Here’s what happened on the first day

XRPC saw inflows of $245 million despite having less than $60 million in first-day volume thanks to massive in-kind creations.

The Canary

The debut pushed XRPC ahead of Bitwise’s Solana Fund (BSOL), which previously held the top spot this year for ETF launches.

XRPC Becomes Biggest ETF Launch of the Year

XRPC surged at the market open after Nasdaq certified the listing the previous evening, with analyst Eric Balchunas noting that the fund traded $26 million in its first 30 minutes, surpassing his projection of $17 million and ultimately surpassing BSOL’s opening day figure of $57 million.

The community reaction was strong. Journalist Eleanor Terrett said she wasn’t shocked that the fund topped the charts, joking that “with the XRP army behind, is anyone really surprised?” Meanwhile, ETF expert Nate Geraci pointed out that almost all crypto ETF launches over the past two years have exceeded Wall Street’s initial expectations, highlighting a deep-pocketed demand model that the traditional financial “old guard” continues to underestimate.

Part of the gap between trade volume and capital inflows was due to in-kind creations, Geraci explained. These large institutional allocations do not show up in the trading data, helping to clarify how XRPC could see nearly a quarter of a billion dollars in inflows despite seeing less than $60 million in visible volume.

The product launch follows a broader wave of crypto ETFs that came online via the SEC’s automatic registration rules. The same methods helped launch BSOL and other spot products for Litecoin and HBAR in late October, with XRPC using a similar setup that provides access via a 1933 Act vehicle and relies on Form 8-A certification instead of requiring regulator approval.

XRP Market Picture and What’s Next

XRP itself is trading around $2.28, down around 9% in the last 24 hours. Despite the pullback, the token is still up nearly 3% this week and more than 220% year-over-year.

You might also like:

However, over the past 30 days, it has softened, falling by around 9% amid a broader cooldown for major altcoins. The current range between $2.27 and $2.52 puts it well below its July all-time high near $3.65, although well above its early cycle lows.

Analysts are exploring whether ETF demand could help XRP regain momentum after several weeks of uneven trading. Previous articles have highlighted potential friction between new institutional buying and profit-taking by long-time holders, a dynamic that could continue to shape price action in the coming sessions.

With new bipartisan efforts in Congress to give XRP formal commodity status under the CFTC, first launched on November 10, the regulatory environment could also play a role in how the asset will perform in the face of growing interest from ETFs.