Canary’s XRPC Explodes Onto the Scene with Stellar Early Trading Volume

Canary’s XRPC just shattered expectations with a blistering debut—trading volumes are already surging past early projections.

Why It Matters: The protocol’s launch isn’t just another crypto footnote. Liquidity flooded in faster than a Wall Streeter chasing the next pump-and-dump.

Behind the Numbers: While exact figures are under wraps, insiders hint at volumes that’d make even established chains sweat. No vaporware here—just real, chaotic demand.

The Bigger Picture: If this momentum holds, XRPC could carve out a niche in the overcrowded DeFi arena. Or, like so many before it, become another speculative plaything for degens.

Final Thought: Another day, another token launch. But this one? It’s got teeth—for now.

What launched today

Canary Capital’s XRPC ETF listed this morning, offering investors exposure to XRP held in a grantor trust structure. The fund tracks CoinDesk’s CCIX New York XRP rate, holds real XRP tokens through custodians Gemini and BitGo, and lists on CBOE under the ticker XRPC.

The launch followed weeks of speculation after Canary filed its FORM 8-A, the final step before exchange listing, triggering broad anticipation across retail traders, desk analysts, and institutions watching the early XRP ETF race.

Early trading estimates

Before the opening bell, Bloomberg senior ETF analyst Eric Balchunas urged the industry to place their bets; he was at $17 million. Just 30 minutes after XRPC went live, he was back online, this time sounding stunned.

$XRPC at $26m in volume in first 30min, wow, gonna blow away my $17m guess. Has good shot at beating $BSOL's $57m as biggest Day One of any launch this year. pic.twitter.com/UrbHsRYxYV

Later, analyst James Seyffart pointed out that XRPC had crossed $46 million in volume with hours still left, calling it a NEAR lock for one of 2025’s top ETF debuts and still in the running to beat BSOL’s record.

Okay. 2.5 hours left in trading day and @CanaryFunds's $XRPC is already over $46 mln in day one trading. 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. https://t.co/dKqCnUXZiL pic.twitter.com/q3B0Fqr4NC

A swelling pipeline: 7 XRP ETFs in 12 days

The debut doesn’t happen in a vacuum. As Ripple Bull Winkle noted:

7 SPOT $XRP ETFs launching in 12 days. Nasdaq, CBOE, NYSE — all opening their doors at once.

Institutions aren’t gambling. They’re positioning before the next leg.

XRP’s MOVE is already being engineered behind the scenes. pic.twitter.com/kWvd8kHW3C

The next wave includes filings from Bitwise, 21Shares, Grayscale, and others, setting up a multi-exchange rollout that mirrors the Bitcoin ETF cluster earlier this year.

With multiple venues like Nasdaq, CBOE, and NYSE poised to list their own spot XRP products, the market is preparing for a coordinated influx of institutional pipelines and trading infrastructure.

What comes next

All eyes now turn to whether XRPC can maintain today’s early momentum and whether competing issuers accelerate timelines to capitalize on the attention. Market makers, asset managers, and corporate treasuries are watching how liquidity builds, how spreads tighten, and how quickly XRPC integrates into traditional risk models.

For now, one thing is clear: the XRP ETF era has officially arrived, and today’s open suggests the market was more than ready.

Also read: xrp price Surges 10% as ETFs and U.S. Market Boost Spark Rally