- First XRP spot ETF launched on Nasdaq, significant market implications.
- Day 2 saw $243 million net inflow.
- XRPC signals promising institutional interest in XRP investment.
The first single-token spot ETF for XRP, the Canary XRP ETF (XRPC), commenced trading on Nasdaq, marking a pivotal moment for cryptocurrency investment options in the United States.
The launch signifies increasing institutional interest, evidenced by a $243 million net inflow on its second day, highlighting the growing integration of digital assets into traditional finance.
$243 Million Inflow Post-Launch Highlights Institutional Interest
Canary Capital Group LLC pioneered the launch of the XRP spot ETF on Nasdaq. With a management fee of 0.5%, the XRPC ETF enables direct exposure to XRP through a structured financial framework. Steven McClurg, CEO, emphasized, “XRP is one of the most established and widely used digital assets in the world.“
Significant inflows of $243 million occurred on Day 2, reflecting restrained initial interest followed by increased institutional confidence. The ETF’s structure allows cash and physical redemptions, appealing to a broad range of investors.
Steven McClurg, CEO, Canary Capital, said, “XRP is one of the most established and widely used digital assets in the world, and accessibility to XRP through an ETF will enable the next wave of adoption and growth in a critical blockchain system.”
XRP Price Trends Amid ETF Debut and Market Dynamics
Did you know? Historically, the launch of spot ETFs for leading cryptocurrencies like Bitcoin set precedents for substantial market uptake, often driving increased liquidity and fostering broader sector growth ties.
According to CoinMarketCap, XRP, currently priced at $2.21, displays a market cap of $132.88 billion, representing 4.11% market dominance. Trading volume decreased by 55.79%, with a 24-hour price dip of 2.93%. Over 90 days, XRP experienced a 27.32% decline.
Coincu analysts foresee that the XRP spot ETF introduction may spark enhanced regulatory scrutiny while expanding institutional investment pathways. This dynamic could potentially result in modified infrastructural approaches and market participation sentiment, reinforcing XRP’s utility in existing frameworks.
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Source: https://coincu.com/news/xrp-spot-etf-nasdaq-launch-2/