XRP (XRP-USD) was one of the only bright spots in recent days. While most crypto assets were deep in the red, the first U.S. spot XRP ETF came out swinging. Canary Capital’s XRPC fund opened on Nasdaq and immediately posted $58 million in its debut session. This makes it the biggest ETF launch of 2025 out of nearly nine hundred new products.
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The early action was eye-catching. XRPC traded $26 million in its first thirty minutes and then kept climbing. It even edged out the BSOL fund (BSOL), which set the previous 2025 record last week with $57 million. These two altcoin ETFs now dominate the entire newcomer list and are pulling in almost ninety percent more volume than the next closest product. It is clear that retail-heavy crypto ETFs remain the only part of the market with real momentum.
Canary’s ETF Faces Rumors but No Evidence
The launch did not escape drama. Author Shanaka Anslem Perera posted claims on X that Canary’s ETF was indirectly backed by XRP released from Ripple’s escrow program and routed through OTC desks in Asia. None of that has been verified.
A review of public data shows no link between Ripple’s escrow activity and the ETF. Ripple releases about one billion XRP each month under its long-running plan. Roughly thirty-eight billion XRP remain locked, and there were no unusual movements around the ETF listing. For now, the speculation remains just that.
It’s a Big Win for XRP ETFs but Still Far Behind BTC and ETH
XRPC’s debut stands out for altcoins, although it looks small next to the blockbuster ETF launches of 2024.
Bitcoin spot ETFs opened last year with $4.1 billion in first-day volume. Ethereum’s launch hit $1.1 billion. By comparison, XRPC’s $58 million is only about one percent of Bitcoin’s start.
Even so, analysts say the comparison is misleading. Bitcoin’s launch was a category-defining moment. XRPC enters a market that already knows what a crypto ETF looks like and is dealing with lower liquidity and reduced risk appetite. Beating every 2025 launch shows real demand for XRP exposure and validates the community that has been waiting for regulated products.
What It Means for XRP’s Ecosystem
The ETF’s strong debut gives XRP a real tailwind at a time when sentiment across crypto has soured. ETFs have a history of accelerating inflows once financial advisors begin allocating. The debut also gives XRP a clearer place on Wall Street’s map, something it has lacked while Bitcoin and Ethereum dominated the conversation.
Whether this momentum carries into the coming weeks depends on market conditions and whether institutional buyers start to use the ETF as a proxy for XRP exposure. Either way, it is a rare bright headline for the asset and the biggest win its ecosystem has logged all year.
At the time of writing, XRP is sitting at $2.2879.
