A Historic Day for XRP: The Spot ETF Era Begins
November 13, 2025, marked a watershed moment for Ripple’s XRP as Canary Capital’s spot XRP ETF—ticker XRPC—officially began trading on Nasdaq, becoming the first U.S.-regulated vehicle to offer direct exposure to the token. The launch shattered expectations, clocking $58 million in first-day volume—the highest debut for any cryptocurrency ETF in 2025, narrowly edging out Bitwise’s Solana ETF (BSOL) at $57 million.
This explosive start, with $245 million in net inflows (including $26 million in the first 30 minutes), signals robust institutional appetite despite XRP’s modest 0.4% dip to $2.39 amid a broader market pullback (total cap down 0.8% to $3.57 trillion). Priced at an initial NAV of ~$50 per share (equivalent to ~20.83 XRP), XRPC tracks the CME CF XRP-USD Reference Rate, with Coinbase Custody handling secure storage and a competitive 0.50% expense ratio.
Canary Capital, a Tennessee-based firm focused on digital innovation, navigated a streamlined SEC process post-Ripple’s August 2025 litigation resolution (penalty slashed to $50 million). CEO Steven McClurg hailed it as “the bridge for traditional investors,” forecasting $5 billion monthly inflows as XRP’s ISO 20022 compliance for $18 billion annual remittances draws TradFi giants.
Bloomberg’s Eric Balchunas called it “in a league of its own,” with third-place debuts trailing by $20 million+. In a year of altcoin ETF milestones—SOL, LTC, HBAR with $13.75 billion cumulative inflows—XRPC’s record underscores XRP’s maturation from regulatory pariah to payments powerhouse.
Launch Highlights: Volume, Inflows, and Price Action
| Metric | Value | Comparison | Notes |
|---|---|---|---|
| Day 1 Volume | $58M | Beats BSOL ($57M); Top 2025 ETF launch | $26M in first 30 minutes |
| Net Inflows | $245M | 14x analyst est. ($17M) | In-kind creations (AP swaps) |
| Price Reaction | -0.4% to $2.39 | “Sell-the-news” amid BTC dip | RSI 38 (oversold bounce potential) |
| AUM Projection | $5B/month | McClurg forecast | Rivals SOL ETF trajectory |
XRP’s muted reaction—briefly hitting $2.50 before settling—reflects profit-taking and macro jitters (Fed pause 45%, tariffs +0.3% CPI), but $2.60 odds at 62% on Polymarket hint at reversal.
Why XRPC Matters: Utility Meets Institutional Access
XRPC’s pure spot structure—holding physical XRP with in-kind redemptions—minimizes tracking error (<0.5%) and lowers barriers for the 70% of U.S. investors without wallets. Custody via Coinbase (cold storage) and daily creations ensure compliance, with shares tradable like stocks on Nasdaq (9:30 AM-4:00 PM ET).
Broader waves:
- Payments Revolution: XRP’s ODL ($18B annually, +120% YoY) and 300+ banking partners position it for $190T remittance market.
- Altcoin ETF Boom: Joins SOL/LTC/HBAR ($13.75B inflows); pending Bitwise/Franklin filings could add $10B+.
- Price Catalyst: $5B monthly forecast absorbs escrow (1B XRP/month), eyeing $5 Q4 (108% upside).
Risks: Escrow overhang and volatility (1.58% annualized), but ETF demand flips the script.
The Road Ahead: $5 by Q4?
XRPC’s $58M debut isn’t the peak—it’s ignition. With $245M inflows Day 1 and $5B monthly potential, XRP’s $141B cap could swell to $300B+ by 2026 on tokenized RWAs ($16T by 2030). Short-term: $2.60 (15% up) on $2.36 reclaim; long-term: $5-$10 (109-318%). In a $3.57T market, XRPC launches XRP’s mainstream era—trade the dip, ride the wave. DYOR; the ETF revolution rolls on.