Recording $36M volume on debut, challenges BSOL record

Canary capital spot XRP ETF exceeded $36 million in trading volume in its first three hours on November 13, positioning the fund as a contender for the strongest exchange-traded fund debut of 2025.

The XRPC traded at $25.74 at 4:43 PM UTC, generating a volume equivalent to 63% of Bitwise Solana ETF (BSOL) first day performance, which is the current 2025 benchmark among more than 850 fund launches.

Bloomberg senior ETF analyst Eric Balchunas he projected that the background was “spying” on his initial estimate of $17 million 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 decreased 1.4% and 1.3%, respectively.

The divergence suggests concentrated buying interest related to the new investment vehicle rather than broader market momentum.

Canary Capital has framed its product around the technical architecture of the XRP Ledger, affirming on X that the network “represents a leading framework for global payments, purpose-built for real-world interoperability and settlement.”

The positioning emphasizes the payment infrastructure over speculative trading, aligning with of Ripple long-standing narrative around enterprise adoption.

Regulatory context frames launch meaning

Fund approval carries weight beyond its business 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 investment product registered under the Securities Act of 1933.

The president of NovaDius Wealth, Nate Geraci, announced on November 2 that the launch represents “the last nail in the coffin of previous anti-crypto regulators”.

On November 11, he noticed the SEC appealed a court decision that XRP did not constitute a security just a year earlier. Geraci said:

“Hard to describe the change in crypto regulation over the past year. Night and day.”

In addition, he predicted on October 29 that the fund would become “easily” a billion-dollar product in a few months, with “flows that dramatically exceed what people expect.”

As for the inflows, experts predicted in September that the ETF XRP would have capture $8 billion in its first year of business.

The launch tests whether institutional demand for XRP exists, despite the SEC’s years of creating a scenario of legal uncertainty for Ripple, which has only recently begun to change.