First Spot XRP ETF Launches: Canary’s ETF Clears Final SEC Regulatory Challenge

Canary Capital Group launched the first spot XRP exchange-traded fund in the United States on Nasdaq on November 13, 2025, under the ticker XRPC.

The launch came after Ripple’s regulatory clearances, including Nasdaq’s certification of the listing on November 12, and an SEC settlement with Ripple in August 2025 over long-standing allegations of unregistered securities sales.

The XRPC ETF will hold physical XRP in cold storage, with Gemini Trust Company and BitGo serving as its custodians. It will also track the CoinDesk XRP Price Index and comply with the Investment Company Act of 1940 to provide investors with an easy alternative to direct crypto holdings and custody.

Canary Capital filed its S-1 registration earlier in 2025 and has updated custody protocols, risk disclosures, and fee structures that include an annual expense ratio of 0.50% with no waivers.

The product launch follows Ripple’s partial court victory in 2023, which classified most XRP sales as non-securities, while it clears its challenges for institutional adoption. 

“XRP is among the most established and widely used digital assets in the world,” Canary CEO Steven McClurg said. “Accessibility to XRP through an ETF will allow the next wave of adoption and growth in a critical blockchain system.”

The XRPC ETF follows a series of altcoin ETFs in recent months, coming at a time of spot funds, including Solana and others, at a time the SEC continues to adopt a pro-crypto regulatory stance.

XRP ETF Inflows Hit $245M, Beating BlackRock’s ETH Launch Pace

XRPC saw $58.6 million in first-day trading volume on Nasdaq, surpassing Bitwise’s Solana ETF debut at $57 million and making it the biggest first-day volume of any ETF to debut in 2025. $26 million of the trading volume on its first day was seen in the opening 30 minutes.

Bloomberg ETF analyst Eric Balchunas said the performance also passed his $17 million prediction, as XRPC became the year’s top debut.

The XRPC net inflows reached $245 million, with a majority of the share from institutions such as banks, hedge funds, and asset managers that are looking to benefit from XRP exposure without operational complexity. 

The total rivals BlackRock’s Ethereum ETF launch at $266.5 million, showing XRP’s utility appeal despite Canary’s smaller footprint.

ETF Launch Can’t Stop Sell-Off As XRP Dips

As of November 14, 2025, XRP is currently trading at $2.27, down 9.29% over 24 hours but still above key support levels. The token dropped to an intraday low of $2.28 before recovering near its 365-day moving average in an uptrend channel.

According to data from CoinMarketCap, XRP’s current market capitalization as of November 14, 2025, stands at approximately $136.84 billion and a 24-hour volume of $7.56 billion.

XRP performed relatively better compared to Bitcoin, near $96,453, down 6.40%, and Ethereum at $3,160, down 9.89%, considering the general pullback as a result of macro risks and over $960 million in liquidations, according to data from CoinMarketCap.

Market analysts believe that the present market volatility was a result of whale sales of about 90 million tokens ahead of the launch. 

With XRP’s circulating supply reaching 60.1 billion tokens, Canary eyes $500 million in assets under management by December. McClurg projected up to $5 billion in first-month inflows across XRP ETFs. Technical data shows 2025 peaks at $4.44 and over $9 by 2030, if the token clears the $3.33 resistance.