Ripple CEO Celebrates Impressive XRP ETF Milestone

The collective group of XRP ETFs has recorded positive net inflows for 30 consecutive trading sessions.

For comparison, Bitcoin and Ethereum ETFs have experienced “choppier” flows

Ripple Brad Garlinghouse recently took to the X social media platform to highlight the recent milestone recorded by the XRP products. 

A cascade of listings 

There have been plenty of recent XRP launches. In late October, REX-Osprey launched its quasi-spot ETF, but the actual spot wave began in November.

Canary Capital launched the first U.S. spot XRP ETF. It debuted with record first-day volume for an altcoin ETF, attracting nearly $250M quickly.

Following Canary’s success, other major issuers went live in rapid succession to capture market share. These include Franklin Templeton (XRPZ), Bitwise XRP ETF (XRP), and Grayscale XRP ETF (GXRP). 

The price paradox 

Despite $1 billion in buying pressure from ETFs, XRP has struggled. The token recently lost the $2.00 support level and is trading in the $1.88–$1.92 range. The public selling pressure (visible) canceled out the private ETF buying pressure (invisible).

The selling pressure from retail investors is believed to be the main reason behind this underperformance. 

Moreover, If a market maker sells XRP to an ETF issuer, they may “short” XRP on the derivatives market to protect themselves from price drops. This hedging activity creates downward pressure on the price.