XRP ETF Debuts With $46M Surge—Why Is the Token Still Tanking?
XRP just got a shiny new ETF—racking up $46M in volume on day one. So why’s the price still in freefall?
Market whiplash: Traders expected a pop, but XRP keeps defying gravity—downward. The ETF launch should’ve been a bullish catalyst, yet sellers keep piling on. Classic crypto irony: liquidity floods in, but confidence drains out.
Behind the numbers: That $46M volume? Mostly arbitrage bots and institutional hedging—not exactly retail euphoria. Meanwhile, the SEC’s shadow still looms over Ripple’s legal saga, spooking weak hands.
Bottom line: Wall Street’s playing with crypto like a new toy, but the house always wins. XRP’s price action? Just another reminder that ETFs don’t fix broken narratives—they just give suits a way to short it faster.
TLDR
- Canary Capital’s XRP ETF (XRPC) recorded over $46 million in trading volume on its first day
- The ETF saw $26 million in trades within just 30 minutes of launching on Thursday
- XRP price declined 2.7% from $2.50 to $2.28 following the ETF debut
- The XRPC fund dropped 8% from its intraday high of $27 to $24.50 on launch day
- JPMorgan analysts previously forecast the XRP ETF could attract up to $8 billion in capital flows
The Canary Capital XRP exchange-traded fund started trading on Thursday with strong early volume. The fund pulled in more than $46 million during its first day on the market.
Bloomberg ETF analyst Eric Balchunas reported that XRPC recorded $26 million in trading volume within the first 30 minutes. His colleague James Seyffart noted the fund had crossed $46 million with 2.5 hours remaining in the trading session.
The launch numbers put XRPC near the top of 2025 ETF debuts. Seyffart said the fund had a chance to beat Bitwise’s solana ETF for the top spot among crypto ETF launches this year.
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
— James Seyffart (@JSeyff) November 13, 2025
The XRP ETF had been on analysts’ radar since 2024. Expectations for approval increased after Donald Trump’s reelection and the shift toward crypto-friendly regulations.
Price Action Shows Classic Sell-The-News Pattern
Despite the strong ETF trading volume, XRP’s price moved lower on launch day. The token dropped 2.7% over 24 hours, falling from around $2.50 to $2.28.
$XRP will explode, just like Bitcoin did! 👇 pic.twitter.com/CrbWCSuLfw
— STEPH IS crypto (@Steph_iscrypto) November 13, 2025
The XRPC fund itself experienced an 8% decline from its intraday peak. It dropped from nearly $27 to about $24.50 during Thursday’s trading session.
XRP is currently trading just above its 365-day moving average. This level serves as a dynamic support zone for the token.
Technical analysis shows the price trading below $2.40 and the 100-hour simple moving average. A short-term contracting triangle pattern has formed with resistance at $2.235.
Technical Levels and Market Structure
The price found support after reaching a low of $2.2754. Initial resistance sits near the $2.40 level, followed by $2.450.
A break below $2.250 could send XRP toward $2.20, with the next major support at $2.120. The hourly MACD indicator is gaining pace in the bearish zone.
The Relative Strength Index dropped below the 50 level. These technical indicators suggest continued downward pressure in the short term.
Market analysts at JPMorgan previously estimated the XRP ETF could attract up to $8 billion in capital flows. In January, some forecasts projected XRP could reach prices above $10 following ETF approval.
More recent projections suggest a potential rally to $5 by the end of 2025. These estimates factor in the ETF launch and the resolution of the US government shutdown.
The first major resistance zone remains at $2.40. Above that level, bulls WOULD need to push through $2.450 and $2.520 to reach the next target at $2.580.
