Since Friday, Bitwise’s XRP ETF, with ticker XRP, began trading on the New York Stock Exchange. Following its launch, it becomes the second fund in the United States to offer 100% direct exposure to the Ripple-related asset. The fund closed its first day with a robust volume of $25.9 million, a remarkable figure that, according to commentator Chad Steingraber, positioned it as the third largest ETF debut of the year, only surpassed by the firm’s Solana ETF.
This solid debut occurred in an adverse context for digital assets, with Bitcoin falling to seven-month lows near $88,000 and dragging down the price of XRP, which lost the critical support of $2.00. Bitwise’s fund follows the successful launch of Canary’s XRP ETF (XRPC), which recorded a record volume of $60 million the previous week. The immediate success of both ETFs has prompted projections about their long-term impact on the token’s supply.
Now, attention is focused on the ability of these investment vehicles to maintain the adoption rate. Steingraber predicted that, if the trend continues, ETF issuers could collectively acquire millions of XRP tokens daily, exerting significant pressure on the circulating supply. Investors should monitor the supply dynamics and XRP’s ability to recover and stabilize above the key $2.00 level.
Source: https://x.com/ChadSteingraber/status/1991616231368192344
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