and dropped on ETF launch
Following the ETF launch, XRP (XRP) rose to a daily high of $2.52 before stabilizing at $2.36, and registering a modest daily rise of 0.63%. The overall crypto market sentiment, pressured by macroeconomic risks, weighed on XRP as well.
The Canary fund is one of many upcoming XRP ETF launches. Other firms that will soon launch their own XRP ETFs are Franklin Templeton, Bitwise, 21Shares, CoinShares, Grayscale, and WisdomTree, all expected to launch this November.
Source: https://crypto.news/xrp-etf-sees-26m-opening-volume-first-30-min-trading/
