XRP ETFs Flood the Market, A Surge in Launches Signals Institutional XRP Boom

2025-11-21

Canary Capital’s XRPC ETF Shatters Records on Day One

On November 13, 2025, Canary Capital’s XRPC ETF debuted on Nasdaq and instantly became the largest U.S. ETF launch of the year. The fund recorded $58 million in first-day trading volume and attracted $245 million in inflows, an astonishing 360× greater than Canary’s earlier Solana ETF launch. This explosive debut sent a clear message: institutional demand for regulated XRP exposure is far stronger than most analysts anticipated. JPMorgan subsequently projected that XRP-focused ETFs could attract up to $8 billion in assets under management over the coming quarters.

Bitwise Joins the Party with NYSE Listing

One week later, on November 20, Bitwise Asset Management launched its own spot XRP ETF on the New York Stock Exchange. Seeded with approximately 1.1 million XRP (worth ~$2.3 million at launch pricing), the fund waived fees entirely on the first $500 million of assets to accelerate institutional adoption. Despite a broadly red crypto market that day, early trading volume exceeded $20 million, with over 708,000 shares changing hands in the opening hours.

Ripple CEO Brad Garlinghouse celebrated the milestone on X, stating:

“Wall Street now has direct access to XRP through regulated products. This is a game-changer and will drive real price discovery.”

SEC Greenlights 21Shares TOXR on the Same Day

Hours after Bitwise began trading, the U.S. Securities and Exchange Commission automatically approved 21Shares’ TOXR ETF for listing on Cboe BZX Exchange via Form 8-A registration. The approval pushed the total number of active or pre-launch XRP ETF tickers on the Depository Trust & Clearing Corporation (DTCC) to 11, including offerings from Grayscale, CoinShares, and Volatility Shares.

The Pipeline: Four More ETFs Before Month-End

Market sources confirm that at least four additional spot XRP ETFs, including Franklin Templeton’s highly anticipated EZRP, are scheduled to launch before the end of November. Combined, these upcoming funds are expected to bring another ~$1.2 billion in fresh capital into the XRP ecosystem in the final weeks of 2025.

Why This Matters: From Regulatory Cloud to Institutional Sunshine

The rapid succession of approvals and launches follows the SEC’s August 2025 full settlement with Ripple, which removed the long-standing legal overhang by confirming XRP is not a security when traded on secondary markets. With that uncertainty eliminated and a crypto-friendly macro environment taking shape, asset managers are racing to give traditional portfolios clean, compliant exposure to one of the oldest and most battle-tested layer-1 networks.

Market Reaction and Outlook

While XRP’s price has experienced short-term “sell-the-news” pressure, currently consolidating around $2.10–$2.20, on-chain data shows exchange supply collapsing and large holders accumulating aggressively. Analysts widely agree that sustained ETF inflows, combined with Ripple’s expanding partnerships in Asia and ongoing XRPL upgrades (multipurpose tokens, native staking, ZK privacy), position XRP for significant upside into 2026.

The floodgates are officially open. What began as a single ETF has quickly turned into a structural bull catalyst, one that could finally propel XRP from crypto’s most controversial asset to one of its most institutionally embraced.

Just unlocked explosive XRP ETF inflows and eyeing the ride to $3–$5?
Lock in passive rewards on your XRP while the institutions pile in. 100% flexible, withdraw anytime, no lock-ups.