Canary Capital's XRP (XRPC) spot trading fund attracted over $46 million in inflows within the first few hours after opening on Thursday, despite a decline in both the token and ETF prices.

According to Bloomberg ETF senior analyst Eric Balchunas, the trading volume for XRPC reached $26 million within the first 30 minutes of its listing. Bloomberg ETF analyst James Seyffart added:

This highly anticipated ETF has been under analyst scrutiny since 2024. With the re-election of U.S. President Trump and the subsequent shift towards pro-crypto regulation, the approval probability for XRP investment tools has significantly increased.

Crypto investors generally view ETFs as a crucial catalyst for the appreciation of their underlying assets, as these investment tools bring traditional financial market capital into the crypto market. Nevertheless, after the Canary ETF was launched, the price of XRP still experienced a slight decline.

In the past 24 hours, the price of XRP fell by 2.7%, retreating from a high of about $2.50 to $2.28, currently hovering above its 365-day moving average, which serves as dynamic support.

According to Yahoo Finance, XRPC also dropped 8% from an intraday high of nearly $27 to about $24.50.

In January of this year, some market analysts predicted that once the U.S. approves the XRP ETF, its target price could exceed $10.

JPMorgan analysts also expect that once the XRP ETF is launched, it could attract up to $8 billion in inflows.

The latest analyst forecasts indicate that driven by factors such as the ETF launch and the end of the U.S. government shutdown, XRP could see a new rally reaching $5 by the end of 2025. Related: Analyst: Bitcoin (BTC) at $90,000 is a "great opportunity to buy with eyes closed."

Original article: “XRP ETF Launches Strongly, Volume Booms but Price Performance Falls Flat”

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