XRP News Today: Crypto ETFs Expand as XRP, DOGE Prices Plummet in Volatile Market

The New York Stock Exchange has greenlit Grayscale's Dogecoin (DOGE) and XRP exchange-traded funds, set to begin trading on Monday, November 24, marking a significant expansion of crypto ETF offerings in the U.S. market. NYSE Arca, a subsidiary of the NYSE, filed certifications with the Securities and Exchange Commission on Friday to approve the Grayscale Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP), according to filings and statements from Bloomberg ETF analyst Eric Balchunas. The approvals come after a wave of regulatory easing under the SEC's "Project Crypto" initiative, which has streamlined the approval process for crypto products.

Grayscale's DOGE ETF represents a structural shift from its existing trust model, offering investors regulated, exchange-traded exposure to the meme-based cryptocurrency. Balchunas projected that GDOG could see approximately $11 million in first-day trading volume, a typical benchmark for newly launched crypto ETFs. The XRP ETF, meanwhile, will compete with products from Franklin Templeton and WisdomTree, joining a crowded market that includes Canary Capital's XRPC ETF, which attracted over $250 million in inflows on its debut in early November.

The XRP ETF landscape has seen rapid growth, with Bitwise, 21Shares, and CoinShares also launching products this month. Despite this influx, XRP's price has declined by roughly 18% since early November, according to CoinGecko data. Analysts attribute the drop to broader market weakness, including a crypto sector sell-off that saw over $1 trillion in value erased in October and November, alongside aggressive selling by large holders. On-chain data from Glassnode revealed that only 58.5% of XRP supply is currently in profit, the lowest level since late 2024.

The DOGE ETF's launch follows a similar pattern. While speculative assets like DOGE and XRP have historically been volatile, the ETF structure aims to provide institutional-grade custody and liquidity. Grayscale's GXRP and GDOG will hold the underlying cryptocurrencies directly, offering investors a regulated alternative to direct digital asset ownership. This approach mirrors the success of Bitcoin and Ethereum spot ETFs, which saw billions in inflows after their launches.

However, the current market environment remains cautious. Bitcoin has fallen below multi-month lows, and ETFs from Grayscale and BlackRock have seen outflows as investors take year-end profits. The XRP and DOGE ETFs may struggle to drive immediate price gains, given the macroeconomic headwinds and the token's structural fragility. Yet, industry experts argue that the long-term impact of ETFs could be transformative. For example, Canary Capital's XRPC ETF, the first U.S. spot XRP ETF, demonstrated strong demand despite the price decline, with $245 million in inflows during its first two days.

Grayscale's DOGE and XRP ETFs are part of a broader trend of institutional adoption. With nine XRP ETFs launching this week alone, the market is testing whether increased accessibility can stabilize prices or if macro forces will dominate. Balchunas noted that Grayscale's Chainlink (LINK) ETF is expected to follow within a week, signaling continued momentum for altcoin products https://cointelegraph.com/news/nyse-approves-grayscale-doge-xrp-etfs-clearing-launch-monday.

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