XRP ETF — XRPR ($10.79) and XRPI ($7.04) Slide With XRP as Spot Funds Keep Buying Through the Crypto Exodus

The REX-Osprey XRP ETF (XRPR) is trading at $10.79, down $0.19, or 1.73%, as of 11:01 a.m. ET. The fund opened at $10.95, which was also its session high. The session low is $10.79, meaning XRPR is trading at the bottom of its daily range. The previous close was $10.98.

The Volatility Shares XRP ETF (XRPI) is trading at $7.04, down $0.18, or 2.56%, as of 12:16 p.m. ET. It opened at $7.17, reached a high of $7.20 and has fallen to a low of $7.02. XRPI is also trading near the bottom of its session range.

Both funds have reversed early gains. XRP traded at $1.34, up 1.19%, at 10:38 a.m. ET, after bouncing from a 24-hour low of $1.29. But the crypto market weakened through the late morning. Bitcoin slipped from $82,361 at 10:38 a.m. to $81,406 by 11:07 a.m., down 1.13% on the day. XRP-linked funds followed the broader market lower.

The 52-week ranges show how far the funds have fallen. XRPR’s 52-week range is $8.10 to $22.26. At $10.79, XRPR sits 33.2% above its 52-week low and 51.5% below its 52-week high. XRPI’s 52-week high is $16.06. At $7.04, XRPI sits 56.2% below that high.

Those declines mirror XRP itself. XRP has fallen nearly 50% over the past year. Its 52-week range runs from about $0.99 to $2.83. At $1.34, XRP sits about 35% above its 52-week low and about 53% below its 52-week high. XRPR’s 33.2% gain from its low closely matches XRP’s recovery from its low.

The two funds work differently. XRPR, launched by REX Shares and Osprey Funds, provides exposure to the spot price of XRP. XRPI, from Volatility Shares, gains exposure primarily through XRP futures contracts traded on a CFTC-regulated exchange. Those differences matter for performance, as later sections explain.

Neither fund is the largest XRP product. The biggest U.S. XRP funds are the spot ETFs launched in November 2025: Bitwise XRP ETF (XRP), Franklin XRP ETF (XRPZ), Canary XRP ETF (XRPC), Grayscale XRP Trust ETF (GXRP) and 21Shares XRP ETF (TOXR). XRPR and XRPI were earlier entrants that now compete with those lower-cost products.

The setup for all XRP funds is the same: steady ETF inflows, a stream of Ripple partnerships and a price that keeps following Bitcoin rather than its own news. The next sections break down what is driving each fund and what comes next.

Why XRPI Fell More Than XRPR: Futures vs. Spot

XRPI dropped 2.56% while XRPR dropped 1.73%. The gap reflects the different ways the funds hold XRP.

XRPI uses futures. The Volatility Shares XRP ETF seeks its investment objective primarily through XRP futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, plus cash and high-quality securities as collateral. The fund does not hold XRP directly.

Futures add costs and tracking differences. Futures contracts expire, so the fund must sell expiring contracts and buy new ones, a process called rolling. When later-dated contracts cost more than near-dated ones, rolling creates a steady drag on returns. XRPI also charges an expense ratio of 1.68%, much higher than spot funds.

Timing also matters. XRPI’s quote is from 12:16 p.m., while XRPR’s is from 11:01 a.m. Crypto prices kept falling between those times, so part of XRPI’s larger loss reflects the later timestamp.

XRPR tracks the spot price. The REX-Osprey XRP ETF provides exposure to the spot value of XRP. It charges a gross expense ratio of 0.75%. That is lower than XRPI but much higher than the newer spot ETFs, which charge between 0.19% and 0.50%.

XRPI pays monthly distributions. XRPI has paid monthly distributions, with a trailing yield near 3% earlier this year. Those payouts come from the fund’s collateral income and futures returns. Distributions reduce the share price on the ex-dividend date, which contributes to the fund’s long-term decline relative to XRP.

Long-term performance shows the difference. Over its history, XRPI has underperformed spot XRP because of futures roll costs and its higher fee. Spot-based funds track XRP more closely.

The 2x product shows the extremes. Volatility Shares also runs a 2x leveraged XRP fund, XRPT, which charges 3.13%. XRPT’s 52-week range earlier this year spanned from $18.96 to $383.78, showing how leveraged products lose value sharply in falling markets.

For investors, the key takeaway is that fund structure matters. On a day when XRP falls, futures-based XRPI is likely to fall slightly more than spot-based funds. Over long periods, the gap widens because of costs.

The Spot XRP ETF Complex: $1.80 Billion in Cumulative Inflows

The broader XRP ETF market gives context for XRPR and XRPI.

U.S. spot XRP ETFs have drawn about $1.80 billion in cumulative net inflows since launch. They have not posted a weekly outflow since the week ending July 10. That is 13 straight weeks of net inflows.

The largest fund is the Bitwise XRP ETF, which trades under the ticker XRP on NYSE Arca. It closed at $14.77 on October 14, down 3.59%. Its 52-week range is $11.08 to $26.88. Its net assets were $615.91 million. Bitwise launched the fund on November 19, 2025, with seed shares at $22.77. It charges a unitary management fee of 0.34%.

The Franklin XRP ETF (XRPZ) is the second-largest. It holds about $437 million in net assets and charges a 0.19% expense ratio, the lowest among major XRP ETFs. XRPZ closed at $14.88 on October 8. Its 52-week range is $10.77 to $26.09.

The Canary XRP ETF (XRPC) closed at $14.02 on October 14, down 3.55%. Canary charges 0.50%.

The Grayscale XRP Trust ETF (GXRP) trades at a higher price per share because each share holds more XRP. GXRP’s net asset value was $25.65 on October 14, with 19.358 XRP per share. Its assets were about $86.7 million. GXRP traded at a 0.16% discount to its net asset value.

The 21Shares XRP ETF (TOXR) is another spot competitor.

XRPR and XRPI are smaller. XRPR’s market value was about $48.2 million in recent data, with average daily volume near 48,800 shares. XRPI held about $106 million in assets earlier this year. Both funds launched before the spot ETFs and now face competition from cheaper products.

Fee competition matters. A spot XRP ETF charging 0.19% costs $19 a year per $10,000 invested. XRPR at 0.75% costs $75. XRPI at 1.68% costs $168. Over time, those differences add up.

For investors, the spot ETF complex is where most new money flows. XRPR and XRPI appeal to traders seeking specific structures, but most long-term investors choose lower-cost spot funds.

The 13-Week Inflow Streak: XRP Funds Buck the Crypto Exodus

XRP ETFs have attracted money while other crypto funds bled.

On October 14, spot XRP ETFs drew about $740,000 in net inflows. That same day, Bitcoin, Ether, Solana and Hyperliquid funds lost nearly $400 million combined. Spot Bitcoin ETFs alone lost $261.46 million.

On October 8, XRP ETFs took in $8.17 million while Bitcoin, Ether and Solana funds lost $319.99 million combined. Franklin’s XRPZ accounted for the entire $8.17 million inflow. The other four funds tracked in the data recorded zero net flows. From October 5 to October 8, XRP ETFs added $11.31 million while the other three categories shed $1.21 billion.

The pace has slowed. The week ending September 25 brought $75.6 million in XRP ETF inflows. The next two weeks brought $4.7 million and $11.3 million. XRP ETFs recorded zero net flows on October 9, October 12 and October 13. On October 13, only $20.5 million worth of XRP fund shares changed hands, the lowest trading volume of the month.

Other crypto ETFs are struggling. Ether ETFs lost $885.4 million in October through October 15, with outflows on 10 of 11 sessions. Solana ETFs recorded eight straight sessions of outflows. Bitcoin ETFs are down about $535 million for October.

ETF investors are holding through losses. As of early October, XRP funds were the only major crypto ETFs where investors held positions below their average cost. XRP ETF investors were about $130 million underwater, yet they kept buying.

Fund-level data shows steady accumulation. The Bitwise XRP ETF added roughly 181.5 million XRP through share creations in the first half of 2026, against about 25.6 million XRP removed through redemptions. Net buying continued even as XRP fell from $1.34 on March 31 to $1.04 on June 30.

For investors, the inflow streak is a sign of conviction. It shows a group of investors committed to XRP exposure despite weak prices. But the amounts are small compared with XRP’s $84.6 billion market value, so the flows have not moved the price.

XRP’s Price Action: Down From $1.40 to $1.29 This Week

XRP’s own price movements drive all XRP funds.

XRP traded near $1.40 at the start of the week. On Monday, October 13, it lost that level and fell to $1.38. On Tuesday, after the hot U.S. consumer price report, XRP dropped 5% to 6% to $1.31. By Thursday, it slid toward $1.30, with a 24-hour low of $1.29.

Friday’s bounce faded. XRP traded at $1.34 at 10:38 a.m. ET. As Bitcoin fell back toward $81,400, XRP and its ETFs reversed lower.

The macro shock drove the decline. September CPI rose 3.7% year over year, above forecasts. September PPI rose 1.3% for the month and 6.3% over 12 months. The 10-year Treasury yield jumped to 5.33% before easing to 5.09%. Crypto markets fell as Fed rate-hike odds rose.

Large holders added selling pressure. On Thursday, 84 million XRP were added to exchange wallets as the price slipped toward $1.30. Whale deposits to Binance hit a seven-month high this week. Tokens moved to exchanges are usually positioned for sale.

The longer-term picture is weak. XRP has fallen nearly 50% over the past year. It traded at $1.34 at the end of March and $1.04 at the end of June, before recovering. XRP is the weakest of the three largest cryptocurrencies over 12 months.

The $1.29 to $1.30 zone is key support. XRP has tested this area several times in October and bounced each time. A daily close below $1.29 would be a significant breakdown and would likely pull XRPR below $10.50 and XRPI below $6.90.

The $1.40 level is key resistance. XRP lost it on October 13. Reclaiming $1.40 would be the first sign of recovery and would likely lift XRPR toward $11.30 and XRPI toward $7.40.

For investors in XRP funds, the underlying token’s direction is everything. Fund structure, fees and flows matter at the margin, but XRP’s price drives the bulk of returns.

Ripple’s Partnerships: RLUSD at Cross River, Standard Chartered, DriveWealth

Ripple has announced several partnerships this week, though none has lifted XRP’s price.

Cross River Bank, October 15. Cross River is integrating Ripple’s RLUSD stablecoin into its core banking system, with transactions settling on the XRP Ledger. Fintech customers can access RLUSD payments through a single banking API.

Standard Chartered, October 12. Standard Chartered launched institutional custody for RLUSD issued on the XRP Ledger through its Dubai International Financial Centre branch.

Privy, October 13. Stripe-owned Privy is partnering with Ripple to bring programmable wallets to the XRP Ledger, supporting fintech apps and AI-agent payments.

DriveWealth, October 14. DriveWealth plans to use RLUSD on the XRP Ledger to settle trades and cross-border payments.

RLUSD is growing. Its market capitalization has passed $2.5 billion, with more than $1 billion issued on the XRP Ledger. Tokenized assets on the XRP Ledger have passed $5 billion.

The problem for XRP fund investors is that RLUSD deals do not require buying XRP. Banks and fintechs using RLUSD hold dollar-backed stablecoins, not XRP. XRP is needed only for small account reserves and transaction fees. Ripple earns interest on RLUSD reserves, but XRP holders do not share in that income.

Every Ripple deal announced in 2026 has been followed by XRP’s price dropping. This week’s deals came as XRP fell from $1.40 to $1.29.

Ripple’s Swell conference on October 28 is the next major event. Ripple expects to discuss the DriveWealth partnership there. Announcements that directly drive XRP demand, rather than RLUSD adoption, would matter most for XRP funds.

For XRP ETF investors, Ripple’s partnerships support the long-term case for the XRP Ledger but have limited near-term impact on fund prices.

XRPR: The First U.S. XRP ETF

The REX-Osprey XRP ETF was among the first U.S.-listed funds to offer XRP exposure.

XRPR provides exposure to the price of XRP. The fund holds assets designed to track XRP’s spot value, offering price exposure without directly holding the cryptocurrency in a personal wallet. It charges a gross expense ratio of 0.75%.

XRPR’s 52-week low of $8.10 came during XRP’s 2026 lows. The fund has since recovered 33.2% to $10.79. Its 52-week high of $22.26 came when XRP traded near its 52-week high.

Trading volume is light. XRPR’s average daily volume has been around 48,800 shares, with market value near $48 million. Light volume can mean wider bid-ask spreads, which adds to trading costs.

The fund faces competition. When XRPR launched, it was one of the only ways for U.S. investors to buy XRP through a brokerage account. Since November 2025, spot ETFs from Bitwise, Franklin, Canary, Grayscale and 21Shares have offered similar exposure at lower fees. Most new money has flowed to those funds.

XRPR’s structure has advantages for some investors. Its earlier launch and different legal structure may suit certain accounts or strategies. But for most investors, lower-fee spot ETFs are more cost-effective.

On Friday, XRPR is trading at its session low. The fund opened at $10.95, which was its high, and has drifted down to $10.79. That pattern shows steady selling through the morning, matching the reversal in XRP.

For XRPR, the key levels are $10.50 on the downside and $11.30 on the upside. Those levels roughly correspond to XRP at $1.29 and $1.40.

XRPI: Futures-Based XRP Exposure

The Volatility Shares XRP ETF offers XRP exposure through regulated futures markets.

XRPI launched on May 22, 2025. It seeks exposure primarily through XRP futures contracts on a CFTC-registered exchange, with cash and high-quality securities as collateral. The fund charges an expense ratio of 1.68%.

XRPI’s price has declined significantly. Its 52-week high is $16.06, and it now trades at $7.04, down 56.2%. That decline is slightly larger than XRP’s own drop over the same period, reflecting futures roll costs, fees and distributions.

XRPI has paid monthly distributions. Earlier this year, the fund paid a trailing yield near 3%. Distributions reduce the share price but return cash to investors.

XRPI held about $106 million in assets earlier this year, with about 14 million shares outstanding. That makes it larger than XRPR but much smaller than the major spot ETFs.

Futures funds have specific uses. Some investors and advisers prefer futures-based products because they trade within a regulated futures framework. Futures-based funds also launched before spot ETFs were approved, so they attracted early investors.

On Friday, XRPI fell 2.56% to $7.04. It opened at $7.17, reached $7.20 and slid to $7.02. The drop is larger than XRPR’s, reflecting both the later timestamp and the futures structure.

For XRPI, the key levels are $6.90 on the downside and $7.40 on the upside. A drop below $6.90 would likely accompany XRP falling below $1.29.

Macro Backdrop: Fed on Hold, Yields at 5.09%

XRP funds trade with the broader crypto market, which follows macro conditions.

The Fed is likely on hold. Fed Chair Kevin Warsh gave no signal about the October 27–28 meeting in Bangkok on Friday. Markets price an 85% probability of a hold.

Yields have eased. The 10-year Treasury yield is at 5.09%, down from 5.33% after the CPI report. Lower yields support risk assets, including crypto.

Inflation remains hot. September CPI rose 3.7%. PPI rose 6.3%. Import prices rose 1.1% in September. Those numbers keep the risk of future Fed hikes alive.

Tech stocks are weak. The Nasdaq is down as chip stocks head for a ninth straight losing session. Crypto has traded closely with tech this year.

The dollar is weaker. The dollar index fell 0.35% to 101.69. A weaker dollar generally supports crypto.

Bitcoin is the key driver. Bitcoin is near $81,400 to $82,400. If Bitcoin breaks above $84,000, XRP would likely move toward $1.40, lifting XRP funds. If Bitcoin falls below $80,000, XRP would likely test $1.29 again.

For XRP fund investors, the macro setup is neutral to slightly positive. A Fed hold on October 28 would support crypto. A hawkish surprise would hit XRP funds.

The Technical Map for XRP Funds

Because XRP funds track XRP, their key levels map directly to XRP’s chart.

XRP spot levels:

• Support: $1.29 to $1.30, then $1.27 and $1.20
• Resistance: $1.35, $1.38, $1.40, then $1.42 and $1.50

XRPR levels (approximate):

• Support: $10.50 (XRP near $1.29), then $10.00
• Resistance: $11.00, $11.30 (XRP near $1.40), then $12.10 (XRP near $1.50)

XRPI levels (approximate):

• Support: $6.90 (XRP near $1.29), then $6.50
• Resistance: $7.20, $7.40 (XRP near $1.40), then $7.90 (XRP near $1.50)

XRP’s $1.40 level is the decisive test. XRP lost it on October 13, and reclaiming it would reverse the two-week downtrend. A daily close above $1.40 would likely push XRPR above $11.30 and XRPI above $7.40.

The $1.29 floor has held several times. A daily close below it would likely push XRPR below $10.50 and XRPI below $6.90.

Both funds are trading near their session lows. That shows selling pressure into the afternoon. A recovery into the close would require Bitcoin to stabilize above $82,000.

For investors, the key is XRP’s $1.29 to $1.40 range. As long as XRP stays in that range, XRPR is likely to trade between about $10.50 and $11.30, and XRPI between about $6.90 and $7.40.

Key Events: Swell, Fed and ETF Flow Data

Several events over the next two weeks will move XRP funds.

Big Tech earnings, October 20–21. Tesla, Meta and Netflix will drive risk sentiment.

Daily XRP ETF flows. A return to weekly inflows above $50 million would signal stronger institutional demand. A first weekly outflow since July would be a negative signal.

Fed decision, October 28. A hold would support crypto. A hike would weigh on it.

Ripple Swell conference, October 28. Ripple’s biggest event of the year. XRP-specific announcements would be the most market-moving.

U.S. midterm elections, November 3. Crypto policy is a campaign issue.

For investors, October 28 is the most important date, with both the Fed decision and Swell on the same day.

Scenarios Into the Fed and Swell

Base case: XRP range $1.29 to $1.42 (50% probability). Bitcoin trades between $80,000 and $84,000. The Fed holds. XRP ETF inflows stay positive but small. Swell brings RLUSD-focused news without major XRP-specific deals. XRP recovers toward $1.40 ahead of Swell but struggles to hold above it. XRPR trades between $10.50 and $11.40. XRPI trades between $6.90 and $7.45.

Bull case: XRP $1.50 to $1.60 (20% probability). Bitcoin breaks above $84,000. Yields fall below 5.00%. XRP ETF inflows return to $50 million or more per week. Swell includes XRP-specific demand drivers. XRP clears $1.40 and moves to $1.50, then $1.60. XRPR rises toward $12.10 to $12.90. XRPI rises toward $7.90 to $8.40.

Bear case: XRP $1.20, then $1.04 (30% probability). Bitcoin falls below $80,000. Whales sell the 84 million XRP moved to exchanges. XRP ETF flows turn negative for the first time since July. XRP breaks $1.29 and falls to $1.20. XRPR drops toward $9.70. XRPI drops toward $6.30. A deeper selloff would bring XRP’s June level of $1.04 into play, pushing XRPR toward $8.40, near its 52-week low of $8.10.

The base case is favored. Steady ETF inflows and a tested $1.29 floor support XRP, but the disconnect between Ripple news and XRP’s price limits upside.

XRP ETF Verdict: XRPR Hold $10.50, XRPI Hold $6.90, Target XRP $1.40

XRPR is at $10.79, down 1.73%, and XRPI is at $7.04, down 2.56%, as XRP reverses its morning bounce. The setup is neutral to cautiously bullish into the October 28 Fed decision and Swell conference.

The bull case rests on four points. First, U.S. spot XRP ETFs have posted 13 straight weeks of inflows, reaching about $1.80 billion cumulative, while Bitcoin, Ether and Solana funds bleed. Second, XRP has held its $1.29 to $1.30 floor several times in October. Third, Ripple has signed RLUSD deals with Cross River Bank, Standard Chartered, Privy and DriveWealth this week, with Swell on October 28. Fourth, XRPR sits 33.2% above its 52-week low, matching XRP’s recovery from its lows.

The bear case rests on four points. Whales moved 84 million XRP to exchanges on Thursday. Every Ripple partnership in 2026 has been followed by price declines. XRP ETF inflows have slowed sharply, from $75.6 million in late September to near zero on several October days. And XRPI’s futures structure and 1.68% fee create a steady drag versus spot, while XRPR’s 0.75% fee is well above the 0.19% charged by the cheapest spot competitor.

The $1.40 level in XRP is the decisive test for all XRP funds. Reclaiming it would lift XRPR above $11.30 and XRPI above $7.40.

The forecast is a recovery in XRP toward $1.40 ahead of the October 28 Swell conference. That would lift XRPR from $10.79 to about $11.30, a gain of 4.7%, and XRPI from $7.04 to about $7.40, a gain of 5.1%. The triggers are a daily XRP close above $1.40, Bitcoin above $84,000 and weekly XRP ETF inflows above $50 million. The invalidation level is a daily XRP close below $1.29, which would push XRPR below $10.50 and XRPI below $6.90.

The verdict is cautiously bullish: XRPR hold $10.50, XRPI hold $6.90, target XRP $1.40. Investors seeking long-term XRP exposure should weigh fund structure and fees carefully, since spot ETFs track XRP most closely at the lowest cost.

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