Regulated Crypto Access Breaks Through: XRP ETF Surpasses All Previous Launches in 90 Minutes

The REX-Osprey XRP ETF, the first U.S.-listed exchange-traded fund to provide exposure to spot XRP, generated $24 million in trading volume within the first 90 minutes of its launch on September 18, 2025, surpassing the performance of all previous XRP futures ETFs on their first day. The ETF, listed on Cboe with the ticker XRPR, was developed under the 1940 Investment Company Act and combines direct XRP holdings with exposure to XRP-backed exchange-traded products (ETPs). This structure offers a regulated pathway for investors to gain exposure to XRP while meeting U.S. regulatory standards. The impressive debut highlights a growing appetite for regulated, institutional-grade access to altcoins, as demand for diversified crypto exposure continues to expand beyond Bitcoin and Ethereum.

The ETF’s launch represents a regulatory and structural milestone for XRP, which has long faced scrutiny from the U.S. Securities and Exchange Commission (SEC). Unlike a fully “pure spot” structure, the REX-Osprey XRP ETF incorporates a hybrid approach that mitigates some of the regulatory hurdles associated with direct XRP investments. While this model introduces tracking risk and additional costs compared to traditional spot ETFs, it reflects the evolving landscape of crypto asset regulation. The fund’s approval came under updated listing standards, bypassing some of the earlier legal obstacles that had stalled pure spot XRP ETFs from being approved.

The success of XRPR is part of a broader trend of institutional interest in altcoins, with REX-Osprey also launching a Dogecoin ETF on the same day. Despite initial skepticism, the Dogecoin ETF generated $6 million in trading volume, indicating strong retail and institutional interest in meme coins and other non-dominant crypto assets. The combined success of both products signals a shift in market sentiment, with investors increasingly seeking exposure to a wider range of digital assets. Analysts suggest that the approval of these funds may pave the way for more altcoin-based ETFs, potentially reshaping the structure of crypto investment options available to U.S. investors.

The performance of the REX-Osprey XRP ETF underscores the growing legitimacy of crypto assets in mainstream finance. The fund’s ability to achieve such a high volume in such a short time suggests that traditional investors are now viewing crypto as a viable asset class. This momentum is further reinforced by the broader regulatory environment, as the SEC moves toward a more structured approach to crypto ETF approvals. While XRP remains entangled in legal disputes with the SEC, the launch of regulated ETFs provides a workaround that allows institutional investors to engage with the asset without directly holding it. This development may also encourage other firms to apply for similar products, increasing competition and potentially lowering costs for investors.

Looking ahead, the REX-Osprey XRP ETF could serve as a model for future crypto ETFs, particularly those seeking to balance regulatory compliance with market demand. The hybrid structure employed by XRPR demonstrates how traditional financial institutions can adapt to the unique challenges of digital assets while maintaining compliance with U.S. securities laws. If the fund continues to perform well, it may set a precedent for other altcoins to follow a similar path, accelerating the integration of crypto into mainstream financial markets. However, investors must remain cautious, as the structure introduces additional layers of complexity and potential risk compared to direct spot holdings.