First-ever XRP spot ETF crashes 45%

The world’s first $XRP spot exchange-traded fund (ETF) has declined by approximately 45% since its launch, as the asset continues to struggle with 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 posted 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 holds direct exposure to the token, with its value eroding in line with $XRP itself.

The Brazilian asset manager behind the product secured approval from the country’s securities regulator in February 2025, and the ETF began trading on April 25, 2025, becoming the world’s first spot $XRP ETF.

It provided retail and institutional investors in Brazil with regulated exposure to $XRP through standard brokerage accounts, removing the need for personal wallets and private-key management.

Despite its historic debut, the ETF had little lasting impact on $XRP’s global price. Limited to Brazil’s domestic market, it attracted modest inflows that were insufficient to create meaningful buying pressure on $XRP’s large circulating supply.

Additionally, traditional finance settlement delays meant ETF share purchases did not immediately translate into on-chain $XRP buying, further muting any short-term price effect.

Ripple’s periodic escrow releases and broader macroeconomic headwinds dominated price action, preventing the kind of supply-constrained rally that has accompanied major ETF launches for other cryptocurrencies.

Other spot $XRP ETF launches

Subsequent launches in North America have shown a markedly different 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 gathered meaningful assets under management, benefiting from Canada’s more mature regulatory pathway for crypto ETFs and attracting stronger institutional participation.

The United States joined the trend in late 2025, with Canary Capital’s XRPC ETF spearheading approvals for offerings from Bitwise, Grayscale, Franklin Templeton, 21Shares, and others.

The U.S. products have recorded substantial and consistent inflows, reflecting the depth of capital and investor confidence available in the world’s largest financial market.

Meanwhile, over the same period, $XRP’s price has suffered notable losses in line with broader cryptocurrency market sentiment.

$XRP price analysis

By press time, the asset was trading at $1.36, down about 0.3% in the last 24 hours, while on the weekly timeline, it was also in the red, falling 0.8%.

From a technical perspective, $XRP’s 50-day simple moving average (SMA) stands at $1.57, well above the current price. Trading below this level signals weakening short- to medium-term momentum. The roughly $0.21 gap indicates that recent price action has remained consistently weaker than its recent average, reinforcing the bearish sentiment.

The longer-term outlook appears even weaker, with the 200-day SMA at $2.20. $XRP trading far below this level highlights a significant drop relative to its long-term trend. Remaining under the 200-day SMA typically signals a broader bearish market structure that would require sustained buying pressure to reverse.

Meanwhile, the 14-day Relative Strength Index (RSI) is at 41.81, placing it in the neutral zone but closer to the lower end.