The Bitwise XRP exchange-traded fund had a strong debut with a significant increase in first-day trading volume.
summary
- The Bitwise XRP ETF posted first-day volume of approximately $25 million in its NYSE debut.
- The fund is backed by real XRP stored at Coinbase.
- XRP is trading at $1.92, marking the highest on-chain loss since April 2025.
The Bitwise XRP ETF (ticker: XRP) began trading on the New York Stock Exchange on November 20, offering US investors a way to own XRP without holding the tokens themselves.
On the first day, 1.14 million shares traded at an average price of $22, with volume up to about $25 million, according to NYSE data. Early predictions suggested that first-day trading volume could exceed $90 million, but continued market pressures subdued the final result.
ETFs are physically backed by spot XRP (XRP) held by Coinbase. To lower the risk of manipulation, the company compares the net asset value to the CME CF XRP Dollar Reference Rate – New York variant, which aggregates trades from multiple exchanges.
In an effort to attract early investors, Bitwise will waive the first month’s 0.34% management fee on $500 million in assets under management. The fund is part of Bitwise’s suite of over 40 crypto products and is based on the European XRP exchange-traded product launched in 2022.
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Ripple community support and market interest
This announcement attracted the attention of Ripple executives. CEO Brad Garlinghouse called this a “pre-Thanksgiving rush” for XRP ETFs, pointing to XRP’s role in cross-border payments.
Bitwise hosted a live discussion with Ripple CTO David Schwartz, Bitwise CIO Matt Hougan, and journalist Eleanor Terrett. They discussed XRP’s journey, regulatory updates after the Securities and Exchange Commission settlement, and what it means for investors.
Bitwise’s launch follows Canary Capital’s XRPC ETF, which had the best-performing ETF debut of the year with $58 million in first-day volume.
Additional US spot XRP ETFs are expected to be launched in the coming weeks, including Grayscale, Franklin Templeton, 21Shares, CoinShares, and WisdomTree. Industry estimates suggest that by the end of 2025, these launches could generate between $5 billion and $8 billion in revenue.
XRP price update
At the time of writing, XRP is trading at $1.92, down about 10% from the previous day. According to Glassnode’s on-chain data, XRP’s realized losses have increased significantly over the past month, averaging around $75 million per day.
This is the highest level since April 2025 and indicates that many investors are closing out their positions at a loss. As the market waits for its next move, investors are keeping an eye on both price action and the flow of ETF inflows.
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