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The world’s first XRP spot exchange-traded fund (ETF) has fallen by approximately 45% since its launch, as the underlying asset continues to face significant volatility.
The fund, trading under the ticker XRPH11 on Brazil’s main stock exchange, closed at 11.19 BRL ($2.13) on Friday, down 3.7% for the day. It has recorded a year-to-date loss of 30.5% and an all-time decline of 44%.
The ETF tracks the Nasdaq XRP Reference Price Index and provides direct exposure to XRP, with its performance eroding in line with the token.
Approval was granted by Brazil’s securities regulator in February 2025. The ETF began trading on April 25, 2025, becoming the world’s first spot XRP ETF.
For investors in Brazil, the product offered regulated exposure to XRP through standard brokerage accounts, reducing the need for personal wallets and private-key management.
Despite its historic debut, the ETF has had little lasting effect on XRP’s global price. The product is limited to Brazil’s domestic market and has attracted only modest inflows, which were not enough to create meaningful buying pressure on XRP’s large circulating supply.
In addition, traditional finance settlement delays meant that ETF share purchases did not immediately translate into on-chain XRP buying, muting any short-term price impact.
Ripple’s periodic escrow releases and broader macroeconomic headwinds have also been cited as dominant factors in price action, preventing a supply-constrained rally similar to those seen after major ETF launches for other cryptocurrencies.
Later spot XRP ETF launches in North America have differed in scale and impact. In June 2025, Canada approved multiple spot XRP ETFs, including the Purpose XRP ETF (XRPP) from Purpose Investments and the 3iQ XRP ETF (XRPQ) on the Toronto Stock Exchange.
These products quickly accumulated meaningful assets under management, supported by Canada’s more established regulatory pathway for crypto ETFs and stronger institutional participation.
The United States joined the trend in late 2025, with Canary Capital’s XRPC ETF leading approvals for offerings from Bitwise, Grayscale, Franklin Templeton, 21Shares, and others.
U.S. products have recorded substantial and consistent inflows, reflecting the depth of capital and investor confidence in the world’s largest financial market.
Over the same period, XRP’s price has declined in line with broader cryptocurrency market sentiment. By press time, XRP was trading at $1.36, down about 0.3% over the last 24 hours. On the weekly timeline, it was also down 0.8%.
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