XRPI vs XRPR: Ripple XRP ETFs Split Paths as XRP-USD Prices Diverge and SEC Approval Looms

XRP ETFs XRPI and XRPR: Institutional Access to Ripple’s Growth Story

The arrival of regulated XRP exchange-traded funds has shifted liquidity and institutional focus toward Ripple’s token at a critical time for crypto markets. Two of the most actively watched products are the XRP ETF (NASDAQ:XRPI) and the REX-Osprey XRP ETF (CBOE:XRPR). Both ETFs have begun trading in the $18–$25 range, with XRPI closing at $18.66 on October 2 and XRPR finishing at $25.47 before slipping slightly in after-hours trade to $25.02. These launches come just as XRP-USD trades around $3.04, holding near multi-year highs and benefiting from ETF speculation, whale accumulation, and shifting SEC policy.

XRPI: Futures-Based Exposure and Conservative Build-Up

The XRP ETF (XRPI) is structured with primary exposure to XRP futures contracts listed on CFTC-regulated exchanges, backed by collateral instruments such as Treasuries and money market funds. XRPI currently manages $163.23 million in net assets, charges a 0.94% expense ratio, and allocates nearly 38.4% of its assets to cash-equivalents through First American Government Obligations Fund (FGXXX).

XRPI’s trading activity shows volumes averaging 693,820 shares daily, though October 2 saw 648,325 shares exchanged within a price range of $17.76 to $18.77. Its 52-week range stretches from $12.69 to $23.53, highlighting volatility but also clear upside potential if XRP-USD breaks through key resistance. Performance data remains flat year-to-date, but that’s more a function of its recent May 2025 launch date than investor reluctance. The lack of long-term return data understates its positioning as institutions increasingly rotate into digital asset ETFs.

XRPR: Spot-Linked Debut With Aggressive Price Swings

The REX-Osprey XRP ETF (XRPR) offers a more direct linkage to XRP spot pricing. XRPR launched on September 18 at $25.83, quickly declining to $24.23 before rebounding strongly to close October 2 at $25.47, up 4.17% on the session. After-hours activity trimmed gains slightly to $25.02, but XRPR’s trading range of $24.35 to $25.61 highlights strong demand within its first weeks of trading. Its 52-week high of $25.99 is already within reach, while downside support sits at $22.31, based on early exchange data.

XRPR is trading around 306,000 shares daily, lighter than XRPI but still notable for a fund that has been listed only weeks. Market makers are quoting tight spreads with bids at $25.01 x 800 and asks at $25.21 x 800, confirming active institutional flow. While fund-level data on assets under management and NAV has not yet been published, demand has been stronger than other early crypto ETF debuts, underscoring Ripple’s brand recognition in the U.S. market.

Whale Activity, On-Chain Metrics, and Institutional Rotation Into XRP

On-chain data adds another layer to the ETF narrative. Over the past two weeks, wallets holding 10–100 million XRP tokens added 340 million XRP, worth nearly $1 billion at current prices, raising their collective balances near 8 billion tokens. At the same time, XRP futures open interest surged back to $7.83 billion, up from a monthly low of $7.35 billion, suggesting growing conviction in XRP derivatives as ETF speculation intensifies.

Institutional investors appear to be preparing for the SEC’s October 18 decision window, when spot XRP ETF filings from firms such as Franklin Templeton, WisdomTree, and Grayscale are expected to face regulatory rulings. Market analysts project $5–8 billion in inflows in the first year if approval is granted, a figure that would dwarf current XRPI and XRPR flows combined.

Technical Landscape: XRP-USD Sets Up for Breakout

XRP-USD has been trading just under $3.05, consolidating after clearing the $2.80 resistance zone in late September. Technical supports lie at the 50-day EMA ($2.92), 100-day EMA ($2.84), and the 200-day EMA ($2.62), while resistance levels at $3.18, $3.33, and $3.50 are being closely monitored. A break above $3.18 would confirm bullish continuation, with medium-term targets extending toward the 2021 high of $3.66.

Momentum indicators remain favorable. The RSI at 54 suggests XRP is not yet overbought, leaving room for further appreciation, while the MACD crossover triggered last week has sustained a buy signal. ETF buying pressure layered onto whale accumulation could accelerate the push past resistance zones.

Regulatory Landscape and ETF Approval Odds

Regulatory shifts have rapidly improved the approval odds for spot XRP ETFs. Bloomberg ETF desk analysts, including Eric Balchunas, now assign 100% probability of approval for XRP, Solana, and Litecoin ETFs under the SEC’s new generic listing framework. The SEC’s decision to remove reliance on 19b-4 filings has accelerated timelines, and XRPR’s approval in just 75 days (versus the usual 240-day window) underscores the changed environment.

This backdrop not only improves XRPI and XRPR’s long-term prospects but also signals that additional entrants from large managers could quickly follow. If funds from BlackRock, Fidelity, or Invesco file for spot XRP ETFs, institutional flows could accelerate well beyond the current $163M in XRPI assets and XRPR’s modest early inflows.

Market Positioning and Comparative Context

When comparing XRPI and XRPR to other crypto-linked ETFs, Bitcoin ETFs such as BlackRock’s IBIT ($90.7B AUM) and Ethereum ETFs around $28B AUM are still far larger. But XRP’s niche positioning gives it a unique trajectory. XRPI is structured more conservatively around futures, offering liquidity and regulatory simplicity, while XRPR provides purer spot exposure at the cost of volatility.

Together, XRPI and XRPR are now the first U.S. avenues for mainstream investors to gain Ripple exposure without the operational risk of direct token custody. With XRP-USD holding near $3.00, and total crypto market cap above $4.17 trillion, the timing of these ETFs provides an institutional bridge into a rapidly expanding market segment.

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