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The first U.S. spot XRP ETF has recorded a steep decline since its debut, in line with the asset’s muted performance following its launch. Launched in September 2025 on the Cboe BZX Exchange, the REX-Osprey XRP ETF (XRPR) marked a milestone by offering regulated exposure to XRP without requiring direct ownership. Its debut paved the way for a new wave of similar products, with firms such as Bitwise, Franklin Templeton, Grayscale, and 21Shares launching competing funds, bringing the total number of spot XRP ETFs to seven across major brokerages. Despite its pioneering role, the REX-Osprey product has struggled to maintain momentum. The fund closed at $11.81 on April 25, representing a 54% drop from its launch price. Losses have persisted across multiple time frames, with the ETF down 42.89% over the past six months and 23.66% year-to-date. While it has shown modest short-term recovery, including a 1.03% daily gain and a 0.94% rise over the past month, the broader trend reflects continued downside pressure. The ETFs now custody roughly 787 million XRP, equivalent to 0.79% of the total supply. This has reduced the circulating supply while supporting activity on the underlying network. Momentum started strong in the early phase. Investor demand was particularly strong in the early phase, surpassing $1 billion in inflows within its first 50 days and peaking above $1.5 billion in January. Momentum slowed between February and March, when the sector recorded its first monthly net outflow of $31 million. However, April brought a turnaround, with $65 million in inflows month-to-date and a record weekly gain of $55 million for the period ending April 17. Later entrants, including Canary Capital’s XRPC and funds from Bitwise, have captured a larger share of cumulative inflows, suggesting newer offerings may be benefiting from improved timing and market conditions. As of press time, XRP was trading around $1.43, having fallen more than 20% in 2026.
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