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21Shares Joins the XRP ETF Race With December Launch

MarketDash Editorial Team
7 days ago
21Shares is launching its spot XRP ETF on December 1, becoming the fifth major player in a market that's already pulled in over $666 million since mid-November. The staggered rollout is creating a very different dynamic than Bitcoin ETFs saw.

Here's something interesting about the XRP ETF race: it's happening in slow motion, and that might actually be a good thing for the price.

21Shares is launching its spot XRP (XRP) ETF on December 1, and it's the fifth major player to enter what's quickly becoming one of the year's most competitive crypto ETF battles. The fund will trade under ticker TOXR on the Cboe BZX Exchange, joining recent launches from Canary Capital, Franklin Templeton, Grayscale, and Bitwise.

Unlike Bitcoin (BTC) ETFs, which all launched on the same day back in January 2024, these XRP products are trickling into the market week by week. The result? Each launch creates its own mini-catalyst, generating fresh headlines and potentially attracting new institutional buyers who were waiting for their preferred issuer to show up.

Strong Early Numbers

The momentum so far has been impressive. Canary's XRP ETF (XRPC) kicked things off on November 13 with $58 million in first-day trading volume, the highest debut among this year's ETF launches. Franklin Templeton's XRPZ pulled in $3 million in its first hour alone when it launched in late November alongside Grayscale's GXRP.

Collectively, XRP ETFs have recorded $666.61 million in cumulative inflows since mid-November. That's helped drive XRP's recent 12% weekly gain, even as the broader crypto market has been notably volatile. XRP is currently trading around $2.20, down from the $2.70 highs it briefly touched earlier this month.

What 21Shares Brings to the Table

According to SEC filings dated November 28, TOXR will track the CME CF XRP Dollar Reference Rate and hold physical XRP tokens in secure custody through Anchorage and BitGo. That gives investors direct exposure to XRP's spot price without dealing with digital wallets or cryptocurrency exchanges.

21Shares isn't exactly a newcomer to crypto. The Swiss-based firm manages over 40 crypto exchange-traded products worldwide and controls nearly 50% of Europe's crypto ETP market. This makes TOXR the first XRP ETF from a European issuer to crack the competitive U.S. market, bringing institutional-grade infrastructure that's already proven itself overseas.

The Staggered Launch Advantage

The rollout strategy creates what analysts are calling continuous catalysts. When Bitcoin ETFs debuted, 11 products launched simultaneously in January 2024. That created one massive event, followed by months of consolidation as the market absorbed the initial excitement. BlackRock's iShares Bitcoin Trust (IBIT) eventually accumulated $40.8 billion in assets by year-end, demonstrating enormous institutional appetite, but the path was front-loaded.

XRP's staggered approach is different. Each approval generates fresh media attention and potentially taps into new investor pools. It's a slower burn, but one that could sustain momentum through the end of 2025.

Supply Dynamics Working in XRP's Favor

There's another factor worth watching: supply. Exchange-held XRP has fallen 29% since February, with 6.5 billion tokens withdrawn from major platforms. When you combine that supply squeeze with rising ETF demand, you've got a setup that could pressure prices higher if institutional inflows accelerate.

The pipeline remains robust, too. WisdomTree, Volatility Shares, and ProShares all have XRP ETF applications pending with the SEC. If approved, these could bring billions more in assets under management.

The Risks

Of course, it's not all smooth sailing. XRP is down about 40% from its July 2025 all-time high of $3.65. Bitcoin recently dropped 17% in November alone, showing just how volatile the crypto market remains. The Federal Reserve's next policy meeting is also looming, with CME FedWatch showing 85% odds of a 0.25% rate cut, which could impact risk assets broadly.

XRP's total addressable market is smaller than Bitcoin's, though the asset's utility in cross-border payments and recent regulatory clarity following Ripple's settlement with the SEC gives it unique positioning among crypto assets.

What It Means for Investors

For investors considering XRP exposure, the ETF structure offers clear advantages over direct token ownership: regulated custody, daily price transparency, and the ability to hold the asset in standard brokerage accounts. No dealing with seed phrases or worrying about exchange security.

The real question is whether this launch marks the peak of near-term enthusiasm or just another step in XRP's institutional adoption journey. With more ETFs likely coming and supply continuing to drain from exchanges, the answer might depend on whether institutional demand can sustain the momentum these early launches have created.

Back to News

21Shares Joins the XRP ETF Race With December Launch

MarketDash Editorial Team
7 days ago
21Shares is launching its spot XRP ETF on December 1, becoming the fifth major player in a market that's already pulled in over $666 million since mid-November. The staggered rollout is creating a very different dynamic than Bitcoin ETFs saw.

Here's something interesting about the XRP ETF race: it's happening in slow motion, and that might actually be a good thing for the price.

21Shares is launching its spot XRP (XRP) ETF on December 1, and it's the fifth major player to enter what's quickly becoming one of the year's most competitive crypto ETF battles. The fund will trade under ticker TOXR on the Cboe BZX Exchange, joining recent launches from Canary Capital, Franklin Templeton, Grayscale, and Bitwise.

Unlike Bitcoin (BTC) ETFs, which all launched on the same day back in January 2024, these XRP products are trickling into the market week by week. The result? Each launch creates its own mini-catalyst, generating fresh headlines and potentially attracting new institutional buyers who were waiting for their preferred issuer to show up.

Strong Early Numbers

The momentum so far has been impressive. Canary's XRP ETF (XRPC) kicked things off on November 13 with $58 million in first-day trading volume, the highest debut among this year's ETF launches. Franklin Templeton's XRPZ pulled in $3 million in its first hour alone when it launched in late November alongside Grayscale's GXRP.

Collectively, XRP ETFs have recorded $666.61 million in cumulative inflows since mid-November. That's helped drive XRP's recent 12% weekly gain, even as the broader crypto market has been notably volatile. XRP is currently trading around $2.20, down from the $2.70 highs it briefly touched earlier this month.

What 21Shares Brings to the Table

According to SEC filings dated November 28, TOXR will track the CME CF XRP Dollar Reference Rate and hold physical XRP tokens in secure custody through Anchorage and BitGo. That gives investors direct exposure to XRP's spot price without dealing with digital wallets or cryptocurrency exchanges.

21Shares isn't exactly a newcomer to crypto. The Swiss-based firm manages over 40 crypto exchange-traded products worldwide and controls nearly 50% of Europe's crypto ETP market. This makes TOXR the first XRP ETF from a European issuer to crack the competitive U.S. market, bringing institutional-grade infrastructure that's already proven itself overseas.

The Staggered Launch Advantage

The rollout strategy creates what analysts are calling continuous catalysts. When Bitcoin ETFs debuted, 11 products launched simultaneously in January 2024. That created one massive event, followed by months of consolidation as the market absorbed the initial excitement. BlackRock's iShares Bitcoin Trust (IBIT) eventually accumulated $40.8 billion in assets by year-end, demonstrating enormous institutional appetite, but the path was front-loaded.

XRP's staggered approach is different. Each approval generates fresh media attention and potentially taps into new investor pools. It's a slower burn, but one that could sustain momentum through the end of 2025.

Supply Dynamics Working in XRP's Favor

There's another factor worth watching: supply. Exchange-held XRP has fallen 29% since February, with 6.5 billion tokens withdrawn from major platforms. When you combine that supply squeeze with rising ETF demand, you've got a setup that could pressure prices higher if institutional inflows accelerate.

The pipeline remains robust, too. WisdomTree, Volatility Shares, and ProShares all have XRP ETF applications pending with the SEC. If approved, these could bring billions more in assets under management.

The Risks

Of course, it's not all smooth sailing. XRP is down about 40% from its July 2025 all-time high of $3.65. Bitcoin recently dropped 17% in November alone, showing just how volatile the crypto market remains. The Federal Reserve's next policy meeting is also looming, with CME FedWatch showing 85% odds of a 0.25% rate cut, which could impact risk assets broadly.

XRP's total addressable market is smaller than Bitcoin's, though the asset's utility in cross-border payments and recent regulatory clarity following Ripple's settlement with the SEC gives it unique positioning among crypto assets.

What It Means for Investors

For investors considering XRP exposure, the ETF structure offers clear advantages over direct token ownership: regulated custody, daily price transparency, and the ability to hold the asset in standard brokerage accounts. No dealing with seed phrases or worrying about exchange security.

The real question is whether this launch marks the peak of near-term enthusiasm or just another step in XRP's institutional adoption journey. With more ETFs likely coming and supply continuing to drain from exchanges, the answer might depend on whether institutional demand can sustain the momentum these early launches have created.