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- Anjali Belgaumkar
Anjali Belgaumkar
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
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Qadir AKQadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 21, 2025 05:14 UTC
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XRP Sell-Off Deepens: Bitwise ETF Fails to Match Canary’s Record Start
Bitwise’s XRP ETF debuts with $25.9M volume amid a chaotic market crash, trailing Canary’s XRPC ETF as XRP slips under $2 and enters a critical danger zone.
A violent $1.5T market wipeout overshadows the XRP ETF launch as analysts warn of deeper XRP downside, with support at $2 threatening to break toward $1.80.
The Bitwise XRP ETF officially closed its first trading day with 1,127,647 shares traded, equal to $25.93 million in volume. While a solid debut for a product launching during one of the most chaotic market days of the year, the ETF fell far short of the $58.5 million posted by Canary’s XRPC ETF on its launch day last week.
Canary Capital’s CEO, Steven McClurg, congratulated Bitwise publicly and said both firms are showing Wall Street that “you don’t have to be BlackRock to launch the top ETFs of 2025.” He added that Canary is rooting for Bitwise to reach the top five—“as long as you don’t knock us out first.”
Despite the weaker debut, several analysts say Bitwise could post a stronger Day 2, especially after today’s market-wide turmoil restricted liquidity across all risk assets.
A Market Meltdown Overshadows the Launch
The XRP ETF launch collided with one of the most violent market crashes in months. In a single session, the S&P 500 erased roughly $1.5 trillion from its intraday high. Bitcoin plunged to $87,000, triggering a wave of forced liquidations across derivatives markets.
The total crypto market cap simultaneously fell below $2.95 trillion, adding massive pressure to all altcoins—including XRP, which slid under $2 just hours after the Bitwise ETF opened for trading.
XRP Extends Multi-Month Breakdown
XRP’s price action has been deteriorating for months, and today’s crash pushed the token into a critical danger zone. Over the past several weeks, analysts had warned that XRP was entering a multi-month bearish reversal similar to the pattern seen in late 2020, which led to a long, deep correction.
On the weekly timeframe, the bearish divergence continues to play out. The daily RSI has now broken below previous lows, eliminating the possibility of a short-term bullish divergence forming. XRP also closed below a key support region near $2.25, increasing the risk of further downside.
At the moment, $2 is seen as the final near-term support. A daily close below this level could open the door to a retest of $1.80, followed by $1.60 if selling pressure intensifies.
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FAQs
The Bitwise XRP ETF is a new fund that tracks the price of XRP, allowing investors to buy and sell shares on a traditional stock exchange just like a stock.
You can buy it like any stock through any regular brokerage account (Fidelity, Schwab, Robinhood, etc.) using the ticker XRP – no crypto exchange or wallet needed.
The sell-off pulled XRP below $2 as risk assets dropped, adding pressure to an already weak multi-month trend.
Analysts say Day 2 volume may improve as market conditions stabilize after the sudden crash.
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