Canary Capital’s XRP ETF (XRPC) made a strong debut with $58 million in day-one trading volume, beating Bitwise’s Solana staking ETF (BSOL)’s record debut of $57 million. Bloomberg Senior ETF Analyst Eric Balchunas called it after the Canary fund accumulated $26 million in trading volume within 30 minutes.
Canary Capital’s spot XRP ETF is now officially live on Nasdaq as of 5:30 PM ET on November 12, 2025.
Barchart data shows that Canary’s XRP ETF closed its first day of trading at $24.55, representing a drop of approximately 7.8%. Although the scale of the flows was largely unexpected, Canary Capital’s spot XRP ETF ’s launch coincided with crypto markets also spending the day in the red. CoinGecko data showed that the crypto market lost about 3.5% to $3.43 trillion in terms of market capitalization.
Balchunas initially predicted the XRPC to hit the ceiling at $17 million; however, the fund surpassed that within 30 minutes and closed the session as the top debut of 2025. Meanwhile, Senior Analyst at Presto, Min Jung, emphasizes that XRP is one of the best-known crypto assets among everyday investors. He says this popularity among retail traders explains the heightened natural awareness and day-one participation.
Jung acknowledges the persistence of XRP communities
The senior analyst acknowledged the resilience of the XRP Army, admitting that XRP has one of the strongest and most persistent retail communities in the crypto space. He noted that the level of fandom enjoyed by XRP is difficult to quantify. However, Jung observes that the XRP Army has historically translated into outsized trading activities during new product launches.
Jung also noted that professional investors who were previously hesitant are now at ease accessing XRP through regulated wrappers. He believes it is this kind of shift that helped amplify the debut activity. The organic demand during Thursday’s Canary Capital’s spot XRP ETF session also appeared to be mixed, given XRP’s renewed institutional interest. Jung believes that a meaningful portion of the flow also came from liquidity providers managing creation/redemption baskets, as well as traders capturing short-lived premiums or discounts versus the spot price.
Meanwhile, Lawrence Samantha, the CEO of NOBI, says it could be a strong sign of how institutions are treating XRP if Canary Capital’s spot XRP ETF continues recording the steady flows and creations. However, the key test would be how XRPC satisfies the crypto community’s pool of demands.
XRP plummets despite strong XRP ETF debut
On-chain data retrieved from CoinGecko shows that the price of XRP has dropped 7.8% in the past 24 hours, settling at $2.30 after a slight 0.9% uptick in the last hour. The data also reveals a see-saw performance with the token gaining 3.5% in the past seven days, but losing 7.2% in the past two weeks.
XRP has also performed poorly in the past 30 days, dropping about 8% of its value. However, the token has gained a massive 230.7% over the past year.
Meanwhile, CoinMarketCap’s in-house analysis suggests that XRP is facing increased selling pressure as altcoins like ADA (-8%) and SOL (-8.6%) lead the declines. Similarly, high leverage (open interests of $840B) and sentiment driven by fear (Fear & Greed Index: 22) are creating XRP’s cascading sell-offs. XRP’s 32.7% jump to roughly $7.7 billion in trading volumes may suggest panic selling rather than accumulation.
CoinMarketCap’s analysts also claimed that some traders may have been selling their XRP positions to cover their losses elsewhere. The analysts also observed that XRP is exhibiting bearish momentum after breaking below the 50-day EMA ($2.38) and the Fibonacci 61.8% retracement ($2.31), with the RSI at 44.5.
