XRP Plunges as Bitwise XRP ETF Debuts on NYSE — What’s Behind the Drop?

XRP crashes again today following yesterday’s small market recovery that took the fourth-largest crypto by market capitalization to its highest price of $2.2. The latest market analytics indicate that the official cryptocurrency of XRP Ledger is 2.2% down today, trading at $2.13, below its $2.15 support level. 

XRP ETF optimism is rising in the cryptocurrency market as Bitwise prepares to trade on the NYSE today. Bitwise Asset Management, the global crypto asset manager with over $15 billion in client assets, announced that they were launching the Bitwise XRP ETF on the NYSE. They stated that the Fund would start trading on November 20, 2025, under the ticker XRP. Bitwise announced yesterday. Bitwise also purchased the domain BitXRPetf.com to push their product and enhance its exposure. The official post from the asset management firm confirmed that the newly launched XRP ETF has a management fee of 0.34%, which is waived for the first month on the first $500M in assets.      

Crypto market experts believe that the Bitwise XRP ETF debut has a strong potential to drive the fourth-largest cryptocurrency by market cap forward and trigger a rally. However, there is ETF optimism; the rally may not be immediate, but a positive impact over the mid to long term is possible. The expert analyses conclude that the launch could bring fresh institutional inflows, and the authorised participants need to purchase XRP to seed the ETF, potentially lead to a supply shock that pushes XRP price upward. Matt Hougan from Bitwise recently said that a huge wave of new crypto ETFs was about to hit the market and placed Solana and $XRP at the front of the line. While he previously cautioned that the mere existence of a crypto ETP doesn’t guarantee inflows, current market enthusiasm suggests conditions may now favour significant adoption, especially for retail-driven assets like XRP.

Bitwise CIO Matt Hougan added that XRP was a really intriguing asset for several reasons. He mentioned that it had operated successfully for a very long period of time at extremely low cost, processed high transaction volumes, and had a really strong and vibrant community of supporters. He stated that in the new crypto-forward regulatory regime, XRP stood on an equal playing field with other digital assets and that the market would now have the opportunity to see what XRP could really do. Bitwise CEO Hunter Horsley stated that in 2025, they were watching digital assets take on real utility in the global economy, whether that was powering payments, building infrastructure, or earning a permanent role in diversified portfolios. He expressed excitement about the launch of the Bitwise XRP ETF, saying that they were eager to help investors gain exposure to an asset that had the potential to fundamentally reshape how money moved worldwide. 

Why XRP Is Down Today Amid The ETF Optimism

XRP is down today and trading below its key support level. The market expert believes that the downtrend, despite the ETF optimism, could be due to the typical “sell-the-news” reaction, profit-taking by investors, and broader crypto market weakness. They also point out that after the Canary Capital and Franklin Templeton ETF launch, many traders locked in their gains, leading to short-term selling pressure, making the significant institutional inflows less effective.   

The crypto market entered “extreme fear” territory, its lowest since March 2025. According to the latest market data, the total market cap is down 0.08% in 24 hours and 8.15% over the week. Market analysts also observe that Bitcoin dominance rose to 58.63, indicating a deviation from altcoins like XRP to safer assets like BTC. XRP is in oversold condition, and it is fueling the current bearish impact. The MACD’s negative crossover and rejection from key resistance indicate a dominant bearish momentum despite the recent ETF launches. Experts predict that a daily close below $2.12 might lead to steep price corrections, possibly taking XRP below the $2 psychological level.

Also Read: XRP Price Prediction 2025: Is a Major Bull Run Coming?