Ripple ETF (XRPC) After Successful Launch: Here’s What Happened on Day One

canary

XRPC thus surpassed Bitwise’s Solana Fund (BSOL), which was previously ranked number one.

The fund’s trading value has grown strongly since its opening last night after being approved for listing on Nasdaq. The trading value reached US$26 million within 30 minutes of listing, exceeding analysts’ expectations and exceeding BSOL’s opening value of US$57 million.

These results received a positive response from the investor community, with journalist Eleanor Terret pointing out that the strong support from the XRP community made this success expected.

Fund expert Nate Geraci also confirmed that most cryptocurrency funds launched in the past two years have exceeded Wall Street expectations, explaining that part of the gap between trading volume and actual flows is due to physical structures that are not directly reflected in apparent market data.

The launch of XRPC is part of a wave of funds taking advantage of the U.S. Securities and Exchange Commission’s automated registration system, the same framework used to launch Solana, Litecoin and HBAR funds in October, allowing the listing process to be accelerated via Form 8-A without waiting for lengthy regulatory approvals.

As for XRP’s performance in the market, it fell to around $2.28, down 9% in 24 hours, but still rose by about 3% within a week, with a year-on-year increase of more than 220%.

It currently trades between $2.27 and $2.52, down from its all-time peak of $3.65 in July but still well above where it started the cycle.

Analysts are waiting to see whether institutional flows through ETFs will help XRP regain momentum after a period of volatility.

The report also suggests that pressure from a combination of new demand and profit-taking by established investors is likely to persist.

Regulatory developments are expected to play an important role in the next phase, especially with the recent proposal by Congress to grant XRP commodity status under the oversight of the Commodity Futures Trading Commission (CFTC), a development that may reinforce the growing interest in the currency and its exchange-traded funds.

Also read:

Swings between Ascending Triangle and Key Support: Has a Trend Reversal Already Begun?

Has a new trend started? Ethereum price is back above its major weekly moving average