Here’s What Happened on Day 1

XRPC posted $245 million inflows despite sub-$60 million day-one volume thanks to massive in-kind creations.

The Canary XRP ETF (XRPC) logged a standout first trading session on November 13, posting more than $58.5 million in volume and about $245 million in net inflows.

The debut pushed XRPC ahead of Bitwise’s Solana fund (BSOL), which previously held this year’s top spot for ETF launches.

XRPC Lands as Year’s Biggest ETF Launch

XRPC surged out of the gate at market open after Nasdaq certified the listing the evening before, with analyst Eric Balchunas noting that the fund traded $26 million within its first 30 minutes, surpassing his $17 million projection, and ultimately edging out BSOL’s earlier $57 million opening-day figure.

Community reaction was lively. Journalist Eleanor Terrett said she wasn’t shocked the fund topped the charts, joking that “with the XRP Army behind it, is anyone really surprised?” Meanwhile, ETF expert Nate Geraci highlighted that nearly every crypto ETF launch in the past two years has beaten Wall Street’s initial expectations, pointing to a pattern of deep-pocketed demand that the traditional finance “old guard” continues to underestimate.

Part of the disconnect between trading volume and inflows came down to in-kind creations, Geraci explained. These large institutional allocations do not appear in trading data, helping clarify how XRPC could post nearly a quarter-billion dollars in inflows despite sub-$60 million in visible volume.

The product’s launch follows a broader wave of crypto ETFs that went live through automatic SEC registration rules. The same methods helped launch BSOL and other spot products for Litecoin and HBAR in late October, with XRPC using a similar setup that provides access through a 1933 Act vehicle and depends on Form 8-A certification instead of needing approval from the regulator.

XRP Market Picture and What Comes Next

XRP itself has been trading around $2.28, sliding roughly 9% over the last 24 hours. Despite the pullback, the token is still nearly 3% higher this week and more than 220% year over year.

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However, in the last 30 days, it has softened, drifting about 9% lower as part of a broader cooldown across major altcoins. The current range between $2.27 and $2.52 places it well below its July all-time high near $3.65, though far above its early-cycle lows.

Analysts have been watching whether ETF demand could help XRP regain momentum after several weeks of uneven trading. Earlier coverage pointed to potential friction between new institutional buying and profit-taking from long-standing holders, a dynamic that may continue to shape price action through the coming sessions.

With fresh bipartisan efforts in Congress to give XRP formal commodity status under the CFTC, first floated on November 10, the regulatory backdrop may also play a role in how the asset performs against rising ETF interest.