XRPR ($11.24) and XRPI ($7.45) Ride XRP’s Short Squeeze as Futures Basis Gives XRPI an 87bp Edge — Roll Costs Favor the Spot Wrapper

The REX-Osprey XRP ETF (XRPR) traded at $11.24 at 3:10 p.m. ET on Wednesday, October 21, 2026, up $0.41 or 3.83%, after opening at $11.09 and trading a session range of $10.99 to $11.24. The Volatility Shares XRP ETF (NASDAQ:XRPI) closed at $7.45, up $0.33 or 4.70%, after opening at $7.31 and trading between $7.25 and $7.50. XRPI slipped to $7.41 in after-hours trading. Both funds rose on a 9.9% rebound in XRP from its October 18 to 19 low of $1.2553 to $1.38, driven by short liquidations, a crypto-wide rally and a $4.1 billion increase in XRP’s market value over 24 hours.

XRPR closed at its session high. XRPI finished near the top of its range and outran XRPR by 87 basis points on the day. That gap reflects the different structures inside the two wrappers. XRPR holds spot XRP and a physically backed XRP exchange-traded product. XRPI holds XRP futures contracts traded on the Chicago Mercantile Exchange. Both aim to track XRP’s price, but they take different paths to get there, and those paths diverge over time.

The 52-week ranges show how far both funds have fallen. XRPR’s 52-week range runs from $8.10 to $22.26. At $11.24, it sits 49.5% below its high and 38.8% above its low. XRPI’s range runs from $5.42 to $16.06. At $7.45, it trades 53.6% below its high and 37.5% above its low. XRP itself trades 42.5% below its level of a year ago and 62% below its all-time high of $3.661 set on July 18, 2025.

This article runs on one thesis. XRPR and XRPI offer the same directional exposure through different machinery, and the machinery matters as much as the token. XRPR’s spot structure tracks XRP closely, as a $11.31 NAV against an $11.28 close on October 9 showed, with a 0.75% expense ratio. XRPI’s futures structure can outperform on sharp single-day moves but carries roll costs that erode its value against spot XRP over months. Both funds depend on XRP reclaiming $1.40 and then the $1.48 realized price, which maps to roughly $12.05 for XRPR and $7.99 for XRPI. Behind both, U.S. spot XRP ETF demand has stalled, with the complex recording its first weekly outflow in three months.

XRPR’s Structure: Spot XRP Plus a Physical ETP, 0.75% Fee

XRPR was the first U.S.-listed ETF to offer exposure to spot XRP, debuting on the Cboe BZX Exchange on September 18, 2025, ahead of the wave of spot XRP ETFs that launched in November 2025. It was built by REX Shares and Osprey Funds under the Investment Company Act of 1940, the law that governs most mutual funds and ETFs, rather than the Securities Act of 1933 structure used by most spot crypto ETFs. The fund invests at least 80% of its net assets in XRP and other assets that provide exposure to XRP, either directly or through a Cayman Islands subsidiary used to hold crypto assets under rules aligned with the 1940 Act.

REX-Osprey’s fund data as of October 9, 2026, showed four holdings. The fund held 21,260,382 XRP tokens worth $29.43 million, 59.83% of assets. It also held $19.75 million of CoinShares Physical XRP, a European exchange-traded product backed by XRP, representing 40.14% of assets. The remainder sat in cash and money market funds. Fund assets totaled $49.07 million on 4.35 million shares outstanding.

Tracking was tight. On October 9, XRPR’s NAV was $11.31 and its closing price $11.28, a discount of 0.25%. The median bid-ask spread was 0.97%, wider than the largest spot XRP ETFs but workable for most investors. That tight tracking to NAV is the main advantage of the spot structure: the fund’s value moves almost one-for-one with XRP because it holds XRP and a product backed by XRP.

XRPR charges a 0.75% expense ratio, the highest among the major spot XRP ETFs. On a $10,000 position, that is $75 a year, against lower fees at competing funds from Bitwise, Franklin Templeton, Canary, Grayscale and 21Shares. The fund’s 1940 Act structure, its Cayman subsidiary and its use of a third-party ETP add operating complexity that the fee reflects.

The fund’s assets have shrunk with XRP’s price. Net assets stood at $59.08 million on February 28, 2026, and $40.17 million on June 30. At various points in late 2025 and early 2026, assets exceeded $100 million and the fund held as many as 46.5 million XRP tokens. Today’s $49 million in assets makes XRPR a small player in a complex with $1.47 billion in net assets, representing 3.3% of the total.

At $11.24 and an XRP price of $1.38, XRPR’s price-to-XRP ratio stands at 8.14. That ratio has been stable, consistent with a spot fund whose value tracks XRP minus fees.

XRPI’s Structure: CME Futures Through a Cayman Subsidiary

XRPI is the structural outlier among XRP funds. Launched on May 22, 2025, it was the earliest XRP ETF to trade in the U.S., predating XRPR by four months and the spot XRP ETFs by six. It does not hold spot XRP. Instead, it invests principally in XRP futures contracts traded on the CME through a wholly owned Cayman Islands subsidiary, a structure commonly used by futures-based crypto ETFs to manage tax treatment.

The futures structure creates roll costs. Futures contracts expire monthly, and the fund must sell expiring contracts and buy the next month’s contracts to maintain exposure. When later-dated futures trade above near-dated ones, a condition called contango that is common in crypto futures, the fund sells low and buys high each month. That roll loss erodes the fund’s value against spot XRP over time, independent of XRP’s price direction.

The arithmetic shows the drag. Earlier this year, XRPI traded at $5.87 when XRP stood at $0.9972, a ratio of 5.89 XRPI dollars per XRP dollar. On Wednesday, XRPI closed at $7.45 with XRP near $1.38, a ratio of 5.40. On those two published price pairs, XRPI’s value relative to spot XRP fell by 8.3% over roughly two months. Some of that gap reflects timing differences in price snapshots, but the direction is consistent with futures roll costs plus fees.

Costs run higher than spot funds. XRPI’s management fee is listed at 0.94%, and its total net expense ratio, including futures-related costs, has been listed at 1.68% in fund comparisons. Both figures exceed XRPR’s 0.75%.

Futures can outperform on single days. XRPI gained 4.70% on Wednesday against XRPR’s 3.83%. CME XRP futures can move more than spot on sharp rallies when traders bid up near-term contracts, and short covering in futures markets accelerated XRP’s move. The futures basis, the gap between futures and spot prices, widens during rallies and narrows during declines, which amplifies XRPI’s daily moves in both directions.

Volatility Shares also offers a separate 2x leveraged product, XRPT, with a 3.13% expense ratio. XRPI is the unleveraged 1x fund. Investors buying XRPI expecting it to behave like a spot fund over long periods should understand that roll costs make it a weaker long-term proxy for XRP than XRPR or the larger spot funds.

The XRP Price Behind Both Funds: $1.2553 to $1.38

Both funds’ moves on Wednesday came from XRP’s rebound. XRP traded at $1.38, up 2.96% to 4.5% depending on the venue, after breaking through resistance at $1.33 to $1.35 during the European session. XRP’s market value rose by $4.1 billion over 24 hours to $87.1 billion on a circulating supply of 63.13 billion tokens, ranking fifth among crypto assets.

The rebound began from a low. XRP fell 14% during the first two weeks of October, driven by long liquidations as sticky U.S. inflation pushed rate expectations higher. The token traded near $1.49 on October 1, $1.40 on October 10, and $1.2893 on October 17 before bottoming at $1.2553 on October 18 to 19. Wednesday’s $1.38 marks a 9.9% gain off that low.

Derivatives drove the first leg. Open interest rose 6% to $6.94 billion, derivatives volume climbed 21.27% to $13.79 billion and spot volume rose 34.65% to $1.94 billion. Of $4.4 million in liquidations, 80% came from short positions, with shorts losing $2.3 million. The squeeze lifted XRP through its resistance zone, and both funds followed.

The broader crypto market provided the backdrop. Bitcoin broke above $84,000 for the first time since October 7 and traded at $84,355. Ether broke $2,500 for the first time since October 14. Total crypto market capitalization reached $2.88 trillion, up 1.6%. XRP outperformed a broad crypto index during the morning session.

XRP remains below key levels. The realized price, which measures the average price at which circulating XRP last moved on-chain, sits near $1.48. At $1.27 on October 18, roughly 60% of circulating supply was held at a loss. At $1.38, most holders remain underwater, which creates selling pressure as XRP approaches their cost basis.

For XRPR and XRPI holders, XRP’s path to $1.48 is the main question. Both funds will track that move, XRPR closely and XRPI with futures-driven variation. The October 1 level of $1.49 and the September 26 level of $1.55 mark the next resistance zones above the realized price.

The XRP ETF Complex: First Weekly Outflow in Three Months

XRPR and XRPI sit within a broader group of XRP products whose flows have stalled. U.S. spot XRP ETFs recorded $1.84 million in net outflows during the week of October 12 to 16, ending a 13-week streak of positive inflows that began in July. Flows were flat on October 12 and 13. On October 14, the funds took in $740,400, all into the Bitwise XRP ETF. On October 15, they lost $104,500, followed by a $2.47 million outflow on October 16. Without the Friday redemption, the group would have finished with $630,000 in net inflows.

The streak had been weakening. The week ended October 9 brought $11.31 million in inflows, the 13th straight positive week. The week of September 28 to October 2 brought $4.74 million, led by Franklin Templeton’s XRPZ with $4.07 million and Canary’s XRPC with $780,900.

Cumulative figures remain large. Spot XRP ETFs have taken in $1.80 billion in net inflows since the complex launched in November 2025. Over the 30 sessions from September 4 through October 16, inflows totaled $118.3 million. The Bitwise XRP ETF leads with $681.8 million in cumulative inflows, 39.2% of the total. XRPZ has drawn $505 million and XRPC $490 million.

ETF holders are underwater. Total net assets stood at $1.47 billion as of October 16, against $1.80 billion in cumulative contributions. That $330 million gap means investors who bought through XRP ETFs have collectively lost money. As of early October, U.S. spot XRP ETFs held 1.19 billion XRP, equal to 1.9% of circulating supply.

Seven XRP ETFs trade in the U.S.: Bitwise’s XRP, Canary’s XRPC, Franklin Templeton’s XRPZ, Grayscale’s GXRP, REX-Osprey’s XRPR, 21Shares’ TOXR and Volatility Shares’ XRPI. Six hold spot XRP. XRPI holds futures. Strategy ETFs add further variety, including Amplify’s XRPM, which writes call options on XRP ETFs for income at a 0.75% fee, and leveraged products from ProShares, Teucrium and Volatility Shares charging 2.43% to 3.13%.

XRPR’s $49 million and XRPI’s assets are small compared with the leaders. Their flows rarely move the complex’s totals, but they move with the same investor sentiment that drives the larger funds.

Fee Comparison: 0.75% Versus 1.68% Versus the Field

Fees determine long-term returns for funds tracking the same asset. Among the six spot XRP ETFs, XRPR’s 0.75% expense ratio is the highest. Several competing spot funds charge lower fees, and some waived fees for a period in 2026 to attract assets. On a $10,000 position held for a year, XRPR costs $75 in fees, while a lower-cost spot fund could cost a fraction of that.

XRPI’s costs run higher. Its management fee of 0.94% and total net expense ratio of 1.68% both exceed XRPR’s fee. On the same $10,000 position, XRPI’s total expense would reach $168 a year, before accounting for futures roll costs, which add to the drag in contango markets.

Leveraged products cost more still. ProShares’ Ultra XRP ETF (UXRP) charges 2.43%, Teucrium’s 2x Long Daily XRP ETF (XXRP) charges 2.77%, and Volatility Shares’ 2x XRP ETF (XRPT) charges 3.13%. Those funds target twice XRP’s daily return and suffer volatility decay on top of their fees.

The fee gap compounds over time. Over three years, the difference between a 0.75% fund and a 0.20% fund on $10,000 would exceed $160, assuming flat prices. Investors holding XRP exposure for the long term have strong reasons to prefer the lowest-cost spot funds.

XRPR’s case rests on structure and history rather than cost. As the first U.S.-listed spot XRP exposure, it built an early following. Its 1940 Act structure may suit some investors and platforms. Its holdings of a European physical XRP ETP alongside direct XRP give it a different custody profile than funds that hold XRP directly with a single custodian.

XRPI’s case rests on its futures structure. Some investors and advisors prefer regulated CME futures exposure over spot crypto custody. Futures funds also offer different tax treatment through the Cayman subsidiary. For short-term traders, XRPI’s sensitivity to futures basis can produce larger daily moves, as Wednesday’s 4.70% gain against XRPR’s 3.83% showed.

For holding periods beyond a few months, the fee and roll-cost gap favors spot funds. XRPR sits in the middle: more expensive than its spot peers but cheaper and cleaner in tracking than XRPI.

Tracking Spot: XRPR at a 0.25% Discount, XRPI’s Basis Swings

How closely a fund tracks its underlying asset matters as much as its fee. XRPR’s spot structure gives it close tracking. On October 9, its NAV stood at $11.31 and its market price closed at $11.28, a discount of 0.25%. That narrow gap shows market makers keep XRPR’s price aligned with the value of its XRP and CoinShares ETP holdings.

XRPR’s price-to-XRP ratio offers a check. At $11.24 on Wednesday with XRP at $1.38, the ratio stands at 8.14. On October 9, with XRPR’s NAV at $11.31 and XRP trading near $1.40 on October 10, the ratio was close to 8.08. Small variations reflect timing differences between XRP’s 24-hour market and XRPR’s U.S. trading hours, plus daily fee accrual. The ratio’s stability over time confirms XRPR’s tight tracking.

XRPI’s tracking is looser. Its value depends on CME XRP futures prices, which can trade at a premium or discount to spot XRP depending on market conditions. During rallies, futures often trade at a premium, lifting XRPI more than spot. During declines, futures premiums compress or turn to discounts, pushing XRPI down more than spot. That basis variation explains Wednesday’s outperformance.

Over longer periods, roll costs dominate. On the two price pairs noted earlier, XRPI’s ratio to spot XRP fell from 5.89 to 5.40, an 8.3% erosion over roughly two months. If that pace continued, XRPI would lose meaningful value against spot XRP over a year even if XRP’s price stayed flat.

The XRP ETF complex as a whole has a capital record that reflects XRP’s price decline rather than tracking failures. At one point earlier in 2026, seven XRP ETFs held $994 million in assets against $1.51 billion in cumulative inflows, with the gap driven by XRP’s fall rather than fund-level losses.

For investors, tracking quality determines whether a fund delivers XRP’s return. XRPR delivers it closely, minus 0.75% a year. XRPI delivers a version shaped by futures markets, which can help on sharp rallies and hurt over months.

XRP Fundamentals: RLUSD at $2.5 Billion, Payment Volume Down 72.3%

The Ripple ecosystem’s growth has come mostly through its stablecoin rather than XRP itself. RLUSD, Ripple’s dollar-backed stablecoin, passed $2.5 billion in market value, with more than $1 billion issued on the XRP Ledger. As of early October, RLUSD stood at $2.51 billion, with $1.24 billion, or 49%, on the XRP Ledger. More than $1.3 trillion has been settled on the ledger to date.

October brought four institutional RLUSD announcements. Standard Chartered launched institutional custody for RLUSD on the XRP Ledger on October 12, working with LMAX Group to make RLUSD eligible collateral. DriveWealth, which powers investing for more than 100 partners, announced on October 14 that it is integrating RLUSD on the XRP Ledger for settlement in Europe, with plans to expand to the U.S. Meritz Securities partnered with Ripple to explore custody and tokenization. Cross River said on October 15 it is embedding RLUSD into its core banking platform.

XRP’s own usage weakened over the same period. XRP Ledger payment volume reached 119.5 million XRP on October 17, down 72.3% from its 30-day average. That decline coincided with the ETF outflow week and XRP’s price drop. Stablecoin settlement on the ledger is growing while XRP-denominated payments shrink, which suggests institutions prefer settling in dollar-pegged tokens.

Exchange flows added supply pressure during the decline. Net inflows to Binance averaged 9.3 million XRP per day in the week before October 18, with transfers of 22 million and 29 million XRP on October 13 and 14. As of early October, 20.30 billion XRP sat on tracked exchanges.

For XRPR and XRPI, these fundamentals matter through XRP’s price. RLUSD adoption strengthens the XRP Ledger as infrastructure, which supports the long-term case for XRP, but does not create proportional demand for the token. ETF investors buying XRPR or XRPI are betting that ledger growth eventually translates into XRP value. That link has not shown up in October’s price action.

Supply Calendar: November 1 Escrow Release of Up to 1 Billion XRP

XRP’s supply schedule adds a known event at month-end that will affect both funds. Ripple’s next escrow window opens at 00:00 UTC on November 1, which is 8:00 p.m. ET on October 31, when up to 1 billion XRP becomes eligible for release. As of October 18, 31.40 billion XRP remained in Ripple-controlled escrow, 31.4% of the original 100 billion supply. Ripple also holds 4.74 billion XRP in operational wallets.

Ripple typically re-locks most of each release. In October, it unlocked 1 billion XRP and re-locked 700 million, leaving 300 million outside escrow. Across the 12 releases from November 2025 through October 2026, 12 billion XRP was unlocked and 8.4 billion re-escrowed, leaving 3.6 billion outside escrow over the period, an average of 300 million per month. At $1.38, 300 million XRP equals $414 million. The escrow data does not establish how much of that amount was sold on the market.

Traders often reduce exposure ahead of the first of the month. That positioning can weigh on XRP in the final days of October, and XRPR and XRPI would follow. If Ripple re-locks its usual 700 million and the remainder moves to operational wallets without appearing on exchanges, the event typically passes without lasting impact, as it did on October 1 when XRP held near $1.49.

The escrow date falls one day after the October 30 crypto options expiry. Bitcoin’s monthly expiry carries 148,585 BTC with max pain at $79,000, and XRP options expire alongside. Dealer hedging into the expiry tends to compress prices across crypto, and the escrow release follows within hours.

For XRPR, the escrow affects only price, since the fund holds a fixed number of XRP tokens and ETP shares. For XRPI, futures markets may price the escrow event into near-dated contracts, which could affect the basis and XRPI’s relative performance around the date.

Other catalysts precede the escrow. The XRP Ledger upgrade activates on October 23, with a cleanup package gathering 29 validator votes. Ripple’s Swell conference runs October 27 to 29 in New York. The Federal Reserve decides on October 28.

Macro Backdrop: Fed October 28, 10-Year at 5.12%

XRP and both funds trade inside the same macro environment as other crypto assets. The 10-year Treasury yield sits at 5.12%, and the Federal Reserve’s funds rate stands at 3.75% to 4.00%. Futures price a 16% probability of a hike at the October 27 to 28 meeting and 89% to 94% for December. High rates raise the opportunity cost of holding non-yielding assets, which weighs on XRP.

XRPI faces an additional rate effect. Futures-based funds hold cash collateral alongside their futures positions, and that collateral earns interest. Higher short-term rates increase that income, which partly offsets roll costs. XRPR, as a spot fund, does not earn that interest. In a 4% short-rate environment, XRPI’s collateral income is meaningful, though it has not been enough to offset the roll drag shown in its ratio to spot XRP.

Crypto has traded in step with the Nasdaq this month. Wednesday’s rally followed U.S. equities higher after SpaceX and Super Micro Computer reported strong results that revived the AI trade. Meta Platforms and Tesla report after Wednesday’s close. A strong Meta print would extend the risk bid into Thursday and support XRP above $1.35. A weak one would weigh on tech and crypto together.

Oil adds pressure through inflation. Brent crude traded near $109 after Iran rejected talks with Washington, and attacks on shipping near the Strait of Hormuz reached a wartime high. Higher oil keeps inflation sticky and supports December hike pricing.

Institutional crypto flows are concentrating in bitcoin. Over the five sessions from October 14 through October 20, U.S. spot bitcoin ETFs took in $211.2 million while ether ETFs lost $388.9 million. BlackRock’s IBIT drew $665.16 million on October 19 alone. XRP ETFs recorded their first weekly outflow in three months over a similar period. Capital is moving toward bitcoin and away from larger altcoins.

For XRPR and XRPI, the macro read is that the funds can rally with crypto risk sentiment but face headwinds from rates and the rotation into bitcoin. A Fed that frames December as its last hike would be the most supportive macro outcome.

Level Map: XRP Levels Translated to XRPR and XRPI

Both funds’ levels derive from XRP’s. Using Wednesday’s ratios, XRPR trades at 8.14 times XRP’s price and XRPI at 5.40 times.

On the upside, XRP’s first resistance is $1.40, the October 10 price and a likely short cluster. That maps to XRPR near $11.40 and XRPI near $7.56. The next level is $1.42, the upper bound of October’s projected range, mapping to XRPR near $11.56 and XRPI near $7.67. The $1.48 realized price, where the average holder breaks even, maps to XRPR near $12.05 and XRPI near $7.99. The $1.55 level from September 26 maps to XRPR near $12.62 and XRPI near $8.37. XRP’s 30-day-ago level of $1.57 maps to XRPR near $12.78 and XRPI near $8.48.

On the downside, XRP’s first support is $1.35, the level it broke through Wednesday, mapping to XRPR near $10.99, which matches Wednesday’s XRPR low, and XRPI near $7.29. The $1.33 level maps to XRPR near $10.83 and XRPI near $7.18. The $1.29 to $1.30 support zone maps to XRPR near $10.50 and XRPI near $6.97. The $1.2553 low maps to XRPR near $10.22 and XRPI near $6.78. XRP’s $1.21 level maps to XRPR near $9.85 and XRPI near $6.53.

Those mappings hold for XRPR with high accuracy because of its spot structure. For XRPI, the mappings are approximate: futures basis changes and roll costs will shift the ratio over time, typically lowering XRPI’s value relative to spot XRP.

The funds’ own technical levels matter for traders using their charts. XRPR’s Wednesday high of $11.24 is first resistance, followed by $11.31, its October 9 NAV. XRPR’s support starts at $11.09, Wednesday’s open, then $10.99, Wednesday’s low. XRPI’s resistance starts at $7.50, Wednesday’s high, and its support at $7.31 and $7.25, Wednesday’s open and low.

Distances from current levels define the risk. For XRPR, the realized-price level at $12.05 sits 7.2% higher, and the $1.2553 low equivalent at $10.22 sits 9.1% lower. For XRPI, $7.99 sits 7.2% higher and $6.78 sits 9.0% lower.

Forecast Scenarios: $12.05 and $7.99 Upside, $10.50 and $6.97 Downside

The bullish scenario needs XRP to break $1.40 and reach the $1.48 realized price. If bitcoin holds above $84,000, Meta’s capex print supports the AI and tech trade, and XRP ETFs return to weekly inflows, XRP could clear $1.40 and trigger short covering toward $1.48. That would lift XRPR to $12.05 and XRPI to near $7.99, gains of 7.2% for both. Positive announcements at Swell from October 27 to 29 would add fuel. A close above $1.48 would open $1.55, putting XRPR near $12.62 and XRPI near $8.37, gains of 12.3%. On a sharp rally, XRPI could outrun XRPR as futures premiums widen, as it did on Wednesday.

The bearish scenario starts with a failure at $1.40. If XRP stalls at $1.38 to $1.40 and longs who entered on the bounce are liquidated below $1.35, XRP would fall toward $1.29 to $1.30. That would put XRPR near $10.50 and XRPI near $6.97, declines of 6.6% and 6.4%. A break below $1.29 would retest the $1.2553 low, with XRPR near $10.22 and XRPI near $6.78. Escrow-related selling around November 1 and a hawkish Fed would deepen that path. On a sharp decline, XRPI could underperform XRPR as futures premiums compress.

The base case is a range between XRP’s $1.29 and $1.48 through the end of October, which maps to XRPR between $10.50 and $12.05 and XRPI between $6.97 and $7.99. Within that range, the October 23 ledger upgrade and Swell offer sentiment support, while the October 28 Fed decision and November 1 escrow release create risk.

Over the longer term, the structural difference between the funds will grow. In a flat XRP market, XRPR loses only its 0.75% fee, while XRPI loses its higher fees plus roll costs. Over a year in a sideways market, XRPI would likely underperform XRPR by several percentage points.

Verdict: Neutral-to-Bullish on XRP, XRPR the Cleaner Wrapper

XRPR at $11.24 and XRPI at $7.45 both track an XRP rebound that has momentum but faces supply overhead. XRP rose 9.9% from its $1.2553 low to $1.38, with open interest up 6% to $6.94 billion, 80% of liquidations from shorts, and a $4.1 billion gain in market value. Bitcoin’s break above $84,000 and ether’s break above $2,500 support the move.

The fund structures diverged on Wednesday and will diverge further over time. XRPI gained 4.70% against XRPR’s 3.83%, an 87-basis-point gap driven by futures market dynamics. Over longer periods, the advantage flips. XRPR holds 21,260,382 XRP and $19.75 million of a physical XRP ETP, tracks its NAV within 0.25%, and charges 0.75%. XRPI holds CME futures, carries a total expense ratio listed at 1.68%, and, on two published price pairs, lost 8.3% of its value relative to spot XRP over roughly two months. For holding periods beyond a few weeks, XRPR is the cleaner way to track XRP, though lower-cost spot funds from Bitwise, Franklin Templeton and others charge less.

The demand backdrop caps both. U.S. spot XRP ETFs recorded a $1.84 million weekly outflow, ending a 13-week inflow streak, and ETF holders sit on a collective $330 million loss with $1.47 billion in net assets against $1.80 billion in contributions. XRP Ledger payment volume fell 72.3% below its 30-day average, and the $1.48 realized price marks a supply wall. The November 1 escrow window adds up to 1 billion tokens of eligible supply.

The levels decide the call. An XRP close above $1.40 lifts XRPR toward $11.40 and XRPI toward $7.56, and a close above $1.48 opens XRPR $12.05 to $12.62 and XRPI $7.99 to $8.37. An XRP close below $1.35 points XRPR toward $10.50 and XRPI toward $6.97. Meta’s results tonight, the October 23 ledger upgrade, Swell, the October 28 Fed decision and the November 1 escrow set the path.

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