What to Know:
- The Canary XRP ETF (XRPC) saw impressive volume in its first 30 minutes of trading.
- XRPC’s early performance positions it to potentially surpass BSOL’s first-day volume record for crypto ETFs.
- XRP briefly responded positively to the launch of the first spot XRP ETF amid broader market downturn.
The launch of the Canary XRP ETF (XRPC) has generated considerable excitement, with early trading volumes significantly exceeding expectations. This promising start signals growing investor interest in XRP-related investment products. As the market evolves, the performance of XRPC will be closely watched as a benchmark for future crypto ETF launches.
Bloomberg’s senior ETF analyst, Eric Balchunas, reported that XRPC achieved $26 million in volume within the first 30 minutes of trading. This milestone surpasses initial predictions of $17 million, indicating strong early demand. The ETF is priced at $26.54 per share, with approximately 1 million units traded in the first half-hour.
[Eric Balchunas, the senior ETF analyst for Bloomberg, has shared this exciting update via his X handle, revealing that the milestone has seen XRPC blow out his initial predictions of $17 million.]
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The rapid surge in XRPC’s activity positions it as a strong contender against the Bitwise Solana ETF (BSOL). BSOL previously held the record for the highest first-day volume for a crypto ETF launch this year, with $57 million. Market experts now predict that XRPC’s volume could surpass $150 million by the end of its first trading day.
[A popular crypto commentator, Chad Steingraber, has shared this prediction on X, sparking more discussions across the crypto community.]
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The launch of the first spot XRP ETF has had an immediate, albeit brief, impact on XRP’s price. XRP momentarily defied the broader crypto market trend with a 3% surge following the XRPC launch. While most top 10 cryptocurrencies, including Bitcoin, traded in the red, XRP stood out with a gain of 2.66%, hovering around $2.40.
The successful launch of the Canary XRP ETF highlights the increasing maturity of the crypto market and the demand for regulated investment vehicles. As the ETF landscape expands, investors will have more opportunities to gain exposure to cryptocurrencies like XRP through traditional financial channels. This development could pave the way for further adoption and integration of digital assets into mainstream investment portfolios.
Source: Original article
