Bitwise XRP ETF Debuts on NYSE: Market Reaction and Trading Momentum Analysis

The Bitwise XRP ETF commenced trading on the New York Stock Exchange this morning under the ticker $XRP, marking a pivotal moment for the digital asset’s institutional adoption. Early trading activity demonstrated substantial investor appetite, with 610,045 XRP tokens exchanged in the initial hours, representing approximately $14.26 million in volume. Projections suggest the ETF could accumulate as much as $92.7 million by the conclusion of its first trading day.

Price Action and Market Dynamics

Currently, XRP is navigating modest headwinds, trading near $1.93 with a 24-hour fluctuation of +0.46%. Despite the ETF’s strong launch momentum, the token encountered slight selling pressure, declining approximately 1% from earlier levels. Market observers have identified critical technical levels—should XRP slip below the $2.10 support zone, analysts project potential movement toward $1.95. Nevertheless, the robust initial ETF performance signals sustained institutional demand for XRP exposure, even amid broader market fluctuations.

Industry Recognition and Leadership Commentary

Brad Garlinghouse, CEO of Ripple, publicly acknowledged the milestone, employing a lighthearted reference to the pre-Thanksgiving period while congratulating Bitwise on the launch. His remarks underscored the significance of this development for XRP’s integration into mainstream financial infrastructure.

Matt Hougan, Chief Investment Officer at Bitwise, characterized the ETF launch as transformational for the asset class and its supporting ecosystem, emphasizing the beginning of a new chapter for institutional investment pathways.

Competitive Benchmarking

The market now watches whether Bitwise’s offering will eclipse Canary Capital’s record-setting debut, which generated over $58.5 million in Day 1 trading volume earlier this month. Current momentum suggests Bitwise may be positioned to establish a new performance standard for XRP-focused investment products, contingent on sustained investor participation through market cycles.