Debut of REX XRP Exchange-Traded Fund marks $37 million trading volume, affirming optimistic view by analyst
The first U.S. spot Ripple [XRP] ETF, the REX Osprey XRP ETF, made its debut on September 18th, marking a significant milestone in the crypto industry. The ETF, which was fast-tracked by REX Osprey, recorded impressive trading volumes on its debut day. Within the first hour of trading, the REX Osprey XRP ETF had nearly $25 million in volume, a figure that was five times more than other XRP ETF futures on their debut. By the end of the day, the ETF had recorded $37.7 million in daily trading volume, a strong start for the new investment product. The trading volume was not the only positive aspect of the REX Osprey XTF's debut. The ETF's performance has been hailed as a 'good sign' for incoming spot XRP ETFs by Bloomberg ETF analyst Eric Balchunas. However, the building Exchange Reserve for XRP could potentially indicate impending selling pressure. The Exchange Reserve, which was at 3 billion XRP at the beginning of the month, has climbed higher to 3.6 billion tokens as of press time. This increase could suggest that some investors are holding onto their XRP, potentially preparing to sell. Despite this potential selling pressure, the overall market sentiment for XRP remains positive. The $3 is a key supply and resistance area for XRP for the past few weeks, but the RSI positioning suggests that bulls still have a market edge and could attempt to clear the hurdle. Top Binance traders have also increased their long positions, with long positions rising from 72% to 76% in the past two days. This increase in long positions could indicate a bullish outlook for XRP among traders. The U.S. Securities and Exchange Commission (SEC) is currently reviewing multiple Spot-XRP-ETF applications, including from Franklin Templeton and others. These filings were recently amended in response to SEC feedback, signaling progress towards possible approval. The new decision date for these applications is set for November 14, 2025. It is not clear whether the building Exchange Reserve will make other ETF approvals a 'sell-the-news event.' The debut of the REX Osprey XRP ETF under a different and slower regime of the 33 Act means that future ETFs may face different regulatory hurdles. Despite these uncertainties, the success of the REX Osprey XRP ETF is a positive sign for the crypto industry and could pave the way for more spot XRP ETFs in the future. The price of XRP dropped about 3% following the ETF's debut, but the overall market sentiment remains optimistic.
Read also:
- Goodyear in 2025: Advancement in Total Mobility through the Launch of Kmax Gen-3 by Goodyear
- Electric SUV Showdown: Vinfast VF6 or MG Windsor EV - Your Choice Revealed
- United States Secures $632 Million to Fuel Electric Vehicle Revolution
- IM Motors reveals extended-range powertrain akin to installing an internal combustion engine in a Tesla Model Y
