Ripple's
XRP
maintained its value above $2.25 on Friday, keeping its market cap near $135 billion as institutional interest surged after the debut of the first U.S. spot XRP exchange-traded fund (ETF).
According to reports
, Canary Capital's
XRPC ETF
, which launched on November 14, saw $58.5 million in trading volume on its opening day, surpassing other crypto ETFs and indicating renewed enthusiasm for altcoins despite a generally bearish market. The ETF also
drew in over $250 million in investments
, thanks to its in-kind redemption structure that lets investors swap ETF shares directly for
XRP tokens
.
The ETF's strong performance was
supported by clearer regulations
after the U.S. Securities and Exchange Commission (SEC) gave the green light for in-kind creation and redemption of crypto ETFs in July. Steven McClurg, CEO of Canary Capital,
highlighted XRP's importance
within the Ripple payment ecosystem and suggested that ETF access could spark "a new phase of adoption and expansion for a vital blockchain network." The ETF's results
surpassed the $57 million first-day volume
of Bitwise's
Solana
Staking ETF, making it the most notable ETF launch of 2025.
.
Large-scale investors further demonstrated faith in XRP's future. A prominent holder, known as 0x9ee,
acquired an additional 23,000 XRP
in the last 8 hours, boosting their long position to $52.2 million. Although facing an unrealized loss of $1.14 million, this investor's combined holdings in
ETH
and XRP climbed to $197.2 million, making it the largest long position for both assets on Hyperliquid. This move
stands in contrast to the overall market
, where the amount of XRP in profit dropped to a yearly low of 44 million tokens, indicating widespread unrealized losses among holders.
Market experts observed mixed signals for XRP's near-term prospects. While ETF inflows provided positive momentum, retail participation was still subdued,
with futures open interest averaging $3.78 billion
-down from $4.17 billion at the start of November. Technical analysis also showed downward pressure,
with XRP trading beneath significant moving averages
and a Relative Strength Index of 43, pointing to ongoing risk aversion. Yet, some analysts believe that the decreasing supply available for sale could indicate a market bottom, as investors look for new opportunities amid tightening liquidity.
Institutional participation seems to set XRP apart. Unlike Solana, which is more deeply rooted in crypto-native circles, XRP's established presence among traditional financial institutions gives it an edge in ETF-driven expansion,
according to Canary Capital's McClurg
. This was evident during the XRPC ETF's debut, which
reached $26 million in trading volume
within the first half hour—exceeding analyst forecasts—while XRP's price climbed 3% to $2.42.
The ETF's achievements also reflected wider market trends. Savvy traders
increased net long XRP positions by $44 million
over the last day, showing renewed confidence. At the same time, the SEC's recent approval of XRP ETFs and the resolution of its lawsuit against Ripple in July have strengthened regulatory trust,
with XRP's market capitalization reaching $146 billion
in early November.
As institutional players continue to
explore
new ways to integrate blockchain features into regulated investment vehicles, XRP's trajectory will likely depend on ongoing ETF inflows and broader economic conditions. With the Federal Reserve's hawkish approach weighing on the crypto sector, XRP's capacity to draw institutional funds may determine if it can keep its market cap above $135 billion in the months ahead.
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