Ripple CEO Brad Garlinghouse says the race for spot XRP (XRP) exchange-traded funds is officially underway, celebrating what he called a pre-Thanksgiving “turkey trot” as the first US product goes live.
His comments came shortly after Bitwise Asset Management confirmed that the Bitwise XRP ETF began trading on the New York Stock Exchange on Nov. 20 under the ticker XRP, offering United States investors a regulated pathway to gain exposure to the digital asset.
“The pre-Thanksgiving rush (shall we say, ‘turkey trot’!?) for XRP ETFs starts now.. congrats @BitwiseInvest on today’s launch!” Garlinghouse wrote on X.
Bitwise described the moment as a “milestone day for the XRP community,” noting that the ETF is designed to provide straightforward access to XRP as the token positions itself to modernize the global payments industry. The firm highlighted that XRP targets a market worth an estimated $250 trillion and emphasized the token’s utility as a low-cost, fast settlement network built for transferring value at scale.
The ETF arrives amid renewed interest in crypto-linked investment products, with institutional demand playing an increasingly important role in liquidity formation and price discovery across the market.
The launch also marks a significant step for XRP after years of regulatory uncertainty surrounding Ripple’s legal battle with the United States Securities and Exchange Commission. The SEC filed a lawsuit in December 2020, accusing Ripple of selling XRP as an unregistered security.
That pressure persisted until July 2023, when a federal judge ruled that XRP sold on secondary markets does not qualify as a security, a decision widely interpreted as clearing a path for products like spot XRP ETFs. Although parts of the case remain unresolved, the ruling signaled a new era for institutional participation.
XRP, now the fourth-largest cryptocurrency by market capitalization at approximately $136 billion, has maintained a dedicated community since its launch in 2012 as a blockchain optimized for cross-border payments.
Related: XRP address count hits record high as new ETF debuts
Despite the landmark listing, blockchain data shows that large holders were quick to sell into the news.
“Whales dumped nearly 200 million $XRP in just 48 hours!” crypto trader Ali wrote on X.
Whales, or wallets controlling tens of millions or even billions in digital assets, often influence market dynamics due to their size. Their selling can amplify volatility, trigger liquidations, and shape broader market sentiment.
The heavy selling has coincided with a breakdown in XRP’s technical market structure. Analysts say recent price action reflects waning short-term momentum as traders react to large-volume moves from major wallets.
At press time, XRP was trading 1.8% lower in the past 24 hours at $2, as per CoinGecko.
Related: XRP becomes third largest crypto after SEC drops case against Ripple
This story was originally reported by TheStreet on Nov 20, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
