SEC's Reform Fuels XRP ETF's $24M Surge in 90 Minutes

The Rex-Osprey XRP ETF (XRPP) generated $24 million in trading volume within 90 minutes of its September 18, 2025, debut, marking a historic milestone for U.S. spot cryptocurrency ETFs. This performance exceeded expectations by fivefold compared to XRP futures ETFs on their first day, according to Bloomberg Intelligence analyst Eric Balchunas, who described the figure as “way more than I would have thought.” The ETF, listed on the Cboe under ticker XRPR, holds a diversified portfolio of XRP-related assets, including the CME CF XRP-Dollar Reference Rate (59%) and CoinShares’ Physical XRP product (39%). Its rapid adoption underscores growing institutional and retail investor interest in regulated crypto exposure.

The launch of XRPP was facilitated by a regulatory shift under U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins, who streamlined approval processes for spot crypto ETFs via generic listing standards. This reform reduced approval timelines from 240 to 75 days, enabling exchanges like Nasdaq, NYSE, and Cboe to onboard such products more efficiently. Industry leaders hailed the move as a breakthrough, with Bitwise Asset Management’s Teddy Fusaro calling it a “watershed moment” in digital asset regulation. The change also paved the way for other altcoin ETFs, including Solana and Dogecoin, with several already in the approval pipeline.

Market dynamics further highlighted the ETF’s success. Despite skepticism about XRP’s market role, XRPP’s inflows surpassed even traditional asset ETFs on day one. The product’s price structure—trading between $25 and $26—diverges from XRP’s direct exchange rate of $3.11, reflecting its composite holdings. Analysts noted that the volume surge indicated strong demand for crypto-linked securities, particularly among investors seeking regulated avenues for exposure.

The REX-Osprey Dogecoin ETF (DOJE) also outperformed expectations, generating $6 million in volume within its first hour. Balchunas, who previously expressed low expectations for non-Bitcoin/Ethereum crypto ETFs, acknowledged the figures as “destroyed” his initial estimates. The dual launch of XRPP and DOJE demonstrated the viability of spot ETFs for meme coins and altcoins, with DOJE’s debut coinciding with a 16% price surge in Dogecoin to near $0.30.

Regulatory and market analysts emphasized the broader implications of these launches. The SEC’s streamlined approach may accelerate approvals for future ETFs, particularly for assets with existing CFTC-governed derivatives. Canary Capital’s Steve McClurg noted that firms must now finalize marketing plans and legal filings to capitalize on this window. Meanwhile, CME Group’s upcoming XRP and Solana options trading could further institutionalize altcoin markets.

The XRP ETF’s success also signals a shift in investor sentiment toward altcoins. While Bitcoin and Ethereum remain dominant, the rapid adoption of XRP and Dogecoin ETFs suggests a growing appetite for diversified crypto portfolios. Legal experts, including Stradley Ronon’s Steve Feinour, highlighted that leveraging existing derivatives frameworks could expedite future ETF approvals, reinforcing the sector’s momentum.

Source: [1] Rex-Osprey XRP ETF Record $24M Volume (https://www.timesofblockchain.com/news/rex-osprey-xrp-etf-record-24m-volume/) [2] US XRP ETF Launch Rockets to $24M in First 90 Minutes (https://u.today/us-xrp-etf-launch-rockets-to-24-million-in-first-90-minutes) [3] REX-Osprey’s XRP ETF Hits $24M (https://www.mexc.com/da-DK/news/rex-ospreys-xrp-etf-hits-24m-as-day-1-volume-outpaces-futures-debut/101410)