The XRP ETF on Wall Street: The Paradox of the Biggest Crypto Debut of 2024

Bitwise officially launched the XRP spot ETF on the New York Stock Exchange just days ago, and the initial numbers are spectacular: 610,000 shares traded in the first hours, with projected inflows of $92.7 million just on the first day. Of course, there is a problem: the price of XRP dropped by 11% right after.

What Is Really Happening?

This is the most interesting disconnection in the market in months. You have two forces in opposite directions:

From the institutional side:

• Spot ETF approvals represent a massive regulatory milestone. Large funds and banks that could not hold XRP directly can now do so through compliant structures.
• The Bitwise fee is 0.34%, but waived during the first month on the first $500M of entries—a bold move to attract early institutional capital.
• Grayscale has confirmed that its Grayscale XRP Trust is under official review by the SEC.

On the spot market side:

• Whales liquidated approximately 200 million XRP after the launch.
• Almost 50% of the total XRP supply is now in loss, fueling panic selling.
• The volume fell after breaking resistance, a classic signal of buyer exhaustion.

The Numbers that Matter

The technical consolidation is real: XRP is bouncing between $2.33 and $2.44, with key resistance at $2.54. If it breaks upwards, analysts point to targets of $2.75 in the short term and $3.00–$3.20 in the medium term. Some bullish fractals suggest movements towards $6–$7 by mid-November, although with substantial risk.

But here's the catch: if support at $2.33–$2.30 gives way, XRP falls towards $2.00 with no clear resistance.

The True Story Is Not the Price

Cryptocurrency spot ETFs have changed the game for Bitcoin and Ethereum. XRP has just entered that world. That means:

• Regulated institutional access for pension funds, banks, and asset managers that were previously outside the market.
• Unprecedented liquidity when those flows materialize.
• Cross-border payment narrative gaining traction—there are reports that the Bank of England is building payment infrastructure using Ripple technology.

Whale selling is temporary liquidity capture. ETF flows represent long-term institutional conviction. They are two games with different time frames.

Where We Are Now

XRP is in a zone of decision. The recent volatility underscores that this is an asset in transition: from speculative to partially institutional. Traders chasing the price after an 11% drop are likely to be mistaken. Those who understand capital flows and await a clear breakout—those may have an opportunity.

The crypto market and Wall Street are no longer separate universes. Today, XRP is right at the center of both, and that is what really matters.