XRP’s price has dipped below $2, reaching approximately $1.92 on March 15, 2024, as a significant market selloff continues to affect cryptocurrencies. The decline, nearly 8% in a single day, has erased nearly a month’s worth of gains for the digital asset. The broader market turbulence was triggered by Bitcoin’s fall into the $84,000 range, which itself has dropped nearly 20% over the past month. Similarly, Ethereum has seen a decline, trading around $2,700 after falling below $3,000.
Bitwise Launches Spot XRP ETF Amid Market Turmoil
In the midst of this downturn, Bitwise Asset Management launched its spot XRP ETF on NYSE Arca under the ticker XRP. Despite the prevailing weak market conditions, the debut was met with strong interest. The ETF recorded approximately $22 million in trading volume within the first few hours, an outcome that Bloomberg ETF analyst James Seyffart described as “impressive.”
Additionally, the fund attracted over $105 million in early inflows, indicating robust interest from both retail and institutional investors. Ripple CEO Brad Garlinghouse welcomed the launch, suggesting it could signify the beginning of a positive phase for XRP ETFs. Matt Hougan, Chief Investment Officer of Bitwise, noted the launch as a crucial milestone in XRP’s journey toward broader adoption. The ETF features a management fee of 0.34%, waived for the first $500 million, aiming to attract institutional investors and enhance liquidity for XRP.
Growing Momentum for XRP ETFs
The launch of the Bitwise ETF follows closely on the heels of Canary Capital’s XRPC ETF, which set a record with a first-day trading volume of $59 million and $245 million in net inflows—the most successful ETF debut of 2025 to date. The momentum surrounding XRP ETFs is clearly increasing, with 21Shares now undergoing the SEC review process for its own spot XRP ETF. This ETF is currently within a 20-day review window, and if approved, it could launch between November 20 and 22.
Earlier, the XRPR fund by REX/Osprey also debuted successfully, achieving $38 million in first-day volume and quickly surpassing $150 million in assets under management, showcasing strong institutional participation. Major financial players such as Franklin Templeton and Grayscale are also preparing to introduce their own spot XRP ETFs on November 24, which could inject significant liquidity and inflows into the market.
Despite the excitement surrounding these ETF launches, the broader market crash has overshadowed their impact. Despite strong trading activity and substantial inflows, XRP’s price has fallen below the $2 mark, reflecting the adverse conditions affecting the entire cryptocurrency market. While the launch did not yield the immediate price boost some anticipated, analysts remain optimistic that demand for ETFs could provide support for XRP once overall market sentiment stabilizes and volatility decreases.
