The first instant exchange-traded fund (ETF) for XRP in the United States has experienced a sharp decline since its launch, affected by ongoing volatility in the broader cryptocurrency market.
Specifically, the Canary XRP ETF (XRPC) recorded a drop of about 20% from its initial levels, just a few weeks after its highly anticipated appearance on the Nasdaq.
The XRPC fund was launched on November 13, 2025, becoming the first American exchange-traded fund to provide direct exposure to XRP. It started trading strongly, recording tens of millions of dollars in trading volume during the first hour, and was ranked among the strongest openings of exchange-traded funds this year.
However, that early momentum faded, as the XRPC fund closed the last session at $21.55, down 4% on the day and nearly 20% from its initial range of $26 to $27.
This decline is attributed to several factors, including:
* General weakness in the cryptocurrency market: as investors shift away from riskier assets amid a renewed sense of macroeconomic uncertainty.
* Profit-taking: Major XRP holders intensified their selling after the fund's launch, adding significant selling pressure that exceeded early cash inflows.
* Fund creation structure: The structure of the fund's creation slowed the translation of new investments into actual purchases of spot XRP, delaying price support and creating a gap between expectations and reality.
This reaction reflects 'sell on news' patterns previously seen with the launch of other cryptocurrency exchange-traded funds, although some analysts believe that institutional inflows could contribute to stabilizing the fund if overall market conditions improve.
XRP Price Analysis
The performance of the XRPC fund closely tracks the performance of XRP itself, which has seen significant volatility in recent sessions. The currency struggles to maintain a support area at $2, trading at $2.03 at the time of writing, after declining over 7% during the past week.
Meanwhile, investors still expect that demand for exchange-traded funds will eventually lift the asset's price, especially as XRP ETFs have emerged as one of the fastest-growing products in the market, approaching a billion dollars in cash inflows in less than a month.
