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XRP Climbs 6.2% to $2.40 as Spot ETF Filings Gain Momentum

XRP Climbs 6.2% to $2.40 as Spot ETF Filings Gain Momentum

Despite launching its first U.S. spot XRP ETF with record day-one volume, Ripple’s token faced bearish price action in mid-November, highlighting post-listing volatility among altcoin ETFs.

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XRP

Summary

The first U.S.-listed spot XRP ETF by Canary Capital recorded a record $58 million in day-one trading volume, yet XRP’s price fell to $2.26 on Nov. 15 from a year-to-date high. This bearish trend followed whale sell-offs of about 90 million XRP before launch, echoing volatility seen with prior Bitcoin ETF listings. The ETF, listed on Nasdaq under ticker XRPC, is certified via the SEC’s 8(a) process, with custody provided by Gemini Trust Company and BitGo Trust Company, and pricing based on the CoinDesk XRP CCIXber benchmark.

Terms & Concepts
  • Spot ETF: An exchange-traded fund that directly holds the underlying asset, in this case XRP, rather than tracking futures contracts.
  • CoinDesk XRP CCIXber: A benchmark index used for pricing the XRP asset in the ETF, maintained by CoinDesk.
  • Custody: A service that holds and secures assets—here, XRP—on behalf of the ETF, provided by firms like Gemini Trust Company and BitGo Trust Company.