Canary Capital’s XRP ETF Makes a Strong Debut — But the Market Hasn’t Followed Yet - Coinedict

Canary Capital’s launch of the first U.S. spot XRP ETF — trading under the ticker XRPC — has delivered one of the biggest ETF debuts of 2025. But despite the splashy start, XRP’s price has not reacted the way many expected, highlighting a widening split between institutional excitement and market sentiment.

A Fast Start: XRPC Records Up to $58M on Day One

The fund began trading on Nov. 13, just 24 hours after Nasdaq finalized the certification for its listing — a milestone that signals U.S. regulators are gradually opening the door to a broader range of spot-crypto products beyond Bitcoin and Ethereum.

XRPC wasted no time making an impression:

• $26 million in volume within 30 minutes
• Up to $58 million by the end of Day One, according to multiple desk reports
• One of the strongest ETF launches of the year

For a single-asset crypto ETF in 2025, these numbers are hard to ignore.

But XRP Didn’t Rally — It Fell Instead

While the ETF was gaining attention, XRP slipped to the $2.22–$2.24 range, down from earlier levels near $2.30–$2.40.

One trader summed it up perfectly:

“You launched the vehicle, but the car still needs fuel.”

The fuel, in this case, is broader market participation — something the ETF alone cannot supply in a risk-off environment.

This disconnect showcases a familiar dynamic:
ETF headlines often spark hype, but price action depends on liquidity, sentiment, and macro conditions, not just the presence of a new investment product.

Institutional Buying Is Quietly Building

Behind the scenes, institutional interest appears far more intense than the immediate price reaction suggests.

Reports indicate:

• Roughly $245 million worth of XRP was accumulated ahead of the ETF listing
• Buying attributed to Canary Capital clients and aligned funds
• Positioning likely aimed at long-term exposure rather than day-one volatility

This level of strategic accumulation suggests the “smart money” may be treating XRPC as the beginning of a longer institutional cycle, not a short-term trading event.

Why Didn’t XRP Pump? Several Factors Are Pressuring the Market

XRP’s failure to rally is not isolated. The entire crypto market has been struggling, and several forces remain in play:

1. Macro headwinds

Uncertainty following the extended U.S. government shutdown has weighed on risk assets. Expectations for rate cuts have dropped sharply—reducing appetite for speculative trades.

2. Broader market correction

Bitcoin’s dip below $100,000 and over $1B in liquidations have triggered caution across altcoins.

3. Sell-the-news reaction

A classic crypto pattern: buyers front-run the catalyst, then take profits once the headline hits.

4. ETF ≠ immediate price rally

ETF availability improves access, but doesn’t force buyers to enter the market.

As one analyst put it:
“Volume is one thing. Adoption is another.”

What’s Next for Canary Capital — and XRPC?

Canary Capital has hinted that it may pause on new ETF filings until additional U.S. regulatory clarity emerges. Instead, the firm plans to focus on:

• Building liquidity for XRPC
• Expanding institutional access
• Positioning the fund as the primary U.S. vehicle for XRP exposure

This signals the company sees XRPC not as a one-off product, but as a flagship initiative.

The Next 7–30 Days Will Be Critical

The coming weeks will determine whether XRPC becomes a turning point in XRP’s institutional story or simply a high-profile launch overshadowed by market turbulence.

Possible scenarios:

Bullish Case

• XRPC continues attracting inflows
• XRP stabilizes or climbs back above resistance levels
• Sentiment improves as macro pressures ease

This would point to a structural shift in how institutions approach XRP.

Bearish Case

• ETF inflows slow
• XRP remains under selling pressure
• Market volatility continues

In this case, XRPC risks becoming a classic example of “ETF launch ≠ bull run.”

Bottom Line

Canary Capital’s spot XRP ETF is a historic milestone — the first of its kind in the U.S. and a sign that regulatory winds are shifting. But despite its powerful debut, the market has not followed with the enthusiasm many predicted.

Right now, the story is not about XRP price action, but about infrastructure, access, and long-term positioning.

The vehicle has been built.
The road ahead depends on whether the market decides to drive it.