XRP ETF Debut Battle: How Bitwise’s Launch Day Matched Up Against Canary’s XRPC
The Bitwise XRP ETF (XRP) started buying and selling on the New York Stock Exchange yesterday, marking the second U.S. fund to supply direct 100% publicity to the Ripple-linked asset.
Despite a pointy downturn throughout the broader crypto market, the brand new fund noticed roughly $26 million in buying and selling quantity on its first day.
A Strong Debut Amid Market Turmoil
This debut follows the record-setting launch of the Canary XRP ETF (XRPC) only a week prior, which noticed practically $60 million in first-day quantity. Bitwise’s entry was carefully monitored, with Bloomberg reporting it neared $22 million in quantity only a few hours into the session.
By the closing bell, the ultimate tally reached $25.9 million, translating to over 1.1 million shares traded. Social media commentator Chad Steingraber, who posted real-time updates on the day of the launch, noted the fund’s quantity handed the $23 million mark with ninety minutes left to commerce. This efficiency makes it the third largest ETF debut of the yr, after Canary’s XRP providing and Bitwise’s Solana ETF.
However, it got here in opposition to a tough backdrop for digital property. On the identical day, Bitcoin fell to a seven-month low close to $88,000, dragging main altcoins like Ethereum and XRP down with it.
The Ripple token’s worth tested the important $2.00 assist stage, a key zone that analysts like CasiTrades have recognized as probably marking the underside of its present correction. It has since given in, and the asset now trades properly beneath it.
Market Impact and Future Outlook
The instant success of two XRP-focused ETFs has sparked dialogue about their long-term impact on the token’s provide. In a collection of posts on X, Steingraber projected that if the present adoption charge continues, ETF issuers might collectively purchase thousands and thousands of XRP tokens each day.
He prompt that with simply two funds, each day acquisitions might already be round 6 million XRP, probably rising considerably as extra merchandise enter the market.
This institutional demand might create a brand new dynamic for the underlying asset, which has some of the devoted retail communities in crypto, sometimes called the “XRP Army.”
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