Canary Capital’s Spot XRP ETF Launches with Record Trading Volume
- The spot XRP ETF from Canary Capital achieved over $36 million in trading volume within its first three hours on November 13.
- The ETF, trading at $25.74, reached a volume that is approximately 63% of the first-day performance of Bitwise’s Solana ETF (BSOL).
- XRP price increased by 3.3% to $2.41 during the launch period, contrasting with declines in Ethereum and Solana by about 1.4% and 1.3%, respectively.
- Bloomberg analyst Eric Balchunas suggested that the fund could exceed initial estimates and challenge BSOL’s record opening day of $57 million.
- Experts anticipate that XRP ETFs may attract around $8 billion in their first year of trading.
The launch of the spot XRP ETF signifies a pivotal moment for cryptocurrency regulation, particularly after the SEC’s recent settlement with Ripple Labs following five years of litigation. This approval is seen as a potential shift in regulatory attitudes towards crypto assets.
With an impressive debut volume surpassing $36 million, this ETF may reshape institutional interest in XRP and challenge existing benchmarks in the market.(Source)
