XRP spot ETF 'XRPC' posts $58 million first-day volume..."Successful debut"

XRP (XRP) spot exchange-traded fund (ETF) made an impressive debut on Wall Street.

On the 13th (local time), The Block reported that Canary Capital's XRP spot ETF 'XRPC' recorded total trading volume of $58 million on its first trading day. It is the largest first-day volume among roughly 900 ETFs launched this year.

The previous high for the year was held by Bitwise's Solana ETF (BSOL) at $57 million. BSOL also posted $72 million in trading volume on its second day after launch, continuing its 'success.'

Eric Balchunas, Bloomberg's senior ETF analyst, said, "XRPC saw $26 million executed within the first hour of trading," adding, "Of the ETFs launched this year, only XRPC and BSOL delivered overwhelming results, and they are separated from 3rd place by more than $20 million."

Matt Hogan, Bitwise's Chief Investment Officer (CIO), said, "What determines ETF success is not 'broad appeal' but a 'strong fandom'," adding, "If 20% of people passionately like a particular asset, it creates stronger demand than if 80% like it lukewarmly."

Meanwhile, after the U.S. government shutdown ended, the Securities and Exchange Commission (SEC) reorganized its new listing procedures, and multiple crypto asset (cryptocurrency) spot ETFs are awaiting approval. The Depository Trust & Clearing Corporation (DTCC) recently listed five XRP spot ETFs in the 'active and pre-launch' category.

However, price action is weak. Concerns have grown over the U.S. Federal Reserve's (Fed) 'opaque rate decisions.' On the day, XRP is trading in the $2.3 range in the Binance Tether (USDT) market, down about 3% from the previous day.