The first single-token spot ETF for XRP, the Canary XRP ETF (XRPC), has commenced trading on Nasdaq, marking a pivotal moment for cryptocurrency investment options in the United States. This launch signifies increasing institutional interest in digital assets, highlighted by a $243 million net inflow on its second day. Such robust demand underscores the growing integration of cryptocurrencies into traditional finance.
With a management fee of 0.5%, the XRPC ETF provides investors with direct exposure to XRP through a structured financial framework. Steven McClurg, CEO of Canary Capital, emphasized, “XRP is one of the most established and widely used digital assets in the world.” He added, “Accessibility to XRP through an ETF will enable the next wave of adoption and growth in a critical blockchain system.”
Significant inflows of $243 million on day two indicate initially restrained interest, followed by increased institutional confidence. The ETF’s structure supports both cash and physical redemptions, making it appealing to a broad range of investors.
**XRP Price Trends Amid ETF Debut and Market Dynamics**
Historically, the launch of spot ETFs for leading cryptocurrencies like Bitcoin has set precedents for substantial market uptake, often driving increased liquidity and fostering broader sector growth.
According to CoinMarketCap, XRP is currently priced at $2.21 with a market capitalization of $132.88 billion, representing a 4.11% market dominance. However, trading volume has decreased by 55.79%, accompanied by a 2.93% dip in the 24-hour price. Over the past 90 days, XRP has experienced a 27.32% decline.
The introduction of the Canary XRP ETF marks a significant milestone, potentially paving the way for wider adoption and integration of XRP within the traditional financial ecosystem.
https://bitcoinethereumnews.com/tech/xrp-spot-etf-launches-on-nasdaq-amid-market-fluctuations/