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

“First spot ETF plummeted by 54%”…XRP investment fervor, but price couldn't keep up

▲ XRP, ETF/ChatGPT generated image ©

The XRP (Ripple) spot ETF market is experiencing a severe price correction despite the influx of institutional funds.

According to the cryptocurrency 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 is 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% over the past six months and by 23.66% since the beginning of the year. However, in the short term, it showed some signs of recovery, rising by 1.03% in one day and 0.94% in the last month. Nevertheless, the overall trend is still dominated by downward pressure, coupled with the underperformance of XRP's price.

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

Currently, seven XRP spot ETFs custody approximately 787 million XRP. 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 exceeded $1.5 billion in January.

However, the enthusiasm cooled during the correction period in February-March, recording the first monthly net outflow of $31 million. In April, $65 million flowed back in, and the week ending April 17 saw a rebound with a net inflow of $55 million. However, XRP itself is currently hovering around $1.43 and has fallen by more than 20% since the beginning of 2026.

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