TLDR
- Bitwise XRP ETF launched on NYSE Arca with $25.93 million in first-day trading volume
- The fund recorded over $105 million in early inflows but fell short of Canary Capital’s $58.5 million debut volume from last week
- Launch coincided with major market crash that saw Bitcoin drop to $87,000 and S&P 500 lose $1.5 trillion
- XRP price fell below $2 during trading, continuing a multi-month bearish pattern
- More XRP ETFs from Franklin Templeton and Grayscale expected to launch November 24
Bitwise launched its spot XRP exchange-traded fund on November 20, recording $25.93 million in trading volume on its first day. The fund listed on NYSE Arca under the ticker XRP.
The ETF traded 1,127,647 shares during its debut session. Bloomberg ETF analyst James Seyffart called the turnout “impressive” given the challenging market conditions.
With a bit over ~3 hours left in trading @Bitwise's $XRP is almost at $22 million in trading today. Quite impressive for the second product to market a full week after @CanaryFunds' $XRPC which is the #1 launch by volume this year. https://t.co/muMjHEQ6gt pic.twitter.com/lGxRMn51Rw
— James Seyffart (@JSeyff) November 20, 2025
Bitwise manages approximately $15 billion in assets. The company received over $105 million in early inflows according to data from SoSoValue.
Canary Capital Maintains Lead
The Bitwise launch came one week after Canary Capital’s XRPC ETF debut. Canary’s fund recorded $58.5 million in first-day trading volume and $245 million in net inflows.
First close on Bitwise XRP ETF
– 1,127,647 –> $25,935,881
Close on Canary XRPC
– 812,392 –> $17,466,428 https://t.co/GTzAWwe7FV
— Chad Steingraber (@ChadSteingraber) November 20, 2025
Canary Capital CEO Steven McClurg congratulated Bitwise on social media. He stated both firms are proving “you don’t have to be BlackRock to launch the top ETFs of 2025.”
The Canary XRPC ETF became the strongest ETF debut of 2025 among more than 900 launches. Some analysts believe Bitwise may see stronger performance on day two.
Market Crash Impacts Launch
The ETF debut occurred during a severe market downturn. The S&P 500 lost roughly $1.5 trillion from its intraday high in a single session.
Bitcoin dropped to $87,000 during the crash. The decline triggered forced liquidations across derivatives markets.
Total crypto market capitalization fell below $2.95 trillion. The selling pressure affected all altcoins including XRP.
XRP Price Falls Below Key Level
XRP traded below $2 during the Bitwise ETF’s first day. The token broke through a key support region near $2.25.
$XRP BOUNCE INCOMING! đ pic.twitter.com/j2iiSFg99J
— STEPH IS CRYPTO (@Steph_iscrypto) November 20, 2025
The daily RSI indicator broke below previous lows. This eliminated the possibility of a short-term bullish divergence forming on technical charts.
Analysts now view $2 as the final near-term support level. A daily close below this price could lead to a test of $1.80.
If selling continues, XRP could drop to $1.60. The price action follows a multi-month bearish pattern similar to late 2020.
Community Reacts to Ticker Choice
Bitwise’s decision to use “XRP” as the official ticker sparked discussion. Most crypto ETFs include the issuer’s branding and an abbreviated asset reference.
Community members noted potential confusion between XRP the token and XRP the ETF. Bitwise CIO Matt Hougan said the ticker choice was intentional.
Ripple CEO Brad Garlinghouse congratulated Bitwise on the launch. He joked that a “pre-Thanksgiving turkey trot” for XRP funds had begun.
More ETFs Coming Soon
Franklin Templeton and Grayscale plan to launch their own XRP ETFs on November 24. These products will add more institutional access to XRP exposure.
Bitwise’s CIO expressed excitement about the launch in a social media post. He stated it marked a meaningful moment for the XRP community.
