On December 1, 2025, Swiss-based 21Shares, a leading crypto ETP issuer, launched its U.S. spot XRP ETF (ticker TOXR) on the Cboe BZX exchange. Per the November 7th SEC filing, the ETF tracks the CME CF XRP-Dollar Reference Rate, giving investors direct exposure to XRP’s spot price without holding the token themselves. It is backed by physical XRP held in institutional-grade custody (Anchorage and BitGo), mirroring the structure of approved Bitcoin
According to Kraken, ‘Bitcoin is an invention that, for the first time in history, enabled a group of software users to create and manage a digital money supply outside the control of any government or bank.’
21Shares is no newcomer to crypto ETPs. It manages over 40 such products and controls roughly half of Europe’s crypto ETP market. TOXR is the first U.S. XRP ETF offered by a European issuer. A testament to 21Shares’ global reach (the firm operates across Europe, the Middle East, and Asia).
With its deep crypto experience, 21Shares’ entry lends weight to the XRP ETF market at a time when investors and regulators were eager for institutional offerings.
ETF Inflows Reshape XRP Liquidity and Price
The reaction was immediate. In the week leading up to the launch, all approved U.S. spot XRP ETFs (Bitwise, Canary, Franklin, Grayscale, etc.) drew massive inflows. By early December, cumulative inflows into U.S. XRP funds had already topped roughly $666 million, helping XRP’s price surge about 12% over a few days. For example, Bitwise’s new XRP ETF alone attracted about $135 million in its first three days, and Canary’s debut ETF logged a $58 million trading volume on day one. This flood of institutional buying has also thinned supply.
On-chain data show roughly 29% decline in exchange-held XRP since February 2025 (about 6.5 billion tokens withdrawn), likely moving into ETFs or cold wallets. With fewer tokens for sale, analysts say further ETF demand could push XRP toward the mid-$2 range to $3.00 if the trend continues.
In all, XRP’s market dynamics are shifting. Heavy inflows via new ETF creation put upward pressure on price, while massive withdrawals from exchanges suggest a looming liquidity squeeze. Some traders even saw a brief “sell-the-news” pullback after the launches, but most agree that the longer-term effect is bullish if sustained. As one analysis notes, the accelerating ETF accumulation “could pressure prices higher if institutional inflows accelerate.”
~$18,000,000 of inflows into the Bitwise XRP ETF, ticker $XRP, yesterday.
Now ~$135,000,000 in the first 3 days since it’s launch.
Grateful to investors entrusting Bitwise to steward their assets.
Onward — https://t.co/qIWISyKYC0
— Hunter Horsley (@HHorsley) November 25, 2025Institutional Appetite and Retail Access
These XRP ETFs are squarely aimed at institutions, and the initial numbers reflect that. Industry leaders poured money in fast. According to VALR CEO Farzam Ehsani the ETF flows are perhaps the most structurally significant of Altcoin
