Canary Capital’s XRP ETF made a historic debut on Thursday, surpassing its competitors by hitting $58 million in trading volume on its first day, setting a record for the most traded ETF launch this year.
The launch of the first XRP ETF in the United States earlier today had a notable impact on the XRP price, propelling it towards the crucial $2.5 level. However, subsequent market movements saw a 4% retracement, bringing the token’s current trading price to $2.3.
The XRP ETF by Canary Capital has indeed outperformed Bitwise’s Solana Staking exchange-traded fund, with a trading volume of $57 million, falling just short of Canary’s fund by a mere million-dollar difference.
As a result, market analysts foresee a bullish rally for XRP, hinting that the token may be approaching the end of consolidation. They suggest long-term price targets ranging from $10 to $37.
If these bullish scenarios materialize, these surges could result in new all-time highs and significant potential gains, with projections of 334% and a staggering 1,500%, respectively, from current trading levels.
In addition to the significant ETF debut by Canary Capital, industry experts like Dark Defender have shared key technical analyses that could complement the performance of the XRP ETF market.
Geoffrey Kendrick at Standard Chartered anticipates substantial gains in the forthcoming years, largely attributed to the potential of spot XRP ETFs. He has set a target price of $12.50 for 2028, implying annual returns of 73%.
Featured image from DALL-E, chart from TradingView.com
