Today marks a new chapter in the crypto world. Dogecoin is getting its very first exchange-traded fund (ETF) and XRP is making the leap to its own ETF. This is a milestone for the crypto market that XRP and Dogecoin investors have been waiting for for years. Will these ETFs breathe new life into the prices of DOGE and XRP?
DOGE and XRP Funds Launched #
The approval comes from NYSE Arca, a part of the exchange responsible for listing many crypto ETFs. It filed the necessary documents for the official ETF registration of the Grayscale Dogecoin Trust (GDOG) and the Grayscale XRP Trust (GXRP). The paperwork was submitted to the U.S. regulator. According to ETF analyst Eric Balchunas, trading can start immediately:
Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday. $GLNK coming soon as well, week after I think — Eric Balchunas (@EricBalchunas) November 21, 2025
The DOGE ETF is essentially a conversion of Grayscale’s existing trust. This means the fund now tracks the dogecoin price and is as easy to trade as any other ETF. For a memecoin, this is a big step toward the traditional investment world, especially now that large asset managers are increasingly willing to experiment outside traditional cryptocurrencies.
For XRP, there are also numerous developments. Multiple funds are hitting the market simultaneously, such as products from Franklin Templeton and WisdomTree. And these are just a few names from a long list of major financial players.
The situation has changed since the end of the U.S. government shutdown. The government is back open and the SEC is using clearer frameworks for crypto than before. This opens the door to crypto ETFs. This partly explains why within a few weeks, several nearly identical XRP products have appeared side by side.
Positive ETF Effect for XRP Remains Absent #
The crypto market usually sees ETFs as a positive signal for a token. Yet, the launch of an XRP ETF has had little positive effect on the price so far. The price of XRP has fallen by 18% since early November. This correction occurred across the entire crypto market, and the arrival of an ETF had no positive effect on investor behavior.
Canary Capital launched the first spot ETF earlier this month and it was successful. The brand-new ETF attracted over €215 million in inflows on day one. On the other hand, large price increases for XRP did not materialize.
For dogecoin, the sentiment is different than for XRP. The memecoin reacted slightly positively when it became known that GDOG was coming. The launch makes DOGE part of the same infrastructure that major players like bitcoin and ethereum are part of. And that makes the ETF race in the United States just a little more interesting. This crypto investor is certainly enthusiastic about the new developments:
Two heavyweight players are stepping into the ring today!!!!! Grayscale and Franklin gearing up with their XRP ETFs!!! 🔥 🔥 🔥 Grab some popcorn, buckle up, and enjoy the show!!! The bell’s about to ring. 🥊📈🔥 — Adam_Xrp (@Adam_Xrp_) November 24, 2025