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Investment management firm Canary Capital announced a big day five for XRP ETF XRPC, highlighting $26.5 million in trading volume and $13 million in net inflows.
This comes as Bitcoin ETFs bleed: investors pulled more than half a billion dollars from BlackRock's iShares Bitcoin Trust, the largest single-day outflow since the fund’s debut. BlackRock saw $523 million in outflows from the exchange-traded fund on Tuesday, marking a fifth straight day of net outflows and its highest on record.
Canary Capital XRP ETF's inflow of $13 million, though not so high, remains significant amid the outflows seen for Bitcoin ETF and might suggest capital rotation.
The Canary XRP ETF officially launched on the Nasdaq on Nov. 13 under the ticker XRPC, expanding investor access to XRP through a transparent, regulated vehicle.
XRPC had a big day one, receiving over $58.5 million in trading volume, the biggest across more than 900 fund launches and $245 million in net inflows. XRPC ETF narrowly surpassed Bitwise’s Solana ETF day one volume of $57 million, highlighting strong investor interest.
XRP price reversal coming?
The excitement regarding XRPC's successful launch quickly faded as the XRP price took a downward trend.
XRP fell for seven straight days from Nov. 11 to 17. The ETF launch on Nov. 13 had a muted impact on its price as it briefly rose to $2.525 before declining to a low of $2.27.
All hope is not lost as Santiment pointed out that XRP might have entered a "good buy" zone according to the MVRV indicator. Santiment noted that the vast majority of cryptocurrencies, including XRP, are now flashing extreme pain for average trading returns. XRP active wallets are in red in the last 30 days, down 10.2%, putting it in a "good buy" zone. The lower the MVRV goes, the higher the probability of an imminent recovery.
At press time, XRP was down 1.06% in the last 24 hours to $2.12 and down 15% weekly.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team