It’s been a few weeks since the launch of the first XRP ETF in the US – here’s how it’s going.
After months and months of anticipation and online speculation, the second largest altcoin has joined the two market leaders in having its own exchange-traded funds tracking its performance on November 13.
Here’s how XRP compares in terms of inflows and price movements in its first few weeks compared to BTC and ETH.
Bitcoin ETF debut and price action
After a decade of denials and delays from the SEC, the US regulator finally gave the green light to a number of spot Bitcoin ETFs in early 2024. The launch date was set for January 10 and, as expected, the price of the underlying asset immediately fell in a classic news-selling event.
BTC had then risen to $48,000, but quickly fell below $40,000. However, this short-term correction could not prevent the asset from progressing in the following weeks. In fact, Bitcoin hit a new all-time high in two months, well above $73,000.
A significant portion of these gains follows impressive ETF inflow numbers. Besides Grayscale’s Converted Trust (GBTC), which was almost always in the red, most other BTC ETFs were gaining ground, particularly BlackRock’s IBIT. Just days before BTC’s ATH, cumulative net inflows across all ETFs soared above $1 billion (on March 12), which undoubtedly benefited the underlying asset.
Overall, Bitcoin ETFs had a very successful debut, which has (for the most part) continued since, with over $57 billion in cumulative net inflows in less than two years. BTC is also trading at almost 2 times its price on the day the ETF launched.
The disappointment of ETH
Needless to say, ETH was also dumped after the release of ETFs tracking its performance. The first day was July 23, 2024 and Ether went from $3,600 to under $2,200 in about two weeks.
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However, this was not just a one-off news selling event like for BTC. ETFs were unable to accelerate for months as grayscale withdrawals overshadowed minor net inflows. In fact, Ethereum ETFs were unable to put together an impressive inflow streak before the end of the year. The price of ETH reflects this with a massive increase from under $2,500 to over $4,000 in December 2024.
Since then, ETH ETFs have been mostly stable and positive. However, the current price of the largest altcoin is lower than its July 23, 2024 valuation.
How Does XRP Compare?
The first XRP-based ETF with 100% exposure to the asset went live on November 13. Canary Capital’s XRPC broke the 2025 record for highest trading volume on day one. Three other financial vehicles of this type followed suit in the following weeks.
Total inflows are around $900 million. There hasn’t been a single day where net outflows have eclipsed net inflows, and the trend remains intact even though demand has slowed a bit.
Still, the price of XRP has followed the general trend. On November 13, it fell from over $2.50 to below $2.30 and failed to make a notable recovery. Even though it has rebounded from the multi-month low of $1.83 hit on November 21, it is currently trading at $2.03, which is well below the first day’s price.
Nonetheless, XRP ETFs have outperformed their BTC and ETH counterparts since Canary Capital’s product launch, which should be seen as a bullish sign for the underlying asset if inflows continue.
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