\n
<\/p>\n
\n\t\t\t\t\t\t\t\t\tThe ETF still ranked as the year\u2019s third-largest debut despite a sharp market sell-off.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The Bitwise XRP ETF (XRP) began trading on the New York Stock Exchange yesterday, marking the second U.S. fund to offer direct 100% exposure to the Ripple-linked asset.<\/p>\n
Despite a sharp downturn across the wider crypto market, the new fund saw approximately $26 million in trading volume on its first day.<\/p>\n
This debut follows the record-setting launch<\/a> of the Canary XRP ETF (XRPC) just a week prior, which saw nearly $60 million in first-day volume.\u00a0Bitwise\u2019s entry was closely monitored, with Bloomberg reporting it neared $22 million in volume just a few hours into the session.<\/p>\n By the closing bell, the final tally reached<\/a> $25.9 million, translating to over 1.1 million shares traded. Social media commentator Chad Steingraber, who posted real-time updates on the day of the launch, noted<\/a> the fund\u2019s volume passed the $23 million mark with ninety minutes left to trade.\u00a0This performance makes it the third biggest ETF debut of the year, after Canary\u2019s XRP offering and Bitwise\u2019s Solana ETF.<\/p>\n However, it came against a difficult backdrop for digital assets. On the same day, Bitcoin fell<\/a> to a seven-month low near $88,000, dragging major altcoins like Ethereum and XRP down with it.<\/p>\n The Ripple token\u2019s price tested<\/a> the critical $2.00 support level, a key zone that analysts like CasiTrades have identified as potentially marking the bottom of its current correction. It has since given in, and the asset now trades well below it.<\/p>\n The immediate success of two XRP-focused ETFs has sparked discussion about their long-term effect on the token\u2019s supply. In a series of posts on X, Steingraber projected<\/a> that if the current adoption rate continues, ETF issuers could collectively acquire millions of XRP tokens daily.<\/p>\n He suggested that with just two funds, daily acquisitions could already be around 6 million XRP, potentially growing significantly as more products enter the market.<\/p>\n This institutional demand could create a new dynamic for the underlying asset, which has one of the most dedicated retail communities in crypto, often referred to as the \u201cXRP Army.\u201d<\/p>\nMarket Impact and Future Outlook<\/h2>\n
You may also like:<\/h3>\n
\nSECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link<\/a> to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).<\/b><\/div>\n<\/div>\n