The first U.S.-listed spot XRP exchange-traded fund (ETF) has officially launched. The fund, created by Canary Capital and trading under the ticker XRPC, began trading on the Nasdaq on November 13. Its debut marked a key milestone for XRP, offering investors a way to gain regulated exposure to the asset without direct token custody.
XRPC opened at $40 but quickly settled around $26.30 in early trading. The product is designed to track the spot price of XRP and is aimed at institutions and retail investors seeking a more traditional route to invest in the token.
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How the ETF Works
XRPC gives investors access to XRP via a standard brokerage account, removing the need to use crypto exchanges, self-custody wallets, or manage private keys. According to Canary Capital, the ETF is built to reflect XRP’s use in payment systems and cross-border settlement, rather than treating the token purely as a speculative asset. The annual management fee is set at 0.50%.
XRP is the native asset of the XRP Ledger, a blockchain network that has been operational since 2012. It is primarily used for transferring value across borders and enabling liquidity. The network is known for low fees, fast transaction times, and minimal energy use.
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Trading Activity and Early Interest
In its first 30 minutes of trading, XRPC recorded $26 million in volume. Bloomberg ETF analyst Eric Balchunas described the opening numbers as strong and ahead of expectations. The debut places it among the top-performing altcoin ETF launches in 2025.
The listing follows regulatory approval via the SEC’s 8(a) process, which allowed the fund to become effective automatically after a 20-day window. Nasdaq certified the listing on November 12, clearing the final hurdle before trading began.
Market Impact and Price Action
At the time of the ETF launch, XRP’s price was holding near $2.47, with trading volume and futures open interest rising ahead of the debut. Analysts noted that while price movement was relatively stable, inflows into the ETF could take time to influence broader market trends.
The ETF arrives during a period of growing institutional interest in regulated crypto products. Multiple XRP ETF applications are currently listed on DTCC’s website, including those from firms like Bitwise and Franklin Templeton.
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What This Means For Investors
The launch of XRPC allows regulated market participants to gain exposure to XRP without holding the asset directly. This opens the token to a wider investor base, including institutional desks that are restricted from trading crypto on unregulated platforms.
Canary Capital stated that the product aims to meet growing demand for blockchain assets with practical use cases, particularly in cross-border payments and financial infrastructure. With the ETF now active, attention is shifting to early inflow data and whether other issuers will follow with competing offerings.
The ETF is listed under the Securities Act of 1933, making it the first XRP spot ETF of its kind to be offered in the U.S.
