The glow from Thursday’s blockbuster debut did not last long for the REX-Osprey XRP ETF as it slipped from a close around $25.75 straight down to $25.07 on Friday morning, wiping out 2.6% and putting a dent in the hype that carried it onto screens just a day ago.
For XRP, the launch itself was history in motion. No futures-based product tied to the token had ever come close; those ETFs limped through their opening sessions with barely a fifth of XRPR’s debut turnover, and they took a full day to get there.
By contrast, XRPR generated $24 million volume in 90 minutes after lunch, instantly putting it in the same conversation as Bitcoin and Ethereum funds in terms of visibility, and making clear that investor appetite for altcoin exposure runs deeper than most expected.
XRPR by TradingViewNonetheless, on the second day, XRPR did not carry the same heat. It ticked $25.13 at the bell, then bled lower as quick-money traders cashed out, leaving the chart red and the candles heavy.
Bottom line
Dogecoin’s parallel debut under ticker DOJE gave the week another first — the world’s first listed meme coin ETF — but its $6 million in turnover showed where the real gravity was. XRP commanded the flows, and XRPR set the records, but sustaining them is a different task.
The U.S. finally has an XRP ETF, but one headline day is not enough. The $25 line is now where the product has to prove whether it can move from spectacle to staying power.
Source: https://u.today/us-xrp-etf-sinks-26-on-day-two-after-record-launch-is-hype-dead
