XRP ETF posts 'record net outflows'… “selling pressure has intensified”

A U.S. spot XRP exchange-traded fund (ETF) logged weekly net outflows for the first time since its launch. Sentiment around XRP has also cooled in the derivatives market. Some observers say the token could trade sideways around $2 for the time being.

According to crypto analytics firm Sosovalue on the 27th (local time), spot XRP ETFs saw net outflows of about $41 million (about 60 billion won) last week. It marked the first weekly net outflow for spot XRP ETFs since they were listed in November last year. Total net assets, which had recently jumped to as much as $1.6 billion, slid to $1.36 billion.

Until recently, XRP ETFs had held up relatively well even as Bitcoin and Ethereum ETFs saw outflows. Both spot Bitcoin ETFs and spot Ethereum ETFs posted monthly net outflows for three consecutive months from November last year through this month, extending their slump. That contrasted with spot XRP ETFs, which had maintained a run of net inflows for nearly the past two months.

The trend turned starting on the 7th of this month. On that day, XRP ETFs recorded daily net outflows for the first time since launch. Inflows then lost momentum, and on the 20th, fallout from the U.S.-driven “Greenland shock” triggered about $53 million in net outflows in a single day. Analysts say profit-taking pressure also intensified as XRP’s price fell nearly 20% from this month’s peak (about $2.4).

XRP holdings on centralized exchanges (CEXs) are also rising. According to CryptoQuant, Binance—the world’s largest crypto exchange—held about 2.72 billion XRP as of the previous day (the 26th), the highest level in about two months since November last year. Upbit, South Korea’s largest crypto exchange, held about 6.3 billion XRP as of the previous day, setting a new high for the first time in 1 year and 2 months since November 2024. Typically, rising exchange-held crypto balances are seen as increasing the likelihood of selling pressure.

Against this backdrop, the derivatives market has also softened. Darkfost, a contributor to CryptoQuant, said “XRP open interest (OI) has continued to decline and recently fell below $500 million,” adding that “the downtrend has persisted since the large-scale liquidation event in October last year.” In fact, XRP open interest fell more than 70% over the past six months, from about 1.7 billion in July last year to about 500 million this month.

Some analysts also say that strengthening fundamentals for Ripple’s dollar stablecoin RLUSD is not enough to lift XRP’s upside momentum. RLUSD recently drew attention after being listed on Binance. Its market capitalization has also surged to about $1.33 billion as of today, more than 13 times higher than a year ago (about $99 million). Kim Min-seung, head of Korbit Research Center, said, “There is no direct link between RLUSD’s listing or rising issuance and XRP’s value,” adding, “RLUSD usage has not yet stood out on-chain or in the real economy.”

There are also views that XRP could be trapped in a range around $2. In particular, some analysis says on-chain indicators are showing a pattern similar to early 2022. U.S.-based crypto media outlet Cointelegraph reported, “XRP traded sideways in the $0.3–$0.7 range for three years from 2022 to 2024,” adding, “If this pattern repeats, XRP could remain range-bound near $2 for an extended period until a major breakout (a move above resistance).”