The cryptocurrency market has experienced a decline for several weeks, yet progress continues on the regulatory front. Despite major tokens losing ground, a new series of exchange-traded funds (ETFs) linked to Dogecoin and XRP are scheduled to enter the U.S. market today, Monday. The recent approvals from the New York Stock Exchange (NYSE) indicate an increasing effort to integrate more cryptocurrency products into traditional financial systems.
In brief
- •NYSE Arca has approved Grayscale’s DOGE and XRP spot ETFs, paving the way for their imminent trading.
- •This development is part of a broader trend of new crypto-focused exchange-traded funds entering the traditional finance landscape.
- •Despite the increasing availability of these ETFs, XRP prices have faced challenges over the last month, reflecting wider market pressures.
NYSE Arca Clears Grayscale’s Dogecoin and XRP ETFs
On Friday, NYSE Arca confirmed its approval to list and register the Grayscale Dogecoin Trust ETF (GDOG) and the Grayscale XRP Trust ETF (GXRP) under the Exchange Act of 1934. Bloomberg senior ETF analyst Eric Balchunas reported that the two funds are slated to commence trading on the NYSE on Monday. He also noted that a Grayscale ETF associated with Chainlink is anticipated in the near future.
This approval represents the final prerequisite for Grayscale to introduce its spot Dogecoin and XRP ETFs to the market, contributing to the growing influx of crypto-focused funds recently entering the market. Financial commentator Nate Geraci described the launches as a significant moment for the sector, highlighting them as one of the most evident indicators of the substantial shift in cryptocurrency oversight over the past year. He also suggested that GDOG could easily become one of his preferred ticker symbols.
Balchunas also provided an initial projection for the Dogecoin ETF’s debut, estimating that it could launch with approximately $11 million in assets.
Expanding XRP ETF Options Across the Market
In addition to Grayscale’s approvals, NYSE Arca has also cleared Franklin Templeton’s XRP ETF and has formally notified the SEC. This fund is expected to trade under the ticker XRPZ.
Subsequently, on November 13, Canary Capital launched its XRP ETF, XRPC, becoming the first spot XRP fund to debut in the United States. This product garnered immediate interest, attracting over $250 million in inflows on its initial day, with $58 million in trading volume. This figure represented the largest debut for any ETF this year among approximately 900 launches.
Following this, Bitwise, 21Shares, and CoinShares also introduced their own XRP ETFs, receiving approval after the U.S. government eased certain restrictions. This reduction in regulatory obstacles appears to be driving the current surge in new crypto exchange-traded fund launches, aligning with President Trump’s generally favorable stance on cryptocurrencies.
Market Reaction and Token Performance
Despite the introduction of a series of XRP-focused funds into the market, the XRP token itself has not experienced a significant price increase. XRP has been under pressure since November 11 and has seen a depreciation of over 18% in value during the past month. This trend is consistent with the broader cryptocurrency sector, which has been experiencing downward pressure throughout the same period.
Dogecoin is also facing similar challenges, with the popular memecoin experiencing a decline of more than 26% in value over the past month. While the newly launched ETFs provide a regulated avenue for investors to gain exposure, it remains uncertain whether they will have an immediate impact on the tokens’ prices given the current market conditions.