XRP ETF Launch Fails to Lift Price as Market Crash Pushes XRP Price Below $2

XRP price today slipped to the $1.92 range on Friday, falling nearly 8% in a single day and erasing almost a month’s worth of gains. The drop came after a sharp market-wide selloff triggered by Bitcoin’s fall to the $84,000 zone. BTC price is now down 8% on the day and nearly 20% for the month, while Ethereum has dropped below $3,000 and is trading near $2,700. 

As usual, XRP moved in line with the broader market, leaving investors wondering whether the new XRP ETFs can eventually lift sentiment the way Bitcoin ETFs did earlier this year.

Strong Market Reaction to Bitwise’s XRP ETF Launch

Amid the downturn, Bitwise Asset Management launched its spot XRP ETF on NYSE Arca under the ticker XRP. Despite weak market conditions, the debut saw a strong response. The fund recorded nearly $22 million in trading volume within the first few hours, which Bloomberg ETF analyst James Seyffart described as “impressive.”

Bitwise also attracted more than $105 million in early inflows, showing solid interest from both retail and institutional investors. Ripple CEO Brad Garlinghouse welcomed the launch, calling it the start of a positive phase for XRP ETFs. 

Bitwise CIO Matt Hougan added that this marks an important milestone in XRP’s path toward wider adoption. With a 0.34% management fee waived for the first $500 million, the ETF aims to draw institutional investors and increase XRP’s liquidity.

More Issuers Enter the ETF Race

The Bitwise launch arrived shortly after Canary Capital’s XRPC ETF, which posted a record-breaking $59 million in first-day volume and $245 million in net inflows—the strongest ETF debut of 2025 so far. Momentum around XRP ETFs is clearly growing.

21Shares has also entered the SEC review process for its spot XRP ETF, now in a 20-day review window. If approved as expected, both 21Shares and CoinShares could launch between November 20 and 22. Earlier, the XRPR fund by REX/Osprey debuted with $38 million in first-day volume and quickly surpassed $150 million in assets under management, showing strong institutional participation.

Major issuers, including Franklin Templeton and Grayscale, are also preparing to launch their spot XRP ETFs on November 24, which could add significant liquidity and inflows to the asset.

Did the ETF Launch Lift XRP’s Price?

The market crash overshadowed the ETF debut. Even with strong trading activity and solid inflows, XRP price dropped below $2 as widespread liquidations hit the entire market. While the launch did not bring the short-term price boost some expected, analysts believe ETF demand could help support XRP once market sentiment improves and volatility settles.