Ripple’s XRPI and XRPR, XRP ETFs Slide to $11.76 and $16.51 as XRP-USD Stabilizes Near $2.00 After NYSE ETF Launch

Ripple’s XRPI and XRPR ETFs Confront Market Turbulence as Bitwise’s XRP ETF Launch Fails to Spark Rally

Institutional Expansion Meets Price Weakness

Ripple’s market expansion into regulated ETFs has accelerated, but short-term price behavior tells a different story. XRPI (NASDAQ: XRPI) closed at $11.76 (-2.41%), while XRPR (BATS: XRPR) finished at $16.51 (-2.02%), both extending declines from prior sessions. Despite the ETF boom, XRP-USD remains subdued near $2.03, down over 40% from its July high of $3.65, highlighting the tension between institutional inflows and market sentiment.

The Bitwise XRP ETF (NYSE: XRP) launched on November 20 with waived fees on the first $500 million in AUM and opened with $2.3 million in seed capital. Trading volume exceeded $22 million on day one, underscoring institutional appetite. However, this enthusiasm has yet to translate into a sustained rally. The ETF’s debut coincided with broader market pressure as expectations of Federal Reserve rate cuts faded, dragging major cryptocurrencies lower.

ETF Boom and Institutional Inflows

The launch of the Bitwise ETF follows Canary Capital’s XRPC ETF, which recorded $58 million in its first trading day and helped push cumulative XRP-related ETF inflows past $293 million. Collectively, XRPI, XRPR, and XRPC now represent a meaningful portion of institutional exposure to the asset class. These inflows confirm XRP’s increasing acceptance among asset managers but also reveal a disconnect between capital inflow and immediate price performance.

FXStreet data shows that XRP ETFs attracted nearly $16 million in daily inflows this week, while open interest in XRP futures slipped to $3.79 billion from $3.85 billion, indicating muted derivative participation. The imbalance between ETF accumulation and derivatives weakness limits upside momentum and suggests that speculative interest remains constrained.

Technical Outlook: Key Support at $2.00 Holds

From a technical perspective, XRP-USD is attempting to stabilize above the $2.00 psychological level, supported by institutional buying via ETFs. Resistance remains at $2.18, coinciding with the 0.236 Fibonacci retracement and a descending trendline from the July 18 high at $3.66. Indicators lean bearish: the 50-day EMA ($2.45) lies below both the 100-day ($2.57) and 200-day ($2.54) averages, forming a death cross pattern. The RSI near 37 signals persistent selling momentum.

The MACD remains negative, reinforcing a cautious outlook. A breakout above $2.45–$2.50 could trigger a short-term rebound toward $2.72, while a failure to defend $1.95–$2.00 support risks accelerating declines toward $1.80.

Bitwise Launch: Regulatory Clarity and Structural Impact

The Bitwise ETF represents a structural shift rather than a speculative catalyst. It gives U.S. investors direct exposure to XRP, held physically in a trust—not futures-based exposure—enhancing market legitimacy. The 0.34% management fee (waived for the first month) and custodial safeguards make it attractive for traditional allocators. Matt Hougan, Bitwise CIO, described XRP as “an intriguing asset for regulated markets,” emphasizing its efficiency in cross-border settlement.

This ETF joins a crowded landscape: Grayscale and Franklin Templeton are preparing their own XRP ETFs, with launches expected within the next week. The rapid sequence of filings underscores the race to capture liquidity, similar to the Bitcoin ETF wave earlier in the year.

Ripple’s Expanding Ecosystem and Corporate Push

Ripple has been reinforcing its market position through significant strategic moves. Earlier this month, the company raised $500 million in a funding round valuing it at $40 billion, backed by Citadel Securities, Pantera Capital, Brevan Howard, and Galaxy Digital. Partnerships with Mastercard and Gemini aim to integrate stablecoin payments into credit systems, broadening XRP’s practical use cases.

Chairman Alexis Sirkia of Ripple-backed Yellow Network highlighted that ETFs now give institutions a “compliant, known way to gain exposure.” This reflects the company’s ongoing push to bridge blockchain technology with established finance, reinforcing XRP’s role in international settlements.

Comparative Performance: ETF vs. Token

While Bitwise’s XRP ETF opened strongly in volume, price divergence between ETFs and the spot token illustrates structural lag. ETF flows must be processed through authorized participants, meaning net creation and redemption lag spot movements. As a result, short-term ETF enthusiasm often fails to lift the underlying token immediately. This mirrors early behavior observed with Bitcoin and Ethereum ETF launches, where initial volatility was followed by consolidation.

XRPI traded between $11.61–$12.57 for the day, while XRPR fluctuated from $16.25–$17.56, both near multi-month lows. Despite institutional inflows, this price compression suggests ETF participants are hedging exposure or waiting for confirmation of sustained demand before aggressive buying resumes.

Market Context: Broader Crypto Weakness

Across the digital asset space, risk sentiment remains fragile. Bitcoin (BTC-USD) fell to $87,000 (-3.3%), and Ethereum (ETH-USD) dropped to $2,861 (-3.6%), mirroring macro-driven outflows. The absence of dovish signals from the Federal Reserve has triggered defensive positioning across all asset classes. For XRP, this environment offsets the bullish momentum from ETF launches.

The Derivatives Open Interest (OI) of $3.79 billion confirms the market’s neutral stance—neither capitulation nor renewed optimism. Sustained ETF inflows exceeding $300 million may stabilize the price, but further upside depends on renewed liquidity from institutional desks

Outlook: Stabilization Before Accumulation

The ETF launches mark a pivotal milestone for XRP’s institutional adoption, but timing remains key. Structural inflows are slow-moving compared to speculative capital, meaning the XRP price could consolidate between $1.95 and $2.20 before directional clarity emerges. ETF adoption signals long-term confidence, not immediate returns.

With XRPI and XRPR trading at $11.76 and $16.51, both funds sit near the lower end of their 52-week ranges ($11.61–$23.53 and $16.25–$25.99, respectively). These valuations imply potential medium-term upside once rate expectations stabilize and ETF flows mature.

Verdict: Buy on consolidation.
While short-term volatility persists, the structural progress through ETF integration, Ripple’s $40B valuation, and rising institutional interest position XRP ETFs (XRPI, XRPR, XRPC) as credible long-term holdings. The $2.00 zone remains pivotal—holding above it supports accumulation; breaking below would risk a renewed bearish phase toward $1.80. Institutional data, not retail sentiment, will define the next major move.

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