In a landmark development for the cryptocurrency market, the first spot XRP ETF has officially begun trading in the United States. The Canary Capital XRP ETF, which launched recently, has achieved remarkable success, recording a net cash inflow of approximately $245 million on its debut. This figure sets a new record for the largest first-day trading volume among all ETFs this year, eclipsing the previous record held by the Bitwise BSOL ETF, which saw around $57 million in its opening day trading.
Despite this groundbreaking achievement, the price of XRP has faced significant challenges, leading to a noticeable decline. Steven McClurg, CEO of Canary Capital, has shared insights regarding XRP and its future price trajectory. In his statements, he emphasized that XRP”s structure and purpose significantly differ from those of Bitcoin and Ethereum.
McClurg described the XRP Ledger as a payment-oriented network, specifically designed to facilitate rapid and low-cost value transfers. During an interview, he addressed various speculative price predictions circulating in the market, which suggest that XRP could soar to $1,000 or even $10,000. McClurg firmly stated that such figures are overly ambitious, asserting that achieving Bitcoin”s current market capitalization of around $2 trillion would only push XRP”s price to about $35. He noted that this scenario would necessitate extraordinary global adoption, which appears unlikely in the near term.
However, McClurg did express optimism regarding more attainable price targets for XRP. He indicated that a price of $10 is a realistic expectation, citing the cryptocurrency”s current ecosystem and its significance in global payment systems. He believes that this milestone could be reached within the next three to four years.
In summary, the launch of the first US spot XRP ETF marks a pivotal moment in the cryptocurrency landscape, showcasing a robust initial interest from investors. Nonetheless, the ongoing volatility in XRP”s price underscores the challenges that lie ahead for this digital asset.
