Mon Nov 24 06:30:00 UTC 2025: ## XRP ETF Launches to Fanfare, But Whales Quickly Cash Out

New York, NY – November 21, 2025 – The race for spot XRP exchange-traded funds (ETFs) is officially on, with the Bitwise XRP ETF (XRP) launching on the New York Stock Exchange on Monday, November 20th. Ripple CEO Brad Garlinghouse celebrated the launch as a “turkey trot” for the XRP community, marking a milestone moment after years of regulatory uncertainty surrounding the cryptocurrency.

Bitwise Asset Management hailed the launch as a “milestone day,” highlighting the ETF as a straightforward way for investors to gain exposure to XRP and its potential to modernize the $250 trillion global payments industry. The firm emphasized XRP’s utility as a fast, low-cost network for transferring value at scale.

The ETF arrives amid increasing institutional interest in crypto-linked investment products, a trend that has been driving liquidity and price discovery across the market. This launch also signifies a significant step for XRP, overcoming past regulatory hurdles posed by the SEC’s lawsuit against Ripple, which alleged the sale of XRP as an unregistered security. While the case is not fully resolved, a 2023 ruling stating that XRP sold on secondary markets does not qualify as a security paved the way for the ETF’s approval.

However, the initial enthusiasm surrounding the ETF’s launch was tempered by significant selling pressure from large XRP holders, known as “whales.” Crypto trader Ali reported that whales dumped nearly 200 million XRP within 48 hours of the launch, contributing to a breakdown in XRP’s technical market structure and waning short-term momentum.

This large-volume selling from major wallets can amplify volatility and influence broader market sentiment. At the time of writing, XRP was trading 1.8% lower in the past 24 hours at $2, according to CoinGecko.

Despite the sell-off, the launch of the Bitwise XRP ETF remains a significant event for XRP, the fourth-largest cryptocurrency with a market capitalization of approximately $136 billion. Its future performance will be closely watched as it navigates market dynamics and the ongoing effects of regulatory developments.

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