XRP price traded 14.9% below its value a week ago, with the launch of its first spot exchange-traded fund (ETF) issued by Canary Capital adding no positive impact to its momentum.
Just days after the Canary Capital XRP ETF XRPC debuted on Nasdaq, XRP has dropped below $2.15 several times, leaving traders trying to make sense of why an ETF listing has not translated to a bull run.
The first spot XRP ETF in the US delivered the strongest opening performance among 900 exchange-traded funds that went live this year. Bloomberg analyst Eric Balchunas reported that the ETF posted a first-day trading volume of $58 million and attracted over $250 million in net inflows during the same period.
NovaDius Wealth President and ETF specialist Nate Geraci said the in-kind creations in the ETF contract “did not show up in trading volume,” which is why the numbers showed only $59 million as opposed to the $250 million in inflows.
Whales sold for profits before market slump worsened
Even with the ETF’s record-breaking debut last Thursday, XRP’s price fell by as much as 15.3% within the last 7 days, dropping to $2.12. According to trader and chart reader Ali Martinez, whales sold nearly 200 million XRP over the weekend. He said the sell-off appeared to be an attempt by major holders to limit losses ahead of a broader market slump.
Whales dumped nearly 200 million $XRP in just 48 hours! pic.twitter.com/4qObRnDE0X
— Ali (@ali_charts) November 16, 2025
The heavy outflows deepened bearish sentiment and pushed the asset into a lower trading range, and by Monday, the token had fallen below $2.2 and hovered around $2.14, erasing gains that had taken the token to a 30-day high of $2.7.
Data from the Net Unrealized Profit/Loss charts showed that sentiment had moved from euphoria to denial and was now sliding toward anxiety.
“Anxiety is creeping in as $XRP flirts with a drop below $2,” Martinez surmised, adding that buyers who watched their profits fade away through volatility are now anxious to sell.
Some community members are managing their expectations of a bull market run by comparing the token’s behavior to how Bitcoin reacted when its first spot ETF went live in January last year. One XRP supporter noted that although new ETF launches create excitement, they do not always lead to immediate price appreciation.
“Now that the XRP ETFs are finally launching one after another, the real impact won’t happen overnight. It will take weeks, maybe months, before inflows, liquidity adjustments, and institutional positioning start reflecting on price. Everything happening in between? Just NOISE,” they wrote.
When the BTC ETFs launched, the price sat at around $46,000 before falling to $38,900 within twelve days. That drop led to a 20% correction that caused mass panic among retail investors.
ETF issuers then accumulated positions at the bottom of the downturn, which helped Bitcoin find its way up and towards $73,000. Proponents are hoping XRP will see a similar pattern once institutional flows settle, and its price will speed past the current all-time high level of $3.65.
More XRP ETFs to come for US market
The arrival of Canary Capital’s XRPC was only the beginning of nine expected XRP investment products in the month of November. Bitwise Asset Management announced the launch of its own spot XRP ETF on the New York Stock Exchange, set to begin today under the ticker XRP.
The fund carries a 0.34% management fee, which will be waived for the first month on its first $500 million in assets.
Grayscale announced that its GXRP fund is approaching launch and is expected to go live early next week. Bloomberg analyst James Seyffart stated that the product may begin trading on Monday and could debut alongside the company’s planned Dogecoin ETF, a first for the firm.
“And I think the [Franklin Templeton’s] XRP ETF could go live on Monday the 24th as well. Lots happening next week,” Seyffart said in his ETF update on X.
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