The debut of the Canary Capital XRP ETF (XRPC) has triggered fresh speculation across the XRP community.
Some analysts are now discussing how much XRP the issuer may need to purchase following the fund’s massive first-day inflows. After pulling in $245 million on November 14, one prominent commentator believes Canary may need to buy a similar amount of XRP as early as tomorrow.
Big Day One
As Canary Capital celebrated its “big day one,” reporting $58.5 million in trading volume and $245 million in net inflows, crypto analyst Alex Cobb made a remark that caught speculative interest.
Responding to the announcement, he suggested Canary Capital could be “buying a quarter billion of XRP tomorrow in the open market.”
His speculation echoes a common belief among ETF watchers. When a spot ETF sees large inflows, the issuer may need to acquire equivalent exposure to the underlying asset. In this case, that would mean sourcing roughly $245 million worth of XRP to match XRPC’s first-day demand.
Would Canary Buy XRP on Open Exchanges?
Technically, this scenario is plausible. Spot ETFs must hold the underlying asset, and inflows typically translate into real purchases, especially after the initial creation process settles.
Meanwhile, in practice, large funds often prefer to source assets through over-the-counter liquidity providers, not public exchanges. This approach helps reduce slippage and avoids aggressive price impacts.
If Canary follows that path, the associated XRP buying might be less visible on spot charts, even if the dollar value is substantial.
Record Debut That Attracted Ripple CEO Praise
Regardless of the exact timing of any XRP acquisition, XRPC’s launch stands among the most successful ETF debuts of 2025. The fund recorded:
- $26 million in trading volume in its first 30 minutes
- $58.5 million by market close, surpassing the Bitwise Solana ETF (BSOL)
- $245 million in net inflows on day one, the strongest start among crypto ETFs this year
This early performance also places XRPC ahead of more than 900 ETFs launched during the same period. It even approached the first-day inflows recorded by BlackRock’s Ethereum ETF last year.
Ripple CEO Brad Garlinghouse praised the milestone, saying the long-awaited institutional moment for XRP is now underway. His reaction reflects years of confidence that an XRP ETF would eventually reach the U.S. market.
Why XRP’s Price Has Not Reacted Yet
Even with these strong institutional signals, XRP traded around $2.28 on ETF launch day and slid more than 8% over 24 hours. Community members initially questioned why the ETF’s inflows did not immediately lift the market.
Part of the answer lies in how ETFs source assets. If most early purchases occur through OTC channels, the XRP market may not show immediate price movement. This is consistent with how Bitcoin and Ethereum ETFs behaved in their early stages.
Meanwhile, other community analysts have already begun modeling the impact of future XRP ETFs. Some estimates suggest that if all 12 planned XRP ETFs mirrored Canary’s $245 million debut, the market could see close to $3 billion in daily inflows, though this remains speculative.
Only eight of those ETFs hold true spot exposure, and there is no guarantee they will match XRPC’s performance.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
