Canary Capital XRP ETF Day 1 Performance Creates Buzz

Now that the US government has reopened, the XRP ETF narrative has been gaining traction. Excitement has been particularly building around Canary Capital’s XRPC ETF, which made its debut on November 13.

Initial reports revealed that the new Canary Capital XRP ETF was off to an impressive start. The XRPC ETF reportedly achieved over $57 million worth of trading volumes on its first trading day.

The sizable trading volume meant that the XRPC had the largest debut of all the spot crypto ETFs launched this year.

The XRP ETF managed to dethrone the Bitwise Solana ETF previously held the record for the ETF with the highest daily volume on its first day. This performance meant that the XRPC ETF had a positive reception in the market.

However, this may just be the beginning for XRP’s institutional demand. More XRP ETFs are slated for launch.

XRP ETF Applications to Benefit from the SEC’s Accelerated Decisions for Crypto ETFs

The XRPC ETF may be challenged sooner than later by newer launches. This is because the SEC has reportedly issued guidance for accelerated decisions on crypto ETFs.

The guidance means pending XRP ETFs may finally receive the SEC’s ruling in an expedited manner. Analysts have their sights set on XRP because it was among the top coins with multiple pending ETF applications.

Numerous XRP ETFs had their SEC decision deadlines between 18 and 25 October. However, the government shutdown led to unexpected delays. Although new deadline dates were not announced, the U.S government reopened, and this means ETF decisions may be announced soon.

Previous reports earlier this week revealed that multiple XRP ETFs showed up on the DTCC website. They included ETF products from Canary Capital, Franklin Templeton, ProShares, 21Shares, and Bitwise.

For context, Bitwise recently achieved success with its Solana ETF, which previously held the record for the highest day 1 trading volume of any crypto ETF. Moreover, the Solana ETF demonstrated healthy demand courtesy of its unbroken streak of positive flows.

Is XRP Price on the Verge of a Recovery?

Although the week has been exciting for XRP ETF prospects, the opposite could be said for XRP price action. The cryptocurrency just concluded the week with a 5% plus discount.

XRP price hovered at $2.2 at press time. This price level previously acted as a consolidation zone. The same price level represented a 38% discount from its July top.

But will XRP ETF prospects trigger significant demand to warrant a sizable recovery? SOL performance after Solana ETF approvals may offer insights into what to expect.

SOL price still maintained an overall downtrend despite a continuous streak of Solana ETF inflows. This meant that the ETF flows were not big enough to offset the prevailing sell pressure in the market.

XRP price may face a similar situation, meaning bearish market conditions might dilute post-ETF approval hype. Whether the XRP price will rally will depend overwhelmingly on the prevailing set of demand and supply factors.

Meanwhile, XRP flows hinted that the bulls were building a strong defense after the latest downside. Moreover, whales were on the demand frontline, but their net inflows remained relatively low.