Ripple and Dogecoin ETFs See Record $54.7M Volume, Prices Hold Flat

The newly launched Ripple and Dogecoin exchange-traded funds (ETFs) recorded a combined $54.7 million in trading volume on their first day, with Ripple ETF XRPR seeing the largest day-one volume for ETFs in 2025. However, prices of XRP and DOGE remained flat, as these ETFs do not hold the underlying assets directly. Instead, they invest in instruments that provide exposure to XRP and DOGE.

The newly launched Ripple (XRP) and Dogecoin (DOGE) exchange-traded funds (ETFs), managed by REX Shares and Osprey Funds, have shown remarkable interest from investors. On their debut day, September 18, 2025, the combined trading volume for these ETFs reached $54.7 million, with the XRP ETF (XRPR) leading the way.

The XRPR ETF recorded approximately $37.7 million in trading volume on its first day, while the Dogecoin ETF (DOJE) traded about $17 million. Notably, the XRPR ETF saw around $24 million in volume within the first 90 minutes of trading, outpacing the volumes recorded by XRP futures products on their first day REX-Osprey’s XRP ETF hits $24m as day 1 volume outpaces futures debut^[1].

Despite the strong debut volumes, the prices of XRP and DOGE remained relatively flat. This is because these ETFs do not hold the underlying assets directly. Instead, they invest in instruments that provide exposure to XRP and DOGE. This structure allows investors to gain exposure to these cryptocurrencies without the need for direct custody or the associated regulatory hurdles XRP ETF Posts Strong Debut Volume, May Signal Broader Interest in New Dogecoin and XRP Funds^[2].

The registration of these ETFs under the Investment Company Act of 1940 (40 Act) has implications for their holdings and structure. The 40 Act provides a shorter SEC review window (75 days) compared to the 33 Act (240 days), but it also imposes restrictions on holdings and structure. Fund sponsors used this route to accelerate the approval process, accepting operational limits in exchange for a faster market launch XRP ETF Posts Strong Debut Volume, May Signal Broader Interest in New Dogecoin and XRP Funds^[2].

The robust debut volumes of XRPR and DOJE suggest a strong market appetite for regulated exposure to XRP and DOGE. While the 40 Act structure may limit direct holdings, the day-one trading activity indicates that both retail and institutional participants are comfortable accessing crypto prices through these novel ETF wrappers. Continued scrutiny of subsequent filings and performance metrics will be crucial as the market digests these launches.