By The Numbers: First Spot XRP ETF Achieves Record Launch Amid 900 Competitors

Canary Capital’s XRP ETF made a historic debut on Thursday, surpassing its competitors by hitting $58 million in trading volume on its first day, setting a record for the most traded ETF launch this year. 

This milestone was lauded by Bloomberg expert Eric Balchunas on the social media platform X (formerly Twitter), underlining the remarkable success of the XRP ETF in the market.

The launch of the first XRP ETF in the United States earlier today had a notable impact on the XRP price, propelling it towards the crucial $2.5 level. However, subsequent market movements saw a 4% retracement, bringing the token’s current trading price to $2.3.

XRP ETF Potential

Canary Capital’s CEO, Steven McClur, recently expressed confidence in the potential of an XRP ETF, suggesting that it could outperform the achievements of Solana (SOL). He highlighted XRP’s strong liquidity and global utility, foreseeing substantial institutional investment influx in the near future.

The XRP ETF by Canary Capital has indeed outperformed Bitwise’s Solana Staking exchange-traded fund, with a trading volume of $57 million, falling just short of Canary’s fund by a mere million-dollar difference. 

Analysts predict that the approval of asset managers like Franklin Templeton, Bitwise, and Grayscale in the upcoming days of November could attract significant institutional investments ranging from $4 to $8 billion, potentially leading to a substantial price surge due to the low liquidity in the market.

As a result, market analysts foresee a bullish rally for XRP, hinting that the token may be approaching the end of consolidation. They suggest long-term price targets ranging from $10 to $37. 

If these bullish scenarios materialize, these surges could result in new all-time highs and significant potential gains, with projections of 334% and a staggering 1,500%, respectively, from current trading levels.

XRP Price Could See 150% Increase To $6 by 2030

In addition to the significant ETF debut by Canary Capital, industry experts like Dark Defender have shared key technical analyses that could complement the performance of the XRP ETF market. 

Notably, Dark Defender highlighted signals on the weekly time frame indicating a potential surge for XRP, with resistance at $2.85, support at $2.22, and targets projected at $18.22 and $36.76.

Geoffrey Kendrick at Standard Chartered anticipates substantial gains in the forthcoming years, largely attributed to the potential of spot XRP ETFs. He has set a target price of $12.50 for 2028, implying annual returns of 73%. 

Analysts at the Motley Fool have also weighed in, drawing parallels to Bitcoin’s (BTC) price appreciation following the SEC approval of spot Bitcoin ETFs in January 2024, projecting a 150% increase to $6 for XRP by 2030.

Featured image from DALL-E, chart from TradingView.com