- Bitwise’s spot XRP ETF began trading on the NYSE under the ticker XRP.
- The fund charges a 0.34% management fee, waived for the first month on the first $500M in assets.
- First-day trading volume was reported near $22M; Canary Capital’s XRPC saw ~$60M on its debut last week.
- XRP fell below $2 despite new ETFs, with weaker derivatives interest but a slight pickup in funding rates.
Bitwise has launched a spot exchange-traded fund for XRP on the New York Stock Exchange, marking what the firm described as a milestone day for the XRP community. The product provides regulated access to XRP’s price performance without requiring investors to buy or custody the token directly.
Trading began on November 20, 2025, under the ticker XRP, adding a second U.S. spot fund for the asset just a week after a rival listing. Early activity drew attention from ETF watchers, who flagged first-day volume around $22 million as notable given back-to-back launches in the same category.
Launch specifics and fee policy
The fund carries a 0.34% management fee, which Bitwise is waiving for the first month on the initial $500 million in assets. Such introductory waivers are common in ETF rollouts, aiming to seed liquidity and reduce friction as early buyers test spreads and secondary-market depth.
Bitwise also spotlighted XRP’s payments use case, positioning the network as a candidate to streamline cross-border flows in a multi-trillion-dollar global payments market. The issuer expands its digital-assets lineup alongside existing funds tied to bitcoin, ether, and solana, signaling continued institutional packaging of major crypto assets.
First-day trading and peer comparison
According to a Bloomberg ETF specialist, the Bitwise XRP ETF saw approximately $22 million in trading on day one, a level described as “pretty impressive” given another XRP-focused ETF listed just days earlier. The prior debut, Canary Capital’s XRPC, reportedly set a 2025 opening-day high with nearly $60 million in volume, underscoring investor curiosity despite broader market chop.
Industry figures framed the back-to-back launches as a meaningful expansion of choices for U.S. investors. Executives at competing issuers publicly congratulated Bitwise on the listing, while noting that strong fund rollouts aren’t limited to the biggest asset managers.
Price action and derivatives backdrop
Even with the new vehicles, XRP’s spot price slipped alongside the wider crypto market. Over the last 24 hours the token fell below the $2.00 mark, down roughly 2% on the day and about 15% since the previous Thursday, when Canary’s fund went live.
In derivatives, open interest has continued to cool. XRP futures OI declined to about $3.57 billion from $3.79 billion the prior day, after previously standing near $8.36 billion on Oct. 10 and $10.94 billion on Jul. 22. The pullback suggests a thinner speculative backdrop and less of the momentum typically needed to sustain sharp rebounds.
There are, however, hints of dip-buying behavior. The open-interest-weighted funding rate turned positive, rising to around 0.0072% from roughly -0.0006% the day before, indicating some accumulation of long positions. Sustained interest from derivatives traders would likely be needed to stabilize price action.
Pipeline and what’s next
ETF specialists have flagged the possibility that additional spot XRP funds from other issuers (including well-known names such as Grayscale and Franklin Templeton) could receive regulatory clearance soon, with some expectations centered on Monday, Nov. 24. That timeline is not guaranteed, but it keeps attention on the product pipeline as investors assess liquidity, fees, and tracking across issuers.
Technical context and key levels
Short-term charts remain heavy. On a four-hour view, XRP trades well beneath the 50/100/200 EMAs, all sloping lower, a configuration that often caps rebound attempts during downtrends.
Momentum gauges point the same way: MACD sits below its signal line and under the zero axis with an expanding negative histogram, while RSI near 23 shows oversold conditions. A stabilization in RSI coupled with a contracting MACD histogram would improve odds of a relief bounce.
Overhead, a descending line from about $3.10 continues to limit progress, with nearby resistance around $2.44 and an additional hurdle at the falling 50-day EMA near $2.16. On the downside, traders are watching the April low near $1.61; bears likely retain control unless price can reclaim the 50-day EMA on a closing basis.
The debut of Bitwise’s XRP ETF adds another regulated avenue for exposure just as sentiment remains fragile. With fees temporarily waived, initial volume respectable, and more filings waiting in the wings, attention now shifts to how liquidity evolves, whether price can steady, and how quickly the broader ETF ecosystem around XRP matures.
