Bitwise launched its spot XRP ETF on November 20, 2025, as XRP fell close to 5% despite initial inflows. The debut arrives after Canary Capital’s XRPC launch on November 13 and ahead of Grayscale’s scheduled launch on November 24, positioning the market in a period of operational adjustment and repositioning. The sequence of listings concentrates attention on whether institutional products can translate flows into sustained spot demand.
The arrival of institutional vehicles did not translate into an immediate price boost. Canary Capital reported a day-one trading volume of $58 million and net inflows of $245 million, while Bitwise registered about $22 million in opening activity and $105 million in initial flows, according to market data cited in launch reports. Cumulative inflows in the first days exceeded $268 million, but on-chain data showed spot outflows of approximately $68 million after Canary Capital’s debut, suggesting reopening sales of positions rather than sustained accumulation.
Grayscale remains on the institutional agenda with its launch scheduled for November 24, 2025, the next milestone to assess the market’s reaction.
Factors that pressured the price
Several elements converged to push XRP’s price down. First, the classic “buy the rumor, sell the news” phenomenon played out as traders who positioned themselves before approvals took profits after the launches, neutralizing the initial buying momentum. In parallel, large holders — reports indicate sales of around 200 million XRP in 48 hours — exerted enough pressure to absorb the nascent institutional demand. Additionally, the correction followed a broader market context: Bitcoin suffered a sharp drop down to the $84,000 area, increasing risk aversion and dragging altcoins like XRP down due to its high correlation with BTC.
Technically, XRP breached the Fibonacci retracement level at $2.41, triggering stop orders and liquidations among leveraged traders. According to TradingView, short-term moving averages (10–50 days) showed clustering and consolidation, reflecting indecision in the price.
Finally, the regulatory and adoption backdrop continues to weigh: daily activity on Ledger and on-chain metrics showed a drop in active addresses to around 30,000, and the pending legal dispute in the U.S. around Ripple maintains a degree of uncertainty about the medium-term trajectory.
The debut of the Bitwise XRP ETF confirmed that institutional adoption does not guarantee instant price increases. Sales by large holders, macro pressure linked to Bitcoin and operational frictions in the creation model limited the price response.
