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XRP ETF Wave Surges as Bitwise Joins Wall Street Stampede Despite 45% Price Slide
- A slew of spot XRP exchange-traded funds have hit U.S. stock exchanges this week, including a record-setting debut for Canary Capital’s fund and a much-anticipated XRP ETF from digital asset manager Bitwise.
- Regulated access to XRP for both retail and institutional investors has yet to lead to any increase in the coin’s value; it’s down over 13% for the week.
The Bitwise spot XRP exchange-traded fund (ETF) started trading on the NYSE under the ticker $XRP on November 20, amid an avalanche of XRP ETFs hitting U.S. stock exchanges, including an incredibly successful debut by Canary Capital.
“Milestone day for the XRP community!” Bitwise posted to X. The asset manager said XRP was worth a look for investors due to its long-running operation and the strength of its ‘XRP Army’.
Through crypto’s ups and downs over the past decade-plus, XRP has shown great resilience and played a key role in crypto’s move to the mainstream. We’re thrilled to launch $XRP today and contribute to the next step of XRP’s journey.
Bitwise Bitwise’s ETF is one of many launched recently, or planned within the next week, which includes funds from Franklin Templeton, 21Shares, CoinShares, Grayscale, VanEck, ProShares, WisdomTree, and Amplify. Recent filings from Grayscale indicate it will transition its existing XRP Trust into an ETF due to launch soon.
Despite the rush of XRP ETFs going live and strong institutional interest, the coin’s price has lagged.
At the time of writing, XRP was down over 13% for the week, and had dropped over 45% from its all-time high of US$3.66 (AU$5.67) reached in July 2025. Perhaps not that surprising, with crypto markets in a general slump — but there’s also evidence of XRP whales selling for profits.
Related: Bear Market: Bitcoin Wipes Out 2025 Gains as Price Drops Further
Bitwise’s XRP fund attracts a 0.34% management fee, which is waived for the first month on the first $500 million (AU$775 million) in assets. Its CIO, Matt Hougan, said the timing of the ETF’s launch was exciting:
For years, XRP’s real-world potential was stunted by an extremely hostile regulatory environment. But now, with that obstacle removed—and buoyed by a passionate investor base—we believe we will finally get to see what XRP’s technology can really do.
Matt Hougan, Bitwise CIO Ripple CEO Brad Garlinghouse congratulated Bitwise in a post and characterised the flood of spot XRP ETFs hitting TradFi markets as “the pre-thanksgiving rush (shall we say, ‘turkey trot’!?)”
Bitwise ETF Follows Canary Capital’s Record Debut on Nasdaq
Canary Capital led the charge of spot XRP ETFs, launching on the Nasdaq exchange on November 17. It saw the highest first-day trading volume of any ETF launched so far this year, reaching US$59 million (AU$91.5 million) in volume and raking in over US$245 million (AU$379.8 million) in inflows in one day. At the time of writing, it had over US$268.8 million (AU$416.7 million) in assets under management.
“The success of XRPC on day one, even during a down market, shows that there is insatiable demand from investors for simplified access to digital assets,” said Steven McClurg, CEO and Founder of Canary Capital.
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Related: XRP’s XPRC ETF Smashes 2025 Records With Biggest Day-One Debut on Wall Street
McClurg thinks the demand is global, with traction across a number of altcoins, and we’re just at the beginning of a long-term adoption cycle. He also offered his congratulations to Bitwise this week via an X post, and jokingly asked the competing fund not to knock Canary’s ETF off its perch.
We are showing Wallstreet that you don’t have to be Blackrock to launch the top 5 ETFs of 2025. We are rooting for you to get this one in top 5 too, as long as you don’t knock us out of first.
Steven McClurg, Canary Capital CEO 
Author
Jody McDonald
Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.
