A powerful new investment vehicle has just entered the cryptocurrency market, signaling a potential shift in institutional interest and regulatory perception. Canary Capital's spot XRP Exchange-Traded Fund (ETF), XRPC, has made a remarkable debut, setting a high bar for future fund launches and spotlighting XRP's growing institutional appeal.
A Stellar Market Debut
Launched on November 13, Canary Capital’s spot XRP ETF experienced a stunning debut, garnering over $36 million in trading volume within its initial three hours. This impressive start positioned XRPC as a strong contender for one of the most significant ETF launches, achieving 63% of the first-day performance of Bitwise’s Solana ETF (BSOL), a current benchmark in the space. Bloomberg senior ETF analyst Eric Balchunas projected that the fund would significantly exceed initial estimates and could even surpass BSOL’s $57 million opening-day record. The launch also triggered a 3.3% surge in XRP’s value, even as Ethereum and Solana saw declines, indicating a concentrated buying interest specifically tied to this new investment product. Canary Capital has strategically framed its product around the XRP Ledger’s robust architecture for global payments and interoperability, aligning with Ripple’s long-standing vision for enterprise adoption rather than purely speculative trading.
Reshaping the Regulatory Landscape
The approval and subsequent success of the XRPC fund carry substantial weight beyond its immediate trading metrics, marking a pivotal moment in cryptocurrency regulation. This ETF is the first public spot investment product for XRP registered under the Securities Act of 1933, a direct consequence of the recent settlement between the Securities and Exchange Commission (SEC) and Ripple Labs after five years of litigation. NovaDius Wealth president Nate Geraci hailed the launch as "the final nail in the coffin of previous anti-crypto regulators," emphasizing a dramatic, "night & day" shift in the regulatory environment over the past year. Experts have high expectations for the fund, with Geraci predicting it will "easily become" a billion-dollar product within months, attracting flows that could dramatically exceed current forecasts. Analysts previously estimated that XRP ETFs could capture $8 billion in their inaugural year, indicating that the XRPC launch is a crucial test of institutional demand for XRP, especially after years of legal uncertainty imposed by the SEC.
