Canary’s spot XRP Exchange-Traded Fund (ETF) has surpassed most of the experts’ predictions, and it is currently on track to see a record-breaking debut after registering strong institutional demand on its first day.
The Thursday launch comes amid the end of the US Government shutdown, which officially lasted 43 days and was forecasted to delay the long-awaited Altcoin ETFs until its conclusion.
For context, the SEC was expected to approve multiple crypto-based investment products between early October and November, after the regulatory agency postponed the decision deadline in Q3 and released new generic listing standards for the products.
However, the second wave of crypto-based investment products arrived despite the government setback, with the first set of ETFs launching over two weeks ago. On October 28, Canary Capital’s spot Litecoin and Hedera ETFs and Bitwise’s Solana Staking ETF (BSOL) began trading after filing 8-A forms with the SEC.
Following the first half-hour, the XRP ETF saw $26 million in volume, the analyst noted, breaking past his original expectations. As a result, Balchunas suggested that the XRPC had a “good shot” at surpassing BSOL’s first-day volume and becoming the biggest ETF launch of 2025.
“This is almost guaranteed to be near the top of the list for 2025 launches and still has a shot at beating $BSOL for the top spot,” Seyffart concluded.
As of this writing, XRP trades at $2.30, a 3.3% decline in the daily timeframe.
