XRP ETF Week One: A Historic $500M Launch

The week of November 18-24, 2025, will go down in XRP history. In just seven days, five XRP ETFs launched, over $500 million flowed into institutional vaults, and nearly 259 million XRP was locked up—forever changing the XRP ecosystem. Here's your complete breakdown.

TL;DR - The Numbers

Week in Review

Monday, November 18

The week started with anticipation building. REX-Osprey (XRPR) and Canary Capital (XRPC) were already trading from earlier launches, but everyone was waiting for the big names.

• XRPR: Steady trading, accumulating XRP
• XRPC: Leading in total holdings
• Market Sentiment: Bullish anticipation

Wednesday, November 20

Bitwise enters the arena. The Bitwise XRP ETF (ticker: XRP) launched on the NYSE with a bang:

• First Day Inflows: Over $105 million
• Volume: Among the highest launch volumes for any crypto ETF
• Impact: Immediately became a volume leader

Thursday, November 21

Markets digested Bitwise's launch while speculation grew about the remaining issuers. XRP price continued its upward trajectory.

Monday, November 24 (Today)

Double launch day. Franklin Templeton (XRPZ) and Grayscale (GXRP) both began trading:

• Franklin Templeton: Entered with the lowest fee (0.19%)
• Grayscale: Converted their XRP Trust to ETF format
• Total ETFs Live: Now 5

Coming This Week

• 21Shares (TOXR): Expected November 25
• WisdomTree (WXRP): Expected November 25 (possible delay)

The Volume Wars

Daily trading volume has been fierce. Here's how the competition shook out:

Volume Rankings (Latest Day)

Key Observations

• Bitwise dominates: The simple "XRP" ticker is proving its worth
• Franklin surges: Lowest fees attracting significant interest
• Canary holds: First-mover advantage still paying dividends
• Grayscale: Competitive fees (0.35%) but later entry

Race to 1 Billion XRP

One of the most exciting narratives: which ETF will be first to hold 1 billion XRP? Here's the current leaderboard:

XRP Holdings Leaderboard

Canary's Lead: Despite launching after REX-Osprey, Canary has accumulated more XRP than any competitor. Their aggressive accumulation strategy is paying off.

Winners & Losers

Winners

• Bitwise: Secured the "XRP" ticker and is dominating volume
• Canary Capital: First-mover advantage + most XRP holdings
• Franklin Templeton: Lowest fees position them for long-term success
• XRP Holders: Institutional demand is validating the asset
• The XRP Ecosystem: Over 258M XRP now held by regulated institutions

Losers (Relatively)

• Grayscale: Later entry means catching up despite competitive 0.35% fees
• REX-Osprey: Lost first-mover narrative to Canary despite launching first
• Delayed Issuers: 21Shares and WisdomTree missed the initial wave

Impact on XRP Price

The ETF launches coincided with significant XRP price movement:

• Week Start: ~$2.00
• Week End: ~$2.25
• Week Change: +12.5%
• 24h Change (Latest): +10.61%

Correlation vs. Causation

Did ETFs cause the rally? It's complicated:

• Direct Buying Pressure: 258M XRP bought by ETFs = real demand
• Sentiment Boost: Institutional validation attracts retail
• Supply Reduction: XRP locked in ETFs can't be sold
• But: Broader crypto market was also rallying (Bitcoin ETF flows, macro factors)

What's Next

This Week (Nov 25-29)

• 21Shares (TOXR): Expected to launch on Cboe BZX
• WisdomTree (WXRP): May launch, but possible delay
• Thanksgiving Trading: Markets closed Thursday, early close Friday

Coming Soon

• VanEck: Expected late November
• Invesco: Expected December
• CoinShares: Expected late 2025
• Hashdex & Fidelity: Timeline TBD

Key Questions Going Forward

1. Will fee wars intensify? Franklin Templeton set a low bar at 0.19%
2. Who reaches 1B XRP first? Canary has the lead, but Bitwise has momentum
3. How much XRP will be locked? 1B? 5B? More?
4. Will institutions rotate from GBTC to XRP ETFs? Some allocation shifts possible

Key Takeaways

For Investors

• Fee matters: Choose Franklin Templeton (0.19%) or Bitwise (0.34%) for long-term holds
• Volume matters: Stick with Bitwise, Franklin, or Canary for best liquidity
• Consider all options: Grayscale (0.35%) is now competitively priced with Bitwise

For the Market

• Institutional adoption is real: $500M+ in week one proves demand
• Competition benefits investors: Fees are lower than Bitcoin ETF launches
• More ETFs coming: This is just the beginning

For XRP

• Supply shock potential: 258M XRP locked and growing
• Legitimacy boost: Regulated products = mainstream acceptance
• Price support: ETF buying provides ongoing demand floor

Track It All Live

Stay on top of the XRP ETF market with our live dashboard. Watch real-time volume rankings, track the race to 1 billion XRP, and compare all ETFs side-by-side.

View all XRP ETF data including AUM, holdings, and flows updated every 60 seconds.

Deep dives on each ETF:

• Bitwise XRP ETF (XRP)
• Canary Capital XRP ETF (XRPC)
• REX-Osprey XRP ETF (XRPR)
• Franklin Templeton XRP ETF (XRPZ)
• Grayscale XRP ETF (GXRP)

Related Reading

• What is an XRP ETF? - Complete beginner's guide
• How to Invest in XRP ETFs - Step-by-step instructions
• Understanding ETF Flows - Learn to read market signals
• XRP ETF Comparison - Compare all XRP ETFs

Frequently Asked Questions

Disclaimer: This article is for educational purposes only and does not constitute investment advice. Market data as of November 24, 2025. Past performance does not guarantee future results. Cryptocurrency investments are volatile. Always conduct your own research.