Bitwise Takes $599M and Canary $490M While XRPR Posts Zero Net Flows for a Month

The XRP ETF complex is currently the only corner of the crypto fund market still attracting money, and the two funds that carry the XRPI and XRPR tickers are the two least likely to benefit from it.

XRPI, the Volatility Shares XRP ETF, trades at $5.87, up 1.30%. Net assets sit at $86.97 million. The fund launched May 22, 2025.

XRPR, the REX-Osprey XRP ETF, trades between $8.70 and $8.84 against a prior close of $8.63 — a gain of roughly 2% on the session. Volume has reached 25,760 shares against a 24,498 average. Its 52-week range runs $8.29 to $25.99, which places the fund within 6% of its annual low and 66% below its annual high. Total expense ratio is 0.75%. The fund holds four positions and launched September 17, 2025 on Cboe BZX.

The spot funds that arrived after them are where the money went. Canary's XRPC trades at $11.36, up 1.07%. Franklin's XRPZ sits at $11.62, up 1.04%. Grayscale's GXRP is at $20.73, up 1.07%.

The underlying asset is doing better than any of them. XRP trades at $1.42939, up 0.87%, holding a support band between $1.30 and $1.35 after a late-August surge that carried it to $1.70.

The complex-level numbers are genuinely strong. Seven U.S. spot XRP ETFs hold roughly $2 billion in combined assets and approximately 1.1 billion XRP tokens. Cumulative net inflows have reached a record $1.68 billion with total net assets of $1.48 billion. XRP funds took $14.86 million in September while Bitcoin, Ethereum and Solana products bled.

The thesis running through this piece: the XRP ETF category is working, and XRPI and XRPR are the legacy structures it is working around. Both were built before spot approval, both carry higher fees and structural inefficiencies the spot funds do not, and both are watching a $1.68 billion inflow cycle route past them.

XRPR Sits 66% Below Inception While XRP Sits 61% Below Its Peak

The performance record for XRPR is worth stating in full because it is the clearest measure of what a pre-spot wrapper cost its holders.

Through June 30, 2026: one-month market return of -20.52%, three-month -22.21%, year-to-date -42.72%, and since inception -65.68%. On a net asset value basis the figures were -20.27%, -21.46%, -43.34% and -65.81%.

The S&P 500 over the same windows returned -0.95%, +15.20%, +10.21% and +14.67%.

Since its September 2025 launch, XRPR has lost roughly two thirds of its value while the U.S. equity market gained roughly 15%. That is an 80-point spread over nine months.

The underlying asset explains part of it and not all of it. XRP peaked at $3.65 on July 17, 2025 and trades at $1.42939 today — a decline of 60.8%. XRPR's 65.68% market decline since inception exceeds that, and the fund launched two months after the peak.

The gap between the asset's drawdown and the wrapper's drawdown is the structural cost: a 0.75% expense ratio, a portfolio that holds XRP at only 61.38% of assets, and persistent premium and discount volatility that has cut both ways.

The 52-week range tells the same story from a different angle. XRPR has traded between $8.29 and $25.99 over the past year. At roughly $8.80 the fund sits 66.1% below its annual high and 6.2% above its annual low. XRP over the same period fell from $3.65 to $1.42939 — a 60.8% decline against the fund's 66.1%.

The fund has underperformed the token it tracks over every measurement window.

XRPI's record is different and better. Trailing returns as of August 21, 2026 showed the fund at 27.97% against a Digital Assets category average of 19.21% on one measure, and 57.03% against 8.45% on another, with a third reading at 0.00% against a 11.96% category figure.

Those numbers are inconsistent across windows and the mixed picture reflects a fund that launched before the spot complex existed and has been repositioned since.

Inside XRPR: Four Holdings, 61.38% XRP, 0.75% Expense

The structural detail that explains XRPR's tracking problem is in its holdings, and it is not obvious from the fund name.

As of the most recent disclosure, XRPR held four positions. The XRP position itself represented 61.38% of assets, worth $24,544,843.42 against total fund assets of $41,125,000. Shares outstanding stood at 4,700,000 with a NAV of $8.51 and a closing price of $8.75.

A fund with "XRP ETF" in its name holding XRP at 61.38% of assets is not a spot vehicle. The remaining 38.62% sits in other instruments — the structure typical of a 40-Act fund gaining crypto exposure through a subsidiary and collateral arrangements rather than through direct spot custody.

That design was a regulatory necessity in September 2025. Direct spot XRP custody inside a U.S.-registered fund was not available, and the wrapper had to reach exposure through indirect means. It was the only way to bring an XRP fund to a U.S. exchange at the time.

It is now a liability. The seven spot XRP ETFs hold XRP directly, at roughly 1.1 billion tokens across $2 billion of assets — a near one-to-one relationship between fund assets and underlying holdings.

The consequence for tracking is arithmetic. A fund holding 61.38% direct exposure captures roughly 61% of a move in XRP through that position, with the remainder depending on how effectively the other holdings replicate the exposure. Any slippage in that replication is tracking error the holder pays for.

The concentration metric confirms the structure. XRPR holds 100.00% of assets in its top ten positions against a median of 43.70% across all rated ETFs — 128.82% above the median. With four holdings total, that is definitionally true and it means there is no diversification of any kind inside the wrapper.

Turnover runs at 29.00%, which is high for a single-asset fund and reflects the rolling and rebalancing that an indirect-exposure structure requires.

The expense ratio is 0.75%. Assets have ranged from $41.13 million to $55.98 million across recent readings.

The 30-day yield is -0.17%. A negative yield on a fund that pays no dividend reflects the cost of the structure exceeding any income it generates.

The Premium-Discount Problem: 2.84% And A 0.43% Spread

XRPR's most persistent shareholder cost is not the expense ratio. It is the gap between what the fund is worth and what it trades for.

At the most recent disclosure, NAV was $8.51 while the closing price was $8.75 — a premium of 2.84%. The median 30-day bid-ask spread was 0.43%.

A 2.84% premium means a buyer paid $8.75 for $8.51 of assets. That 24 cents is transferred to the seller, not to the fund, and it evaporates if the premium closes.

The record shows it does not close reliably in either direction. Across the 2025 calendar year, XRPR traded at a premium on 33 days and at a discount on 40. In the first quarter of 2026 it traded at a premium on 24 days and at a discount on 37. In the second quarter the pattern flipped to 35 premium days against 27 discount days. In the third quarter to date it has been 19 and 16.

That is roughly a coin flip, with the fund spending a slight majority of its early life at a discount and a slight majority of its recent life at a premium.

For a holder, persistent premium-discount oscillation is a hidden volatility layer on top of the underlying asset's own volatility. Buying at a 2.84% premium and selling at a 2% discount costs 4.84% before the expense ratio and before XRP moves at all.

The 0.43% median bid-ask spread compounds it. Round-tripping a position costs 43 basis points in spread alone — more than half the annual expense ratio, paid on every entry and exit.

Compare that with the spot complex. Larger funds with direct custody and active authorized participant arbitrage keep premiums and discounts inside a few basis points, and their spreads are correspondingly tighter because market makers can hedge exposure precisely.

The mechanism behind XRPR's wider bands is its size and its structure. A $41 million to $56 million fund with 4,700,000 shares outstanding and roughly 25,000 shares of daily volume does not attract the arbitrage capital that keeps a large ETF anchored to NAV.

Tracking error over one year has run at 1.42%, with three-year at 1.36% and five-year at 1.57%.

XRPI At $86.97 Million: The Volatility Shares Structure

XRPI is the older of the two funds and it occupies a different niche.

Issued by Volatility Shares LLC with an inception date of May 22, 2025, the fund carries $86.97 million in net assets and trades at $5.87, up 1.30% on the session. It sits in the Digital Assets category.

That May 2025 launch predates every U.S. spot XRP product, and it predates the resolution of the SEC's case against Ripple in August 2025. XRPI reached the market before direct XRP exposure was available to a U.S.-registered fund, which means it was built on derivatives rather than on spot custody.

That heritage matters for how the fund behaves. A derivatives-based structure carries roll costs, collateral requirements and basis risk that a spot fund does not. Over short horizons the tracking is close. Over long horizons the drag compounds.

The trailing return comparisons against the Digital Assets category show mixed results across windows — 27.97% against a 19.21% category average on one measure, 57.03% against 8.45% on another, and 0.00% against 11.96% on a third. Those readings do not reconcile into a clean picture, which is itself informative about a fund whose exposure mechanism has changed since launch.

At $86.97 million, XRPI is roughly twice XRPR's size and roughly 4.3% of the $2 billion spot complex.

The Volatility Shares product line has historically specialized in leveraged and volatility-linked structures rather than plain-vanilla spot exposure. The XRP fund sits alongside a broader family of digital-asset products, and the category now includes explicitly leveraged offerings — a 2x long daily XRP fund and an ultra XRP fund among them, both of which have posted daily moves above 15% on strong sessions.

That context matters for understanding who owns XRPI. A fund from an issuer known for leveraged structures, launched before spot approval, at $5.87 per share, is held disproportionately by traders rather than by allocators building long-term positions.

The spot alternatives serve the allocator. XRPI serves the trader.

XRPR Flows: $123.63 Million In, Then Nothing

The flow record for XRPR tells the story of a fund that captured a launch window and has not raised a dollar since.

Net flows: zero over five days. Zero over one month. Negative $1.71 million over three months. Negative $10.01 million over six months. Positive $123.63 million over one year — and the same $123.63 million over three years, five years and ten years, because the fund has only existed since September 2025.

Read that sequence carefully. Every dollar the fund has ever raised arrived in its first months. Since then it has given back $10.01 million and raised nothing.

Zero net flows over a full month is not a small thing for an ETF. It means the creation-redemption mechanism is idle — no authorized participant has found it worthwhile to create or redeem baskets, which is exactly the condition that lets premiums and discounts persist at 2.84%.

The $10.01 million six-month outflow against a fund holding $41.13 million to $55.98 million represents roughly 18% to 24% of assets leaving in half a year.

The timing explains it. XRPR launched September 17, 2025 — one month after the SEC case against Ripple concluded and while spot XRP ETFs were still in registration. It had a window where it was one of the only listed XRP vehicles in the United States, and it raised $123.63 million into that window.

The spot funds then arrived. Bitwise's product has since accumulated $599 million of cumulative net inflows with $516 million of net assets. Canary's XRPC has reached $490 million. Franklin's XRPZ sits at $462.86 million.

Those three funds have collectively raised more than twelve times what XRPR raised, in a shorter period, at lower fees, with direct spot custody.

The flow data is the market's verdict and it was rendered quickly. When a structurally superior wrapper becomes available, capital moves to it and does not come back.

XRPR's remaining assets are legacy positions and taxable-account holders unwilling to realize a 66% loss to switch.

The Spot Complex Made These Funds Obsolete

Seven U.S. spot XRP ETFs now hold approximately $2 billion in combined assets and roughly 1.1 billion XRP tokens.

Set that against XRPI's $86.97 million and XRPR's $41.13 million to $55.98 million. The two pre-spot funds together hold roughly 6% to 7% of the category.

The structural comparison explains the gap completely.

A spot fund holds XRP directly with a qualified custodian. Its assets are the token, one for one. It charges a fee typically well below 0.75%. Its authorized participants can arbitrage price against NAV using the underlying asset itself, which keeps premiums and discounts inside a few basis points.

XRPR holds XRP at 61.38% of assets across four positions, charges 0.75%, has traded at a 2.84% premium with a 0.43% median spread, and shows 1.42% one-year tracking error.

XRPI holds a derivatives-based structure at $86.97 million.

There is no scenario in which an allocator building a new XRP position chooses either over a spot fund. The only reason to own them is an existing position with an embedded tax cost.

The parallel is exact to what happened in Bitcoin. Grayscale's GBTC converted from a trust with a higher expense ratio, and it has bled continuously ever since as holders rotate to cheaper spot alternatives — shedding $65.5 million on September 8 alone while the newer funds took creations. The rotation is mechanical, driven by fee arbitrage rather than by any view on the asset.

XRPI and XRPR face the same dynamic with an added disadvantage: they are not simply more expensive versions of a spot fund, they are structurally different products with tracking characteristics a spot fund does not have.

The category has consolidated around three names. Bitwise leads with $599 million cumulative inflows and $516 million net assets. Canary's XRPC follows at $490 million. Franklin's XRPZ is third at $462.86 million. Those three represent roughly 92% of the $1.68 billion cumulative total.

Grayscale's GXRP at $20.73 rounds out the visible complex.

Cumulative $1.68 Billion And The 83% Weekly Collapse

The category-level flow data frames what XRPI and XRPR are missing out on, and it has turned sharply in the past week.

Cumulative net inflows across the U.S. spot XRP ETFs have reached $1.68 billion — a new all-time peak. Total net assets stand at $1.48 billion, with combined assets under management reported at $2 billion.

August was the category's best month of 2026 at $159.18 million, beating the prior high of $131.94 million in May, $81.59 million in April and $58.09 million in February. Roughly $150.28 million of August's total arrived in the final two weeks.

The week ending August 28 delivered $110.49 million — the largest weekly total of 2026 and the biggest since the week ending December 5, which produced around $231 million. Every one of the five trading days saw double-digit inflows: $13.82 million Monday, $23.87 million Tuesday, $28.14 million Wednesday, $18.47 million Thursday and $26.20 million Friday. The Wednesday print was the single best day since January 5.

Then the week ending September 5 delivered $18.96 million — an 83% collapse. September month-to-date stands at $14.86 million. On September 4 the funds recorded zero daily net inflows.

The Bitwise fund, the category's largest, recorded no inflows on the most recent Tuesday while maintaining its position as the largest by both total flows and net assets.

That deceleration is the reason XRP has been unable to reclaim $1.50 despite holding its $1.30 to $1.35 base.

The supply arithmetic makes the flow number harder to celebrate. Ripple released 1 billion XRP from escrow on September 1 and re-locked 700 million, leaving 300 million newly liquid — worth roughly $428 million at current prices. Against $14.86 million of September ETF inflows, escrow is issuing tokens at roughly 29 times the rate the funds are absorbing them.

At $1.68 billion cumulative against XRP's market capitalization near $90 billion, the ETF complex owns under 2% of the asset.

XRP ETFs Are The Only Crypto Funds Still Taking Money

The single most favorable fact about this category is comparative rather than absolute.

XRP ETFs have become the only crypto funds attracting inflows as Bitcoin, Ethereum and Solana products bleed.

The comparison across the complex: U.S. spot Bitcoin ETFs recorded $46.6 million of net outflows on September 8, ending a three-day inflow streak, with Grayscale's GBTC shedding $65.5 million. Ethereum ETFs have decelerated 91% from their August pace and printed a net outflow on their most recent session. Solana ETFs collapsed 96% from $153.87 million to $6.18 million for the week ending September 4, with $5.21 million of net outflows on September 4 alone.

XRP funds took $14.86 million in September and remain positive.

Positive flow at any level, when every peer is negative, is a relative-strength signal that matters more than the absolute figure. It indicates rotation within crypto rather than exit from it, and XRP is currently on the winning side of that rotation.

The reasons offered for it are specific. XRP Ledger active addresses grew 35% in August, giving fund managers a fundamental, non-price argument to pitch institutional allocations. Real-world usage in cross-border settlement continues to expand. RLUSD, Ripple's stablecoin, has crossed $2.32 billion in market capitalization.

The counterweight is composition. Retail drives 84% of XRP ETF inflows. Institutional capital is largely sitting out — the largest disclosed position among 13F-reporting firms in the second quarter was approximately $87.45 million, having added more than 83 million XRP over the quarter, with two other firms holding smaller positions.

An 84% retail base is the opposite of the Bitcoin picture, where a single institutional wrapper accounts for the majority of flow.

That composition explains both the category's resilience — retail buyers do not rebalance on a schedule — and its ceiling. Retail money arrives in small increments and cannot produce the $400 million single-day prints that move a market.

For XRPI and XRPR specifically, none of this flow is reaching them.

The September 15 Vote And What Would Change

The catalyst that could change the composition of XRP ETF demand rather than just its volume is legislative.

A Senate cloture vote on the CLARITY Act is tracked for September 15. Passage would unlock institutional capital that currently sits out for regulatory reasons rather than for lack of conviction.

The mechanism is straightforward. Allocators with fiduciary obligations require clarity on whether a digital asset is a security or a commodity, because that classification determines custody rules, capital treatment and permissible mandates. An 84% retail composition is not evidence that institutions dislike XRP. It is evidence that many of them cannot buy it under current rules.

The caution on this catalyst is significant. The September 15 date comes from a policy tracker rather than a published Senate calendar. Positioning for a date that cannot be independently verified is how traders get caught by an event that moves or does not happen.

The timing overlap compounds the risk. September 15 is the first day of the Federal Reserve's two-day meeting, with the decision landing September 16 and a 60% probability of a rate hike from 3.75% attached. The August consumer price index lands Friday, September 11 at 8:30 a.m. ET, with headline expected at 3.40% and core at 2.4%.

Three events inside five days, with a legislative vote sandwiched between an inflation print and a rate decision, makes attribution of any market move nearly impossible.

The broader regulatory direction is more constructive than at any point in this asset's history. The SEC case against Ripple ended in August 2025 after four years. Seven spot ETFs now trade. Institutional products including retirement account access have expanded. A proposed SEC framework would let crypto projects raise capital without the standard securities listing process.

If the CLARITY vote proceeds and institutional participation rises from its current level, the money would flow to the spot funds with the lowest fees and tightest tracking. Bitwise, Canary and Franklin would take it.

XRPI at 0.75%-class economics and XRPR at 0.75% with 61.38% direct exposure would not.

Fee Arbitrage: 0.75% And What It Costs

XRPR's total expense ratio is 0.75%. That number is the fund's central competitive problem and it deserves quantifying.

On a $100,000 position, 0.75% costs $750 per year. Across five years at a flat underlying price, that is $3,750 of compounding drag before any tracking error, spread cost or premium-discount slippage.

Add the documented frictions. A 0.43% median bid-ask spread on entry and exit. Premium-discount oscillation that ran 2.84% at the most recent reading. One-year tracking error of 1.42%. Turnover of 29.00% inside a four-holding portfolio.

Sum the recurring costs and a holder is paying roughly 2.2% annually in expense ratio plus tracking error alone, before transaction costs.

Against that, spot XRP ETFs from major issuers charge materially less and deliver near-perfect tracking through direct custody.

The comparison to the Bitcoin ETF complex makes the point. BlackRock's IBIT charges 0.25% and holds $61.44 billion. Grayscale's higher-fee GBTC has bled continuously since conversion — $65.5 million in a single session on September 8 — as holders rotate for exactly this reason. That rotation is mechanical and it continues regardless of price direction.

The XRP category is running the same process in compressed time. XRPR raised $123.63 million in its launch window and has raised nothing since, while shedding $10.01 million over six months. Its zero net flows over the past month say the rotation is essentially complete: what remains is money that cannot leave without a taxable event.

The one argument for the pre-spot funds is that they exist in accounts where the spot alternatives may not be available, or where an existing cost basis makes switching expensive.

For anyone establishing a new position, there is no case.

The leveraged corner of the category is a separate matter. A 2x long daily XRP fund and an ultra XRP fund posted single-session gains above 15% during the August surge. Those products serve a trading purpose that no spot fund replicates, and their high fees are irrelevant on a multi-day holding period.

XRPI and XRPR are neither cheap spot exposure nor leveraged trading vehicles. They occupy the middle, and the middle is empty.

Liquidity: 25,760 Shares And What That Means

XRPR traded 25,760 shares on the most recent session against a 24,498-share average. At roughly $8.80 per share, that is approximately $227,000 of daily notional volume.

That figure is the practical constraint on who can own this fund.

An institution deploying $5 million would represent 22 days of average volume. A $10 million position would be 44 days. No allocator builds a position that way, and none exits one that way either.

XRPI's profile is larger at $86.97 million in net assets but still small relative to the spot complex.

The liquidity shortfall is what produces every other problem documented above. Thin volume means authorized participants have little incentive to create or redeem baskets, which is why net flows have been zero for a month. No creation activity means no arbitrage pressure on NAV, which is why the fund traded at a 2.84% premium. Wide premiums and thin books mean market makers quote defensively, which is why the median bid-ask spread is 0.43%.

Each condition reinforces the others. It is a liquidity trap in the literal sense, and the only exit is asset growth that is not coming.

Compare against the spot funds carrying real scale. Bitwise's product holds $516 million of net assets. Canary's XRPC and Franklin's XRPZ trade at $11.36 and $11.62 with meaningful institutional participation. Those funds attract market-maker capital because the underlying can be hedged directly in spot XRP.

The comparison across asset classes is starker still. The Vanguard Total Stock Market ETF quotes a five-cent spread on a $377 share — 1.3 basis points. XRPR's 0.43% spread is 33 times wider.

Shares outstanding stood at 4,700,000 at the most recent disclosure. For a fund holding $41.13 million, that is a small float with limited depth on either side.

Average volume of 21,510 to 24,498 shares has been stable, which means the trading base has neither grown nor collapsed. It has simply stopped changing.

XRPI/XRPR Forecast: Levels, Scenarios, Probabilities

The executable map for both wrappers, driven by the underlying.

XRPR levels: the fund trades between $8.70 and $8.84 against a prior close of $8.63. The 52-week low is $8.29, 5.8% below. The 52-week high is $25.99, 195% above. NAV was $8.51 at the most recent disclosure with the price at a 2.84% premium.

XRPI levels: $5.87 after a 1.30% gain, with $86.97 million in net assets.

The underlying governs both. XRP at $1.42939 holds a confirmed support band at $1.30 to $1.35, with the pivot at $1.38 and the key demand level at $1.35. Upside runs to $1.50, then $1.55 as the triangle resistance, then $1.60 and $1.68 where prior demand zones held nearly 2 billion XRP each, then $1.70 and $1.86.

Base case at 48% probability: XRP holds $1.35 to $1.50 through the September 16 Fed decision. Category ETF flows stay near the reduced September pace of $14.86 million month-to-date. XRPR's net flows remain at zero and its assets drift with the token. XRPR trades $8.30 to $9.30, XRPI $5.60 to $6.30.

Bull case at 31% probability: core CPI prints at or below 2.4% Friday, the CLARITY cloture vote proceeds and begins shifting the 84% retail composition toward institutions, and XRP clears $1.50 and $1.55. A 20% move in the token would carry XRPR toward $10.50 and XRPI toward $7.00, subject to the 61.38% direct-exposure drag on XRPR's capture rate.

Bear case at 21% probability: producer prices accelerate Thursday, core CPI runs 2.7% or above Friday, the hike becomes near-certain, and the October 1 escrow release adds another 300 million liquid tokens against minimal inflows. XRP loses $1.35 and tests $1.20 — a 16% decline that would take XRPR through its $8.29 52-week low toward $7.40.

The asymmetry that matters is structural rather than directional: XRPR has historically captured less than the full upside and more than the full downside, given its 65.68% since-inception decline against XRP's 60.8% peak-to-current drawdown.

For anyone expressing an XRP view through a fund, the spot alternatives dominate on every measurable dimension.

Verdict: The Category Works, These Two Wrappers Do Not

XRPI at $5.87 and XRPR near $8.80 are participating in the strongest crypto ETF flow story of the moment and capturing none of it.

The constructive case belongs to the category rather than to these funds. Seven U.S. spot XRP ETFs hold roughly $2 billion and approximately 1.1 billion tokens. Cumulative inflows have hit a record $1.68 billion with $1.48 billion of net assets. August delivered $159.18 million, the best month of 2026, with the week ending August 28 producing $110.49 million across five consecutive double-digit days. XRP funds are the only crypto vehicles still attracting money while Bitcoin, Ethereum and Solana products bleed. XRP Ledger active addresses grew 35% in August, RLUSD crossed $2.32 billion, and the underlying holds a confirmed $1.30 to $1.35 base at $1.42939.

The case against XRPI and XRPR specifically is structural and it is documented. XRPR holds XRP at only 61.38% of assets across four positions, charges 0.75%, traded at a 2.84% premium to a $8.51 NAV, carries a 0.43% median bid-ask spread and 1.42% one-year tracking error, and turns over 29.00% of a four-holding portfolio annually. It has returned -65.68% since its September 2025 inception against +14.67% for the S&P 500 over the same window — underperforming even XRP's own 60.8% decline from its $3.65 peak. Its net flows have been zero over the past month and negative $10.01 million over six months, against $123.63 million raised in its launch window and never added to since. Daily volume of 25,760 shares is roughly $227,000 of notional. XRPI at $86.97 million carries a derivatives heritage from a May 2025 launch that predates spot approval entirely.

Meanwhile Bitwise has raised $599 million, Canary $490 million and Franklin $462.86 million — 92% of the category's cumulative flow, at lower fees with direct custody.

The verdict is that the XRP ETF category is working and these two wrappers are the legacy structures it has routed around. They solved a regulatory problem that no longer exists, and they charge for a solution the market has replaced.

Watch $1.35 on the underlying and the weekly flow print. Both funds will follow XRP with a fee drag and a tracking gap. Neither will attract the money that a CLARITY vote might unlock.

That's TradingNEWS