Why Did the First US XRP Spot ETF Plummet by 54%?

"It's the first spot ETF, but it plunged by 54%"...XRP investment fervor, the price couldn't keep up

▲ XRP (XRP, ETF/ChatGPT generated image ©

The XRP (XRP, Ripple) spot ETF market is undergoing a severe correction in terms of price, despite the inflow of institutional funds.

According to crypto media outlet Finbold on April 26 (local time), the first US XRP spot ETF, Rex-Osprey XRP ETF (XRPR), closed at $11.81 on April 25. This represents a 54% drop from its listing price on the Chicago Board Options Exchange (CBOE) BZX Exchange in September 2025.

XRPR has fallen by 42.89% in the last six months and 23.66% year-to-date. However, in the short term, it showed some signs of recovery, rising 1.03% in one day and 0.94% in the last month. Nevertheless, the overall trend is still assessed as being dominated by downward pressure, coupled with the sluggish XRP price.

Looking at the XRP spot ETF market as a whole, the sentiment is mixed. Cumulative net inflows are estimated at approximately $1.3 billion, and total assets under management are approximately $1.08 billion. Goldman Sachs disclosed a position worth $153.8 million, and the top 30 institutions hold over $211 million in XRP ETFs.

Currently, seven XRP spot ETFs hold approximately 787 million XRP in custody. This accounts for 0.79% of the total supply and has the effect of absorbing some of the circulating supply from the market. Initial demand was also strong. XRP spot ETFs surpassed $1 billion in inflows within 50 days of launch, and even exceeded $1.5 billion in January.

However, the enthusiasm cooled off during the correction period in February-March, recording the first monthly net outflow of $31 million. In April, $65 million re-entered the market monthly, and it rebounded with a net inflow of $55 million in the week ending April 17. Nevertheless, XRP itself is currently consolidating around the $1.43 level and has fallen by over 20% since the beginning of 2026.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*