The debut of the Canary XRP ETF (XRPC) has become one of the most notable ETF launches of 2025, posting inflows and trading volumes that outperform several major crypto ETFs, including Solana and even some Bitcoin products. However, despite its blockbuster entry, XRP’s market price failed to sustain momentum, dropping sharply after the announcement.
Canary Capital revealed that XRPC attracted a remarkable $245 million in net inflows on its first trading day. This figure surpassed the inflows of every existing spot Bitcoin ETF , including BlackRock’s IBIT, which recorded $111.7 million, and Bitwise’s BITB at $237.9 million.
The inflows also exceeded expectations set by CEO Steven McClurg, who had previously suggested that XRP demand could match or surpass interest in Solana ETFs. His prediction proved accurate, supported by XRP’s large market cap and deep liquidity.
Alongside the inflows, XRPC delivered an impressive $59 million in day-one trading volume, marking the highest first-day volume among more than 900 ETF launches in 2025.
Bloomberg ETF analyst James Seyffart confirmed that XRPC overtook the previous 2025 record held by the Bitwise Solana Staking ETF (BSOL), which saw $57 million.
Bloomberg’s Eric Balchunas also spotted the surge early, noting XRPC had already crossed $26 million within the first 30 minutes, far above his initial estimate of $17 million.
Canary Capital’s CEO later clarified why volume figures appeared lower than inflows: in-kind creations do not show up in trading volume, explaining the gap between the $245 million in inflows and the $59 million in trades.
In a surprising twist, XRP’s price did not benefit from the ETF launch. Instead, it fell 8% in 24 hours, hitting a low of $2.28 before stabilizing near $2.30. Trading volume, however, jumped more than 40%, indicating strong market activity around the debut.
Meanwhile, XRP futures cooled, with total open interest dropping to $3.71 billion, including notable declines on CME and Binance.
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Solana also felt the impact of the broader market downturn. SOL dropped 8% to around $143.56, adding contrast to XRPC’s exceptional debut amid an overall bearish day in the crypto market .
On-chain analyst Ali Martinez highlighted a critical support zone for XRP around $2, suggesting that if selling pressure continues, buyers may attempt to regain control in this region. His view aligns with the broader sentiment that $2 is both a psychological and technical support level.
If XRP holds above this zone, a rebound may follow. However, a confirmed breakdown below $2 could expose the token to deeper downside.
