The crypto market is seeing renewed interest in XRP following the Start of the first U.S. spot XRP exchange-traded funds (ETFs). The milestone has opened the door for large institutions to gain regulated exposure to the asset, reigniting debate about whether XRP could ever challenge Ethereum for the second position in global crypto rankings.
XRP ETFs Drive Institutional Attention
The Start of spot XRP ETFs in November 2025 marked an important moment for the ecosystem. Canary Capital’s XRPC fund recorded more than $58 million in first-day trading volume, the strongest opening among newly listed crypto ETFs this year. This early performance signaled strong institutional curiosity, especially from firms that previously avoided direct crypto exposure.
Franklin Templeton has now filed its Form 8-A to list the Franklin XRP ETF on NYSE Arca. Once approved, the listing will add another major provider to the expanding ETF lineup. With multiple well-known asset managers entering the space, analysts say the ETF rollout is mirroring the early phases of Bitcoin and Ethereum ETF Starts, which initially saw market swings followed by broader adoption.
Although XRP’s price has recently consolidated in the $2.12–$2.17 range, market analysts point out that ETF inflows often settle through over-the-counter (OTC) desks. This means the full impact of institutional buying may not appear immediately in spot market prices. Instead, it may take several days or weeks before the inflows translate into noticeable price changes.
Can XRP Challenge Ethereum’s Position?
Despite the enthusiasm surrounding XRP ETFs, analysts remain cautious about the idea of XRP overtaking Ethereum in the foreseeable future. Ethereum currently maintains a market cap near $373 billion, supported by one of the largest developer communities in the blockchain industry. Its smart-contract capabilities power thousands of decentralized applications, tokenization platforms, and blockchain-based financial tools.
By comparison, XRP’s market cap sits at around $129 billion. The XRP Ledger is designed primarily for high-speed payments, liquidity management, and institutional settlement. While these features make it attractive for banks and cross-border payment providers, XRP does not operate a built-in programmable smart-contract layer like Ethereum. This difference, analysts say, limits XRP’s ability to attract the same level of developer-driven demand that propels Ethereum’s ecosystem.
Even with Ripple’s ongoing initiatives—including a $500 million strategic investment to expand XRP adoption—most analysts agree that overtaking Ethereum in market capitalization remains unlikely in the short to medium term. However, they also note that XRP’s role is shifting as more banks, remittance providers, and financial institutions explore the asset for settlement, tokenization, and infrastructure support.
Expanding Utility Still Supports Long-Term Growth
Although surpassing Ethereum may not be an immediate possibility, experts highlight that XRP could still experience significant growth. Rising adoption in the U.S., Japan, and other regions is driving stronger institutional use cases. Additionally, Ripple’s partnerships and the increased visibility brought by ETF listings may lead to more consistent demand over time.
The combination of growing utility and new regulated investment products has prompted several long-term price models to turn more positive. Analysts argue that if ETF inflows continue building momentum, XRP could benefit from sustained accumulation similar to what Bitcoin experienced after its ETF Starts.
Technical Picture: Volatility with Potential Upside
From a market-structure perspective, XRP is trading near a major support level around $2.12. This zone aligns with the 0.382 Fibonacci retracement, which has been tested multiple times in recent weeks. Selling pressure remains visible, with the chart showing lower highs and continued capital outflows.
At the same time, open interest in XRP futures has increased sharply—from about $1 billion in October to more than $6 billion in November. Analysts interpret this rise as a sign of active participation from traders and institutions preparing for larger upcoming market movements.
In the short term, analysts expect continued volatility as ETF listings progress and liquidity conditions evolve. But the long-term outlook remains constructive, with some forecasts suggesting potential moves toward the $6–$25 range if institutional allocations grow and market liquidity tightens.
What Comes Next?
With multiple ETF listings scheduled for late November and December, XRP is entering a period where institutional demand may play a larger role in price direction. While overtaking Ethereum remains a challenging target, XRP’s expanding utility, increasing global adoption, and newly opened ETF channels could support meaningful growth in the months ahead.
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