Here’s Why XRP Price Has Not Spiked Despite Canary XRP ETF Seeing $245M in First Day Flow

The Canary Capital XRP ETF (XRPC) performed incredibly on its first day, but investors have expressed concerns over XRP price stagnation.

Within the first 30 minutes of trading, the Canary Capital XRP ETF pulled in $26 million in volume, outperforming the expectations earlier shared by Bloomberg ETF analyst Eric Balchunas.

Canary Capital XRP ETF Outperforms Expectations

Interestingly, by the close of its first day, the ETF reached $58.5 million in volume, outperforming the newly introduced Bitwise Solana ETF (BSOL), which recorded $57 million. This performance made XRPC the ETF with the highest first-day volume so far this year, dethroning BSOL.

🚀 Big day one for the $XRPC ETF — over $58.5M in trading volume and $245M in net inflows!

Prospectus: https://t.co/y66AAqpe7T pic.twitter.com/tTDrQivyT8

— Canary Capital (@CanaryFunds) November 13, 2025

However, despite the strong results, XRP’s price has not rallied. Specifically, XRP climbed to $2.52 on Nov. 13 but later dropped and closed the day down 2.78% at $2.32. 

At the time of writing, XRP is down 6.79% in the last 24 hours, performing worse than Bitcoin (-2.91%) and Ethereum (-6.6%). Still, XRP holds a 3.6% gain over the past week, outperforming every other top-ten crypto asset and standing as one of only two top-ten assets with weekly gains.

Why is XRP Price Down?

Nonetheless, the sharp 24-hour decline has raised concerns among investors who expected an immediate reaction to the ETF launch. Reacting to this, Nick, the founder of The Web Alert, explained why XRP has not seen a price spike. 

At the time of his disclosure, XRPC had only seen modest inflows. First, he pointed out that the roughly $40 million in inflows then remained too small compared to XRP’s total market cap to move the spot price in a noticeable way. 

Secondly, he added that the broader crypto market continues to struggle as Bitcoin sells off, which drags down almost every major asset. For context, Bitcoin has lost both the $100,000 and $99,000 support levels, now trading for $98,808.

For the third reason, Nick noted that ETFs rarely trigger instant price jumps. He called attention to the fact that Bitcoin faced the same situation in January 2024 when its spot ETFs went live, only to rise later. 

The market commentator said the launch of a fully spot-based XRP ETF is a major development and insisted that institutional demand has already arrived and continues to grow. 

In addition to Nick’s comments, another reason the XRP price has not witnessed an immediate reaction is that spot ETFs use paper contracts, and issuers have 24 to 48 hours before they must buy the underlying XRP. This method delays the demand impact necessary for pushing prices up.

XRP Price Outlook

Meanwhile, market analyst DustyBC also commented on the recent price movement. He called the day’s swing unexpected and pointed out that both stocks and crypto fell while the DXY climbed after an early drop. 

XRP/USD [8H]

Once again, unexpected price action.

Today all markets got a beating once again, including the stock market.

Crypto also went down because DXY rallied up today mainly, after initially dropping.

On days like this its important to zoom out, and to understand where… https://t.co/93PVsxsvkV pic.twitter.com/Ijzenz8aXD

— DustyBC Crypto (@TheDustyBC) November 13, 2025

Despite this, the analyst asked traders to look at the bigger picture. He said XRP still trades within its current pattern and that the recent liquidation event has already completed the correction. Based on this, he expects a breakout above a descending wedge soon, which will happen when XRP crosses the $2.7 mark.