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Canary Capital’s newly launched spot XRP ETF (XRPC) made a strong debut on Thursday, November 13.
The fund generated $26 million in trading volume within the first 30 minutes, and by the end of the session, it had recorded more than $58.5 million in total volume and $245 million in net inflows.
Despite the compelling first day, XRPC’s initial volume still falls short compared to the launches of Bitcoin (BTC) and Ethereum (ETH) spot ETFs, which saw $4.1 billion and $1.1 billion in day-one trading volume, respectively.
Even so, XRPC has outperformed all funds launched this year, roughly 900 in total, according to Bloomberg’s Senior ETF Analyst Eric Balchunas.
XRP plummets despite successful ETF launch
The strong ETF launch failed to prop XRP up, as the token extended its decline on Friday due to broader crypto-market weakness. At the time of writing, XRP was trading at $2.27, down almost 9% on the daily chart and erasing $13 billion from its market capitalization.
XRP 24-hour price. Source: FinboldOverall, the total cryptocurrency market lost 6% of its market cap in just 24 hours, wiping out roughly $160 billion. Bitcoin saw massive losses, dropping to its six-month low below $96,000, while more than $1.1 billion in liquidations across derivatives markets accelerated losses across major altcoins.
XRP, which maintains a 0.82 correlation with Bitcoin, was pulled sharply lower as institutional investors moved into risk-off mode. Namely, some 1.4 billion XRP was moved to exchanges in the days leading up to the Canary listing, signaling large holders were preparing to take profit.
From a technical standpoint, XRP is below its 30-day simple moving average (SMA) at $2.42 and the key pivot point at $2.38, while the 14-day relative strength index (RSI) slipped to 44.71, indicating building bearish momentum.
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