XRP ETFs XRPI $11.77 And XRPR $16.59 Ride $950M Inflows Near $2.00 XRP-USD

XRP ETF Repricing: XRPI And XRPR Sitting On Nearly $1 Billion Of Structural Demand

Flow Machines Versus A Flat XRP-USD Chart

Spot XRP ETFs Pull In ~$950M While Price Stalls Around $2.00

Four U.S. spot XRP ETFs plus the new wave of approvals have pulled in roughly $939–$954 million in less than a month, with not a single net outflow day. Capital has arrived in a straight line while XRP-USD trades near $2.00–$2.05, about 20% lower over the last 30 days and roughly 45% below the July all-time high around $3.70–$3.80.
Within this complex, XRPI closed at $11.77, down 2.16% on the day, after a prior close at $12.03 and an intraday range between $11.55 and $11.80. Its 52-week range spans $11.08–$23.53, with average daily volume around 581,000 shares, making it the core, high-liquidity retail wrapper on the XRP theme.
XRPR trades higher on a per-share basis at $16.59, down 2.24% from a previous $16.97, with a daily range of $16.34–$16.59 against a 52-week band of $15.62–$25.99 and average volume just over 49,000 shares. Both XRPI and XRPR are still sitting close to their one-year lows while assets under management across the XRP ETF segment sprint towards the $1 billion mark.

Deconstructing XRPI And XRPR: Price Levels, Liquidity And Where They Sit In The XRP Stack

At $11.77, XRPI is pricing in a regime where XRP-USD hovers close to $2.00, with implied exposure heavily anchored to spot plus a modest liquidity and fee drag. The year-range of $11.08–$23.53 tells you exactly how violent the cycle has been: the product has already experienced a near-doubling and a near-halving inside twelve months. At current levels it is trading near the lower end of that range despite almost uninterrupted inflows into XRP–linked ETFs.
XRPR, at $16.59, sits in the same structural story but with a different design and liquidity profile. A 52-week range of $15.62–$25.99 shows that even the “higher octane” XRPR is pinned near the bottom of its cycle, even as its underlying asset trades above $2.00 and ETF AUM across the segment approaches $939–$954 million.
The spread between the one-year highs and today’s prices in both XRPI and XRPR tells you that the market has already flushed a large portion of speculative premium from these vehicles. What remains is mostly beta to XRP-USD, plus optionality on renewed upside if spot XRP is re-rated by institutional buyers who are entering via ETFs, not exchanges.

The New “Off-Chain Holder”: How XRPI, XRPR And Peers Rewire XRP Demand

Brad Garlinghouse’s description of ETF buyers as “off-chain holders” is accurate. The typical XRPI or XRPR buyer is not chasing 10-minute candles. This cohort buys XRP exposure the same way they buy the S&P 500 via NYSEARCA:SPY: regulated tickers, custodial wrappers, tax-advantaged accounts, and model portfolios.
The flow pattern confirms that profile. Eighteen consecutive sessions of net inflows into XRP ETFs, with no redemption days, is the polar opposite of classic crypto behavior. Bitcoin and Ethereum ETFs have seen billions of dollars in outflows over the same period, including roughly $2.5 billion of selling in Bitcoin products and around $471 million bleeding from Ethereum wrappers, while XRP ETFs add capital every single day.
This is the first time in XRP’s history where a meaningful share of marginal demand comes from investors who do not interact with on-chain wallets, exchanges, or perpetual futures. That shift matters for XRPI and XRPR because it anchors a structural bid underneath both tickers that is insensitive to short-term volatility and more aligned with monthly allocation cycles, model-driven rebalancing, and retirement-account flows.

Derivatives Market For XRP-USD Is Bleeding Leverage While ETFs Absorb Supply

The question is obvious: if nearly $1 billion has been absorbed by XRP ETFs, why is XRP-USD still stuck near $2.00–$2.10 instead of spiking? Derivatives data gives the answer.
On Binance, the XRP perpetual futures Taker Sell Ratio recently printed around 0.53, the highest level since mid-November, signalling that market participants are hitting bids rather than lifting offers. Open interest has collapsed from roughly 1.7 billion XRP in early October to about 0.7 billion XRP, a drawdown of nearly 59% in notional exposure. Funding rates have compressed from about 0.01% to 0.001% on a seven-day moving average, indicating that the speculative long crowd has capitulated and is in no rush to re-lever.
Put simply, the on-exchange leveraged community is de-risking while the ETF community is dollar-cost averaging in. Without the ETF bid, that unwind would likely have driven XRP-USD significantly below $2.00. Instead, XRPI, XRPR and the other funds are acting as a sink, quietly absorbing coins from futures-linked selling pressure and preventing a deeper spot drawdown.

On-Chain Signals: High Velocity, Collapsing Fees And A More Efficient XRPL

On the XRP Ledger (XRPL) itself, network velocity recently touched about 0.0324, a yearly high that signals rapid movement of tokens between wallets. At the same time, total daily transaction fees have fallen from roughly 5,900 XRP in February to near 650 XRP now, an ~89% collapse in aggregate fees.
That combination — more movement, lower aggregate fees — is typical of an environment where professional liquidity providers and automated market makers are re-positioning inventories, not where end-users are paying heavy costs for settlement. It also shows that capacity and efficiency on XRPL have increased at the same time as capital markets infrastructure is being built on top through XRPI, XRPR and their peers.
The latest ledger upgrade, aimed at improving stability and expanding DeFi capabilities, strengthens the argument that XRP is gradually shifting from a speculative trading chip towards a more robust settlement and liquidity rail. For XRPI and XRPR holders, that is important: it puts real utility behind the token that sits inside each ETF share, reducing long-term tail risk that XRP becomes obsolete infrastructure.

Fifth Spot Fund TOXR: 21Shares Adds Scale, Seeded With 100M XRP

The approval of 21Shares’ ETF under the ticker TOXR on Cboe brings a fifth U.S. spot XRP product into the lineup. Structurally, TOXR charges a 0.30% annual sponsor fee, calculated daily and paid weekly in XRP, and tracks the CME CF XRP-Dollar Reference Rate (New York Variant).
Custody is split among Coinbase Custody, Anchorage Digital Bank, and BitGo Trust, a three-pillar model that reduces single-point failure risk and aligns with institutional security standards. Ripple Markets seeded TOXR with 100 million XRP, worth about $226 million at the reference rate disclosed in the filing, giving it immediate depth for primary-market creation and redemption.
Once TOXR joins XRPI, XRPR and other issuers from Bitwise, Grayscale, Canary Capital and Franklin Templeton, the XRP ETF stack becomes one of the most competitive verticals in U.S. digital-asset products. That competition tends to compress fees over time and broaden distribution, which is positive for net flows into XRP and indirectly supportive for XRPI and XRPR valuations.

ETF Flows Versus Spot And Futures: Two Different Markets, One Shared Price

What the data now shows is a dual-track market for XRP. On one track, XRPI, XRPR and the broader ETF complex pull in about $10.2 million in incremental XRP in a single recent purchase and roughly $170 million in weekly net inflows, while cumulative net assets approach $939–$954 million with zero outflow sessions so far. On the other track, perpetual futures open interest has been sliced by more than half, funding rates have collapsed, and taker flows are skewed towards market sells.
The result is a stand-off in the price around $2.00–$2.10. Passive ETF allocations are functioning as an insurance policy against the unwind of speculative leverage. That dynamic looks very different from old XRP cycles where exchanges and derivatives dictated everything. Now, the price discovery process is increasingly shared between regulated ETF venues and crypto-native venues, with XRPI and XRPR acting as bridges between those worlds.

Macro Tailwinds: Fed Cuts, Liquidity And The Role Of XRP In A Risk-On Reset

Macro context matters. The Federal Reserve has now cut rates again by 25 basis points, taking the policy rate to the lowest level in three years and signalling an end to the most aggressive tightening cycle in decades. U.S. GDP growth remains positive, and markets are betting on further easing as inflation stabilises.
Historically, when central banks pivot from quantitative tightening toward a more neutral or easing posture, incremental liquidity finds its way first into high-quality bonds and equities, then into higher-beta assets such as crypto. That pattern is already visible: while Bitcoin and Ethereum ETFs have seen net redemptions, XRP ETFs have quietly accumulated almost $1 billion, and Solana products have added around $293 million.
If liquidity continues to expand in 2026, ETFs like XRPI and XRPR are well-positioned as compliance-friendly vehicles for advisers and asset managers who cannot or will not hold spot XRP directly. The combination of lower rates, a new ETF wrapper like TOXR, and existing products trading near the low end of their one-year ranges sets up a favourable asymmetry for medium-term buyers.

Valuation And Scenario Map For XRPI At $11.77 And XRPR At $16.59

With XRP-USD near $2.00, both XRPI at $11.77 and XRPR at $16.59 are effectively leveraged plays on whether XRP can break the $2.09–$2.10 resistance band and re-test the prior cycle highs. The year-highs of $23.53 for XRPI and $25.99 for XRPR show where these tickers trade when XRP sentiment is euphoric.
A basic scenario map is instructive. If XRP-USD remains pinned around $2.00 while ETF inflows slow sharply and derivatives continue to unwind, XRPI could drift back towards the $11.08 year-low and XRPR towards $15.62, offering limited downside but no positive catalyst.
If XRP-USD grinds higher into the $2.50–$3.00 band as ETF assets move from roughly $950 million to, say, $1.5–$2.0 billion, the current discount to the 52-week highs in XRPI and XRPR should narrow materially. In that scenario, a move from $11.77 back into the high-teens for XRPI, and from $16.59 back into the low-to-mid-20s for XRPR, is a reasonable outcome.
Finally, if the ETF complex and new products like TOXR help push XRP-USD through its former all-time high and into a $3.50–$4.00 zone over the next 12–18 months, prior highs for XRPI and XRPR are likely conservative guideposts. The more important point is that today’s entry levels are being set while derivatives leverage is already washed out and while ETF AUM is still below the $1 billion threshold, not after it.

Risks: ETF Saturation, Derivative Shock And Regulatory Friction For XRP

There are real risks attached to a bullish stance. The most immediate is ETF-flow fatigue. The $10.2 million latest purchase and the 18-day perfect streak of inflows will not last forever. Once the initial adviser allocations and model-portfolio inclusions are done, flow could normalise or even flip to modest outflows, particularly if XRP-USD rallies sharply and profit-taking kicks in.
A second risk is a renewed shock in derivatives markets. If traders decide to re-lever short rather than long, or if funding turns decisively negative, the ETF bid might not be sufficient to hold the $2.00 line in the short run, and both XRPI and XRPR would track that drawdown point-for-point.
The third risk is regulatory. While the approval of multiple U.S. spot XRP ETFs suggests a more mature stance from regulators, any adverse ruling, enforcement wave, or policy shift around cross-border payments, bank usage of XRP, or ETF structure could pressure the narrative that underpins institutional interest. The fact that cumulative ETF AUM is still under $1 billion is a double-edged sword: there is room to grow, but also room for enthusiasm to fade if the macro or policy backdrop turns.

Verdict On XRPI And XRPR: Buy The Structural Demand, Use Volatility For Entries

Taking all of the data together — XRPI at $11.77 near its yearly floor, XRPR at $16.59 well below its $25.99 high, XRP-USD oscillating around $2.00, almost $950 million of ETF inflows in roughly 18 trading days, a fresh product like TOXR seeded with 100 million XRP, and a derivatives market that has already bled out a large portion of speculative length — the balance of probabilities favours a constructive stance.
The ETF complex has introduced a new, slower, more durable class of buyers into the XRP ecosystem. That cohort is still ramping exposure while leverage and funding in the futures market are already reset. On that basis, XRPI and XRPR look mis-priced relative to the strength and behaviour of the new demand base.
On a 12–24 month view, with rates moving lower, ETF AUM likely to cross $1 billion in the near term, and multiple issuers competing to push XRP deeper into the traditional brokerage stack, I view both XRPI and XRPR as a Buy, with volatility and any pullbacks towards the lower end of their respective year ranges treated as opportunities to add rather than reasons to exit.

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