Canary Capital’s spot XRP ETF surpassed $36 million in trading volume within its first three hours on Nov. 13, positioning the fund as a contender for the strongest exchange-traded fund debut of 2025.
The XRPC traded at $25.74 as of 4:43 P.M. UTC, generating volume equivalent to 63% of Bitwise’s Solana ETF (BSOL) first-day performance, which is the current 2025 benchmark among more than 850 fund launches.
Bloomberg senior ETF analyst Eric Balchunas projected the fund would “blow away” his initial $17 million estimate and potentially surpass BSOL’s $57 million opening-day record.
XRP climbed 3.3% to $2.41 in the 24 hours surrounding the launch while Ethereum and Solana declined 1.4% and 1.3%, respectively.
The divergence suggests concentrated buying interest tied to the new investment vehicle rather than broader market momentum.
Canary Capital framed its product around XRP Ledger’s technical architecture, stating on X that the network “represents a leading framework for global payments, purpose-built for interoperability and real-world settlement.”
The positioning emphasizes payment infrastructure over speculative trading, aligning with Ripple’s long-standing narrative around enterprise adoption.
Regulatory context frames launch significance
The fund’s approval carries weight beyond its trading metrics. The Securities and Exchange Commission maintained active litigation against Ripple Labs for five years before settling three months ago.
Following the decision, XRPC is the first XRP public spot investment product registered under the Securities Act of 1933.
NovaDius Wealth president Nate Geraci stated on Nov. 2 that the launch represents “the final nail in the coffin of previous anti-crypto regulators.”
On Nov. 11, he noted the SEC appealed a court ruling that XRP did not constitute a security just one year prior. Geraci stated:
“Hard to describe crypto regulatory shift over past year. Night & day.”
Additionally, he predicted on Oct. 29 that the fund would “easily become” a billion-dollar product within months, with “flows dramatically exceeding what people are expecting.”
Regarding inflows, experts predicted in September that XRP ETFs would capture $8 billion in their first year of trading.
The launch tests whether institutional demand for XRP exists, despite the SEC’s years of creating a scenario of legal uncertainty for Ripple, which only recently started to change.