- XRP sees strong attention as Canary Capital launches first U.S. Spot XRP ETF (XRPC), generating $26 million early.
- XRP price remains stable with strong support, trading above key levels and showing buyer confidence.
- Analysts predict XRPC ETF momentum could surpass previous crypto ETF debuts, attracting significant institutional interest.
XRP gained attention today as Canary Capital launched the first U.S. Spot XRP ETF, called XRPC. The listing of this fund on the stock market attracted strong investor interest, with significant trading activity as soon as it began. This marks an important step for XRP toward entering mainstream finance.
At the time of writing, XRP is trading at $2.30, with a 24-hour trading volume of $9.93 billion and a market capitalization of $140.60 billion. The price has gained 0.05% over the last 24 hours.
XRP ETF Launch Gains Massive Momentum
The launch of Canary Capital’s Spot XRP ETF (XRPC) also started aggressively in the market. In less than 30 minutes of trading, this ETF also logged a huge volume of $26 million, exceeding market expectations.
Bloomberg analyst Eric Balchunas, who predicted $17 million, quickly reacted, tweeting, “Wow, gonna blow away my $17m guess.” He also said that XRPC may break $BSOL’s $57 million first-day record to lead as the biggest ETF debut of the year.
The XRPC ETF is now listed for trading on Nasdaq and Robinhood, providing traditional investors with an easy means to get exposure to the native cryptocurrency of XRP Ledger, namely XRP.
According to Canary Capital, this fund is set to track XRP’s performance in the global payment ecosystem, focusing primarily on speed, scalability, and settlement of cross-border payments, as stated in an announcement by Canary.
Also Read | XRP Jumps After Nasdaq Confirms Upcoming Spot XRP ETF Listing
XRPC ETF Momentum Signals XRP Breakout
Market analysts continue to monitor the performance of this ETF for the rest of the day. According to Bloomberg’s James Seyffart, trading volumes should touch $34 million by the end of the market, although Balchunas thinks this figure may even breach higher levels.
If this momentum continues, XRPC could very well launch ahead of recent Bitcoin and Ethereum ETFs, which have received heavy institutional support upon launch.
Despite a small price increase, More Crypto Online revealed XRP maintains a stable level above $1.21, which reveals strong support from buyers. This token has also passed testing in the range of $1.75 to $2.17, after which it rallied to higher levels, which indicates strong confidence in this token in the market.
If XRP can break past $2.84, it can open up a run to $5 in the coming months, according to analysts. Now that the first U.S.-based Spot XRP ETF has been launched and is receiving immense attention, it is also believed to be a start of a fresh beginning for XRP’s development in terms of adoption and its price.
Also Read | XRP Rally Explodes: ETF Approval Could Propel Price Toward $3
