In the global cryptocurrency market, as expectations for a Federal Reserve interest rate cut have significantly declined and risk aversion has surged, mainstream assets like Bitcoin and Ethereum have generally fallen. However, an exciting piece of news has struck like lightning, breaking through the market's gloom. On November 13, 2025, the first U.S. spot XRP ETF—Canary XRP ETF (trading code XRPC)—officially began trading, achieving an astonishing trading volume of $58 million on its first day, shattering the first-day trading volume record for all newly issued ETFs this year! This achievement not only far exceeded the previous expectations set by Bitwise's Solana ETF and Bloomberg analysts but also soared against the backdrop of significant capital outflows from Bitcoin and Ethereum ETFs, highlighting XRP's strong market potential and institutional demand. Can XRP seize this opportunity for a "comeback"?
- XRPC ETF: A Contrarian Cash Magnet in a Sea of Red in the Crypto Market
Amid the widespread decline in the global cryptocurrency market driven by risk aversion, the performance of the Canary XRP ETF (XRPC) at launch was remarkable.
Record-breaking Trading Volume: Bloomberg senior ETF analyst Eric Balchunas revealed that Canary's spot XRP ETF had an explosive debut on Wall Street, with a trading volume of $58 million on its first day. This is not only the highest first-day trading volume among nearly 900 ETFs issued this year, but it also surpassed the previous record held by Bitwise's Solana ETF, which was $57 million. XRPC recorded $26 million in trading volume within just one hour of opening.
Strong Capital Inflows: Canary Capital reported a net inflow of $245 million on the first day.
Rising Against the Trend: Despite the heightened risk aversion in the market, the Canary XRP ETF still recorded impressive capital inflows and trading volume. Preliminary data from Farside Investors indicated that due to the Federal Reserve's interest rate cut expectations suppressing demand, both BTC spot and ETH spot faced strong capital outflows. XRPC's surge against the trend positioned it at the forefront of the ETF market.
- Significant Decline in Federal Reserve Rate Cut Expectations: Market Weakness Amid Macro Headwinds
On November 13, expectations for a Federal Reserve interest rate cut significantly decreased, triggering risk aversion and leading to a sharp decline in XRP and the entire market.
Rate Cut Expectations Suppress Demand: FOMC members' concerns over high inflation have intensified, suggesting that further easing of monetary policy may be delayed. Reports indicate that tariffs imposed by the U.S. have raised import prices, exacerbating inflationary pressures against a backdrop of a weak labor market. Rising prices and weak consumer spending have heightened the risk of stagflation, putting pressure on market sentiment.
Capital Outflows from Bitcoin and Ethereum ETFs: Both BTC spot and ETH spot faced strong capital outflows. Bitcoin spot and Ethereum spot ETF issuers reported net outflows of $459.4 million and $103.7 million, respectively.
- Future Outlook for XRP: Can It Reach the $3 Mark?
The impressive debut of XRPC raises the question of whether XRP can leverage this opportunity to reverse its downward trend and move towards the $3 mark, though challenges remain.
Bearish Technical Outlook: On Thursday, November 13, XRP fell by 2.69%, following a 0.2% decline the previous day, closing at $2.3230. Three consecutive days of decline have pushed XRP's trading price well below the 50-day and 200-day exponential moving averages (EMA), indicating strong bearish momentum.
Key Support and Resistance Levels: Key technical levels to watch include support levels at $2.20, $2.00, and $1.90. Resistance levels are at $2.35, $2.50, $2.62, $2.80, $3.00, and $3.66.
Catalysts and Risks: In the short term, the launch (or delay) of the XRP spot ETF, blue-chip companies' views on XRP as a treasury reserve asset, regulatory milestones (Ripple's application for a U.S. charter bank license, the "Market Structure Act"), and recent developments related to SWIFT could all impact price movements. Bearish scenarios include: Federal Reserve rate cut expectations suppressing demand, BlackRock vetoing the launch of the XRP spot ETF, SEC questioning modifications to the S-1 filing, and the U.S. Senate obstructing cryptocurrency-friendly legislation.
- Institutional Demand and Market Expectations: The Potential of the XRP ETF
Despite the heightened risk aversion in the market, the Canary XRP ETF still recorded impressive capital inflows and trading volume.
Suppressed Demand: Traders now need to decide whether the trend on the first day stemmed from suppressed demand or if the XRP spot ETF has the potential to meet high expectations.
McClurg's Optimistic Outlook: Steven McClurg, CEO of Canary Capital, recently raised the first month's capital inflow expectations by $5 million, stating, "I might have been a bit pessimistic. We will stick to this goal. If we reach this goal, at least my prediction is correct; if we reach $10 billion, then my prediction is still correct because we have at least achieved $5 billion in capital inflows. If we see such inflows, I believe it will definitely rank among the top 20 of all time, and it may even enter the top 10."
Competitors: While Canary Capital benefits from the first-mover advantage, the performance of other XRP spot ETF issuers may be better. Bitwise and Franklin Templeton's XRP spot ETFs are expected to launch next week, following the submission of amended S-1 forms that removed the delayed amendment clause.
Conclusion:
In a declining global cryptocurrency market, the XRPC ETF has surged against the trend, achieving record trading volume on its first day, undoubtedly bringing significant market attention to XRP. Although XRP still faces macro headwinds from declining Federal Reserve rate cut expectations, the successful launch of the XRPC ETF and the potential institutional demand for XRP provide new opportunities for a "comeback."
Related Reading: SEC Chair Unveils "Token Classification" Plan, Bitcoin (BTC) May Be Reclassified as Non-Security
Original Article: “Crypto Market Plummets, but the First U.S. XRP ETF Attracts Inflows Against the Trend!”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
