On November 13, 2025, an intriguing development in the world of Exchange-Traded Funds (ETFs) took place: the launch of the XRPC ETF by Canary Funds. Bloomberg Intelligence ETF analyst James Seyffart noted that this ETF achieved the largest day-one trading volume so far for an ETF launch in 2025, surpassing BSOL’s ~$57 million. The fact that this milestone was reached on a down day in the markets speaks to the potential enthusiasm surrounding the product.
Day-One Hype or a BTC-Spot ETF Competitor?
The surge in trading volume raises critical questions among traders: Is this initial success due to built-up demand, or does it hint at the possibility of XRP-spot ETFs meeting high expectations? Canary Capital’s CEO Steven McClurg expressed optimism, revising his initial first-month inflow projection from $5 million to a more bullish stance, even suggesting that if inflows reach $10 billion, it would elevate XRPC into the ranks of the top 20 ETFs of all time.
McClurg’s statement reflects a strong belief in the XRP-spot ETF’s potential. He acknowledges his earlier bearish outlook on inflows but remains committed to the original projection. The success of XRPC is especially noteworthy given that it holds a first-to-market advantage within a competitive field of XRP-spot fund offerings.
However, other players in the ETF arena, including Franklin Templeton, Bitwise, and WisdomTree, could challenge XRPC’s initial momentum. According to VettaFi, these issuers boast higher rankings based on assets under management, suggesting they might attract more significant inflows once their own XRP-spot ETFs launch. Notably, amendments to S-1 forms from Bitwise and Franklin Templeton indicate their ETFs are expected to debut very soon, adding further excitement to the market.
Risk Assets Tumble as Fed Rate Cut Bets Slide
Despite the impressive debut of the XRPC ETF, the broader market sentiment weighed heavily on the aftermath. Fading prospects for a Federal Reserve rate cut in December caused a ripple effect across risk assets. The CME FedWatch Tool indicated a drop in the probability of a rate cut from 62.9% to 50.7%, creating a more cautious atmosphere among investors.
This shift in sentiment contributed to a 2.34% decline in the Nasdaq Composite Index on the same day as XRPC’s launch, while net outflows were reported at $459.4 million for BTC-spot ETFs and $103.7 million for ETH-spot ETFs. This context highlights the notion that the success of XRPC gained additional significance amidst the challenges faced by traditional equities and crypto assets. As such, if inflows into XRPC remain robust, there’s a potential for XRP to recover losses experienced on that day.
Technical Outlook: Key XRP Price Levels
On November 13, XRP experienced a decline of 2.69%, bringing its price to $2.3230. This drop came in the wake of a broader market downturn, leaving XRP considerably below its 50-day and 200-day Exponential Moving Averages (EMAs), indicating bearish momentum. Nonetheless, technical analysis points to several key levels that could signal a potential turning point for XRP.
- Support levels: $2.2, $2.0, and $1.9.
- 50-day EMA resistance: $2.5340.
- 200-day EMA resistance: $2.5760.
- Resistance levels: $2.35, $2.5, $2.62, $2.8, $3.0, and $3.66.
Traders and analysts will be closely monitoring these levels in the coming days. If XRP can maintain its position and see sustained inflows, it may catalyze a price rebound and shift the current bearish trend.
