For months, crypto institutions and enthusiasts were on their toes waiting for an XRP ETF, believing it would mark one of the biggest steps forward not just for Ripple’s native crypto but for the entire market.
And boy, were they right! The REX-Osprey XRP ETF launched on the Cboe BZX Exchange under the ticker $XRPR, breaking several records on day one of trading.
By the end of the day, $XRPR had clocked $37.75M in volume, the highest ever for an ETF on its first day.
Read on as we unpack XRPR in detail and explore what it could mean for its underlying token $XRP. We’ll also highlight the best crypto to buy now (spoiler alert: it’s PEPENODE) to make the most of this opportunity.
Let’s Dig Into Some XRPR Technicals
It’s worth noting that $XRPR is structured under the Investment Company Act of 1940 in partnership with REX Shares and Osprey. This is why $XRPR isn’t a ‘pure’ spot ETF but instead employs a ‘hybrid’ arrangement.
This means that, instead of exclusively holding $XRP, the fund allocates at least 40% of its capital into other XRP-linked ETFs or ETPs, while part of its assets are managed via a Cayman Islands subsidiary.
Despite these technical quirks, $XRPR blew past all expectations at launch.
According to Eric Balchunas, most crypto ETFs only see around $1M in first-day volume. $XRPR topped that by 37 times, a clear indicator of strong market demand.
XRPR Sets $XRP’s Path to $4
It’s a no-brainer that the primary beneficiary of the XRP ETF movement is the $XRP token itsel
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Author: Krishi Chowdhary
