The cryptocurrency market has been declining for several weeks, but regulatory progress continues to progress. Despite the decline in major tokens, a new series of spot ETFs linked to Dogecoin and XRP are set to debut on the US market this Monday. The latest validations from the New York Stock Exchange (NYSE) mark a growing desire to integrate more crypto products into traditional finance.
In brief
- NYSE Arca has approved Grayscale’s DOGE and XRP spot ETFs, allowing them to begin trading soon.
- The move continues a trend of an increasing number of crypto ETFs entering traditional markets.
- Despite this momentum, XRP had a difficult month, reflecting overall market pressure.
NYSE Arca approves Grayscale’s Dogecoin and XRP ETFs
On Friday, NYSE Arca confirmed the listing and registration of the Grayscale Dogecoin Trust (GDOG) and Grayscale XRP Trust (GXRP) ETFs, pursuant to the Exchange Act of 1934. Bloomberg ETF analyst Eric Balchunas says both products are expected to begin trading on Monday. He also specifies that a Grayscale ETF linked to Chainlink should follow in the near future.
This validation constitutes the last step before their official launch, reinforcing the massive arrival of new crypto funds in recent months. Financial commentator Nate Geraci sees this as a strong symbol for the industry, believing that these products represent one of the biggest signs of the change in regulatory approach seen during the year. He adds that GDOG could even become one of his favorite stock symbols.
Balchunas also provides an estimate of the first trading volumes for the Dogecoin ETF, estimating its launch at approximately $11 million in assets.
Expansion of XRP ETF options in the market
Beyond Grayscale, NYSE Arca has also validated Franklin Templeton's XRP ETF, now awaiting official SEC approval. It should be listed under the symbol XRPZ.
Meanwhile, on November 13, Canary Capital launched XRPC, the United States' first spot XRP ETF. The fund immediately attracted attention, seeing more than $250 million in inflows on its first day, with volume of $58 million, the largest ETF launch of the year among nearly 900 new funds.
In the process, Bitwise, 21Shares and CoinShares also launched their own XRP ETFs, benefiting from a now more favorable regulatory climate. The easing of administrative blockages is fueling this wave of launches, in line with the pro-crypto policy displayed by President Trump.
Market reaction and token performance
Despite the arrival of these funds dedicated to XRP, the token has not benefited from them. XRP has struggled since November 11, posting a drop of more than 18% over one month. This trend reflects a market generally under pressure.
Dogecoin is going through a comparable period: the iconic memecoin has lost more than 26% over the past month. Although the new ETFs provide a regulated pathway for exposure to assets, their immediate impact on token prices remains uncertain in the current environment.
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