The first U.S. spot XRP exchange-traded fund (ETF) has suffered a sharp decline since its launch, impacted by ongoing cryptocurrency market volatility.
In this case, the Canary XRP ETF (XRPC) has dropped around 20% from its initial levels just weeks after its highly anticipated debut on the Nasdaq.
Launched on November 13, 2025, XRPC became the first U.S. ETF offering direct exposure to XRP, debuting with tens of millions in first-hour trading volume and ranking among the year’s strongest ETF openings.
However, that early momentum has faded, with XRPC closing the last session at $21.55, down 4% on the day and nearly 20% from its early $26–27 range. The chart shows a steady slide through late November and early December as selling pressure intensified.
The downturn has been attributed to several factors, including broad weakness across the cryptocurrency market as investors shift away from risk assets amid renewed macroeconomic uncertainty.
Heavy profit-taking by large XRP holders after the ETF launch added additional selling pressure, quickly outweighing early inflows.
Notably, the ETF’s creation structure also slowed the translation of new investment into spot XRP purchases, delaying price support and creating a gap between expectations and market reality.
To this end, the reaction mirrors past “sell-the-news” patterns seen with other crypto ETF launches, though some analysts believe institutional inflows could stabilize the fund if broader conditions improve.
XRP price analysis
XRPC’s performance has closely tracked XRP itself, which has experienced significant volatility in recent sessions. The token is struggling to hold the $2 support zone and, as of press time, was trading at $2.03 after plunging more than 7% over the past week.
Meanwhile, investors still anticipate that ETF demand could eventually lift the asset’s price, considering that XRP ETFs have emerged among the fastest-growing products in the market, nearing $1 billion in inflows in less than a month.
Featured image via Shutterstock
