U.S. first spot XRP ETF crashes 40%

The first U.S. spot XRP ETF has fallen more than 40% from its peak despite attracting significant institutional capital since launch.

In this vein, Canary Capital’s Canary XRP ETF (NASDAQ: XRPC), the first U.S. exchange-traded fund holding spot XRP, is currently trading at $15.94, down 40.1% from its peak after debuting in late 2025.

The fund is also down 21.24% year-to-date, making it one of the weakest-performing crypto ETFs since launch. 

However, it has shown signs of stabilization, gaining 6.7% over the past month after bottoming near the $11 to $12 range during the summer.

The decline comes despite a strong debut. When the fund launched in November 2025, it generated approximately $58 million in first-day trading volume, the strongest opening-day performance among nearly 900 ETFs introduced that year.

Since launching in late 2025, the seven U.S. spot XRP ETFs have accumulated roughly $1.79 billion in net inflows and currently manage between $1.66 billion and $1.77 billion in assets. Collectively, the funds hold about 1.18 billion XRP, equivalent to roughly 1.2% of the token’s total supply and nearly 1.9% of circulating supply.

Canary’s XRPC was followed by competing products from Bitwise, Franklin Templeton, Grayscale, 21Shares, and REX-Osprey, creating a growing market for regulated XRP exposure in the United States.