XRP (XRP) Price: Jumps 8% as New ETFs Pull in $164 Million

TLDR

• Franklin Templeton launched its XRP ETF (XRPZ) on NYSE Arca on Monday, joining offerings from Grayscale, Bitwise, and Canary Capital in the market
• XRP price increased by more than 8% following the ETF launches and strong investor interest in the new products
• Spot XRP ETFs recorded $164 million in net inflows on November 24, marking the second-largest single-day total since launch
• Grayscale’s GXRP led with $67.36 million in inflows, while Franklin Templeton’s XRPZ brought in $62.59 million on its first day
• Canary Capital’s XRPC fund has reached $306 million in total investments since launching on November 21

Franklin Templeton launched its XRP ETF on Monday. The fund trades under the ticker XRPZ on the NYSE Arca exchange.

The launch happened at the same time as Grayscale’s XRP Trust ETF. Both products followed recent launches from Bitwise Asset Management and Canary Capital.

XRP is the native token of the XRP Ledger. The open-source blockchain was developed by Ripple.

The token increased by more than 8% over a 24-hour period. David Mann is the head of ETF product and capital markets at Franklin Templeton. He stated that XRPZ offers investors a regulated way to access the digital asset.

NYSE Arca data showed 768,692 shares of the Franklin Templeton XRP ETF traded as of publication. Bitwise CEO Hunter Horsley reported that his company’s XRP ETF had about $118 million in inflows during its first week.

Franklin Templeton previously created a crypto index fund. The company also launched investment vehicles for Bitcoin and Ether.

Record Inflows Drive Market Activity

Spot XRP ETFs pulled in $164 million in net inflows on November 24. This represents the second-largest single-day total since the funds started trading.

Grayscale’s GXRP led all issuers with $67.36 million after its Monday launch. Franklin Templeton’s XRPZ followed with $62.59 million in its debut day.

The November 24 inflows marked the seventh straight day of positive flows. Canary Capital’s XRPC fund has reached $306 million in total investments since November 21.

The asset manager ranks 231st globally with over $84 million in ETF assets. Its fund continues to attract investor interest despite its recent entry into the market.

Future ETF Launches on Horizon

The US Securities and Exchange Commission filed a lawsuit against Ripple and its executives nearly five years ago. The regulator dropped the case in March under new leadership.

The legal dispute ended in August with a $125 million settlement. Franklin Templeton’s XRP offering required SEC approval to begin trading on the NYSE Arca.

21Shares received automatic approval from the SEC through an 8-A filing. Its XRP ETF will start trading on the Cboe BZX Exchange in the coming days.

CoinShares updated its S-1 filing to disclose its ticker and details ahead of its Nasdaq debut. The fund has appeared on the DTCC platform indicating it is ready for launch.

Crypto analyst Chad Steingraber compared the XRP ETF launch to Bitcoin ETFs. He noted that BTC funds had multiple billion-dollar inflow days several months after launch.

Steingraber estimated that a cumulative $1 billion inflow day would require just over $83 million per fund across the 12 active XRP products. He projected that a five-day run of billion-dollar inflows could absorb more than 2.2 billion XRP from the market in less than seven days.

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