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Canary Capital’s exchange-traded fund XRP (XRPC) – which holds spot XRP – pulled in more than $46 million in its first hours of trading on Thursday, even as the token and ETF slipped in price.
XRPC recorded $26 million in trading volume in the first 30 minutes of the launchEric Balchunas, senior analyst at Bloomberg ETF he said. Bloomberg ETF analyst James Seyffart added: :
“2.5 hours remain in the trading day, and Canary Capital’s XRPC is already more than $46 million in the first trading day. This is almost guaranteed to be near the top of the list for 2025 launches and still has a chance to beat Bitwise’s Solana ETF (BSOL) for the first place.”
U Long awaited ETF has been on the analyst’s radar since 2024, with the likelihood of an XRP investment vehicle increasing following the re-election of US President Donald Trump and the pro-crypto regulatory pivot.
Crypto investors see ETFs as bullish price catalysts for the underlying assets they hold, as the investment vehicles siphon money from traditional financial markets into the crypto market. Despite this, the price of XRP dropped shortly after the debut of the Canaries ETF.
Related: XRP shows on US close close, ETF tickers land on DTCC
XRP price drops after ETF debut in a classic news selling move
The price of XRP has decreased by 2.7% in the last 24 hours, from a high of about $2.50 to $2.28. The price is above its 365-day moving average, a dynamic support level.
XRPC experienced a corresponding drop of 8% from an intraday high of nearly $27 to around $24.50 on launch day, according to at Yahoo Finance.
In January, market analysts predicted that XRP could hit a price target above $10 after the approval of an XRP ETF in the United States.
Analysts at financial services giant JPMorgan also predicted that an XRP ETF could attract up to $8 billion in capital flows.
The latest analyst projections predicts a potential XRP rally to $5 at the end of 2025, led by the launch of the ETF and the The US government is ending its shutdown.
Magazine: XRP ETF pump ‘disappointment’, Bitcoin to see 2025 at $173K: Trade Secrets
