The Bitwise XRP ETF closed its first trading day with 1,127,647 shares traded, amounting to $25.93 million in volume. While a solid start, the ETF fell short of the previous week’s $58.5 million debut by Canary’s XRPC ETF.
Canary Capital’s CEO, Steven McClurg, praised Bitwise and expressed confidence in both firms’ ability to launch successful ETFs in 2025. He jokingly added that Canary is rooting for Bitwise to reach the top five without knocking them out first.
Analysts believe Bitwise could see a stronger performance on Day 2, especially considering the market turmoil that affected liquidity across all assets.
A Market Meltdown Overshadows the Launch
The XRP ETF launch coincided with a significant market crash, with major indices and cryptocurrencies experiencing sharp declines. Bitcoin’s price plummeted, leading to forced liquidations in derivatives markets.
XRP also faced pressure, dropping below $2 shortly after the Bitwise ETF began trading.
XRP Extends Multi-Month Breakdown
XRP’s price has been on a downward trend for months, with today’s crash intensifying concerns. Analysts had warned of a bearish reversal similar to late 2020, leading to a potential further correction.
Technical indicators suggest continued bearish momentum, with key support levels at risk of being breached. A close below $2 could trigger further downside towards $1.80 and $1.60.