XRP ETF's Historic Launch Marks the Rise of Regulated Cryptocurrency into the Mainstream

The REX-Osprey

ETF ($XRPR) set a new milestone on September 18, 2025, by debuting on the Cboe exchange and reaching a first-day trading volume of $37.7 million XRP ETF smashes records with the biggest launch of 2025 [ 1 ]. This performance outpaced 2024’s leading ETF launch, the $IVES fund, and represented the largest “organic” dollar turnover for any ETF launched in 2025. In just the first 90 minutes, the fund saw $24 million in trades, which was five times greater than the opening-day activity seen in prior XRP futures ETFs REX-Osprey Makes History with First-Ever Spot XRP ETF Launch [ 2 ]. The launch highlighted the rising interest from both institutions and individual investors seeking regulated exposure to XRP in the U.S., as XRP’s price surpassed $3 and its market cap topped $181 billion XRP ETF smashes records with the biggest launch of 2025 [ 1 ].

The $XRPR ETF follows a Registered Investment Company (RIC) model, investing in a combination of XRP, cash, and U.S. Treasuries. This structure enables investors to access XRP through a regulated fund without having to manage the cryptocurrency directly, addressing compliance requirements while catering to market demand REX-Osprey Makes History with First-Ever Spot XRP ETF Launch [ 2 ]. Bloomberg ETF expert Eric Balchunas emphasized the importance of this launch, saying $XRPR’s strong start could pave the way for more altcoin ETFs and bodes well for the pipeline of 33 Act ETFs XRP ETF smashes records with the biggest launch of 2025 [ 1 ]. The impressive debut of the XRP ETF was echoed by the DOJE

ETF, which posted $17 million in trading volume on its first day, placing it among the top five ETF launches of 2025 XRP Fund Notches Biggest ETF Debut of 2025—and Dogecoin [ 3 ].

Together, the XRP and Dogecoin ETFs amassed $54.7 million in opening-day trading—far above the typical $1–$2.5 million seen for new ETFs XRP and Dogecoin ETFs Launch with Record-Breaking $54.7 Million First-Day Volume [ 4 ]. Experts attributed this surge to pent-up demand for alternative cryptocurrency investment vehicles, following the successful launches of

and ETFs, which have attracted $57 billion and $14 billion in assets, respectively, since being approved in 2023 XRP Fund Notches Biggest ETF Debut of 2025—and Dogecoin [ 3 ]. The REX-Osprey funds are structured under the Investment Company Act of 1940, allowing for a quicker regulatory review period (75 days instead of 240 days under the Securities Act of 1933), though with some investment restrictions. These ETFs gain exposure to XRP and Dogecoin through Cayman Islands subsidiaries, combining direct token investments with international exchange-traded fund structures XRP and Dogecoin ETFs Launch with Record-Breaking $54.7 Million First-Day Volume [ 4 ].

The launch coincided with a wave of optimism in the crypto sector, driven by the Federal Reserve’s rate reduction in September 2025 and a total crypto market value of $4.2 trillion. At the time, Bitcoin’s price hovered near $117,000, and institutional interest in XRP increased significantly, with CME options volume doubling to $15 billion . The SEC’s recent decision to approve standard listing criteria for commodity-based trusts has further opened the door to new crypto ETFs, with more than 90 applications for altcoin-related funds awaiting review XRP Fund Notches Biggest ETF Debut of 2025—and Dogecoin [ 3 ]. These regulatory advancements, together with the XRP ETF’s strong introduction, could speed up the approval of more altcoin ETF products, potentially transforming how investors access the digital asset market.

Although the XRP ETF’s launch is a positive sign for institutional adoption, analysts warn that broader economic risks still exist. The Federal Reserve’s accommodative stance might continue to benefit riskier investments, but persistent inflation and labor market challenges could restrain long-term growth. Short-term market swings, such as 5–8% corrections for Bitcoin and even steeper drops for altcoins, are still possible, especially during volatile periods like September’s “triple witching” in the equity markets . Nonetheless, the performance of the XRP ETF demonstrates increasing maturity in the crypto space, as regulated products are increasingly regarded as credible investment options.