Canary Capital’s spot XRP exchange-traded fund, XRPC, began trading on Nasdaq with a record first-day performance. The fund reported approximately $58 million in trading volume and generated roughly $245 million in net asset inflows. Market data indicate that XRPC now ranks as the strongest US ETF debut of 2025 by trading volume.
The listing came on the same day as the reopening of the United States government, which helped restore some risk appetite. Even so, the ETF launch landed during a broader downturn in digital assets, so investors balanced new XRP exposure with caution.
At the same time, Bitcoin slipped below $96,000, which underscored the risk-off mood in crypto markets. Supporters note that the product gives institutions a regulated channel to gain XRP exposure without holding the token directly.
Regulatory conditions surrounding XRP have shifted following the US Securities and Exchange Commission's closure of its lawsuit against Ripple. That decision removed a long-running source of uncertainty and encouraged new listings and corporate partnerships tied to the token. As a result, the XRP market now appears more accessible to large asset managers. Many prefer clear rules before committing capital.
On-chain data highlighted a separate development after the ETF listing. Whale Alert tracked a transfer of 94 million XRP, worth more than $211 million, from an unknown address to Binance.
Traders often read such large transfers as preparation for selling, liquidity provision, or portfolio rebalancing. In this case, market participants debated whether the move signaled future downside or routine operational activity.
XRP price action turned sharply lower around the same time. The token dropped by about 3%, sliding from $2.48 to near $2.25 over the past 24 hours.
Technical analysts now focus on the $2 to $2.4 band as the nearest support zone for XRP. They view former support levels at $2.36, $2.40, and $2.47 as resistance that bulls must reclaim to regain control. Many also monitor on-chain data that shows more than 110 million XRP moving between wallets around the time of the breakdown.
Market sentiment across major cryptocurrencies remains cautious following recent macro-driven selling. Because of that, traders watch incoming XRPC flows and whale activity as likely catalysts for the next trend. Sustained ETF inflows could support an attempt to recover above key technical levels. However, additional exchange deposits from large holders could reinforce selling pressure and extend the current downtrend.
Also Read: Whales Dump $300M as Ethereum Price Struggles Below $4,000