First U.S. Spot XRP ETF From Canary Capital Makes a Stellar Debut with $58M Trading Volume

The Canary Capital’s XRP ETF debuted yesterday, November 13, and became one of the strongest debuts for any crypto ETF, with opening day trading volume of $58 million. The ETF outperformed Bitwise’s Solana staking ETF launched last month.

Introducing $BSOL — the Bitwise Solana Staking ETF. Starts trading tomorrow.

– First U.S. ETP to have 100% direct exposure to spot SOL
– Maximizing Solana’s 7%+ average staking reward rate*
– Targeting 100% of assets staked
– Staking through Bitwise Onchain Solutions, powered by… pic.twitter.com/Vo8Ko0qOCn

— Bitwise (@BitwiseInvest) October 27, 2025

The Canary Capital’s ETF, the first U.S. spot XRP ETF, made a stellar debut on Nasdaq under ticker XRPC, exceeding expectations. While the broader crypto market is down, with all major coins, including XRP, experiencing a price plunge largely driven by bitcoin’s slump below $100k level. The ETF reached a trading volume of 29 million within half an hour on the very first day of launch. 

Canary Capital’s XRP ETF Exceeds Expectations

The initial projection was around 17 million, but the Canary Capital exceeded expectations by garnering $58 million on the launch day.

According to ETF expert Eric Balchunas’ post on X, it is the highest debut of any ETF launched this year out of more than 900.

Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL's $57m. The two of them are in league of own tho as 3rd place is over $20m away. pic.twitter.com/MjsOeceeNb

— Eric Balchunas (@EricBalchunas) November 13, 2025

The Canary Capital has earlier amended the form to enable automatic approval within 20 days, making the launch possible this week. Nevertheless, after the debut, the stock closed lower at $24.55 (-7.8%) in the last trading session, but in after-hours trading, it inched up to $24.61 (+0.23%), showing signs of recovery. More ETFs, including those of major players such as Franklin Templeton, are anticipated to launch soon as the 43-day U.S. government shutdown ended and the U.S. Securities and Exchange Commission (SEC) and CFTC (Commodity Futures Trading Commission) resumed working. 

The higher demand for the XRP ETF clearly shows enhanced institutional interest, which is expected to boost the price of XRP. However, the price has been down by around 8% in the past 24 hours, and the token is trading at around $2.30. 

XRP Down As the Market-Wide Decline Overshadows the Bullish Signals due to ETF Debut

The Ripple-backed XRP plunged to $2.30, largely driven by the broader crypto market decline led by bitcoin. The overall crypto market cap touched 3.27 trillion, down by about 6% in the past 24 hours amid the growing uncertainties about upcoming Fed rate cuts. Bitcoin has plummeted below $100k. At the time of writing this article, Bitcoin is trading at around $96,974.34, and the price is down by more than 6%. 

As XRP, the token failed to hold $2.50 despite the ETF debut and record trading volume. It’s trading below the 10-day Exponential Moving Average (EMA) and Simple Moving Average (SMA). The 14-day Relative Strength Index (RSI) still stands at 42, maintaining a neutral position. Even though the MACD had a bullish crossover, the overall technical analysis shows strong selling pressure. The investors are closely watching whether the token can recover $2.36 amid the looming doubts over upcoming Fed rate cuts.