 ▲ Ripple (XRP) |
The XRP (Ripple) spot ETF market has recorded its first-ever weekly net outflow, yet whales have moved in the opposite direction, accumulating roughly $200 million worth of XRP in a contrasting bet.
According to TradingNews on March 9 (local time), XRPI closed at $7.81 on Nasdaq, up 1.03% from the previous day. The Rex-Osprey XRP ETF (XRPR) rose 1.71% to $11.29, while the Bitwise XRP ETF gained 1.25% to $15.36. Although this appears to be a rebound on the surface, all three products remain significantly below their 52-week highs. XRPI is 66.8% below its 52-week peak of $23.53, XRPR remains sharply down from its $25.99 high, and the Bitwise product is 42.9% below its $26.88 peak.
Weekly fund flows paint a colder picture. Between March 2 and 6, U.S. XRP spot ETFs recorded a total net outflow of $4.09 million, breaking a five-week streak of net inflows that had continued since January 30. Notably, the outflows intensified toward the end of the week. On Thursday, $6.15 million exited, followed by $16.62 million on Friday—the largest single-day outflow since January 29. The outlet highlighted that $10.6 million of Friday’s outflows came from 21Shares products alone, accounting for about 64% of the day’s total, as a key signal.
In contrast, XRP’s on-chain activity told a different story. From March 5 to 9, whale holdings increased from 10.87 billion XRP to 11.01 billion XRP. The additional 140 million XRP is valued at approximately $189 million to $200 million at current prices. The 30-day average whale flow also turned positive for the first time in three months. The outlet noted that while $4.09 million flowed out of ETFs, roughly $200 million worth of XRP was accumulated on-chain—marking a rare divergence between short-term ETF redemptions and long-term accumulation by large holders.
Competition among products is also intensifying. The total assets under management (AUM) of seven U.S.-listed XRP spot ETFs briefly reached $1.26 billion during the week before slipping to $1.24 billion over the weekend. Canary Capital’s XRPC leads with $266 million in AUM, closely followed by the Bitwise product at $265 million. Franklin Templeton is seeking to expand market share by offering a 0.19% fee and waiving fees up to $1 billion in assets. However, this week saw AUM under dual pressure from both price declines and redemptions.
Price action remains fragile. XRP climbed to $1.47 during the week but retreated under selling pressure, currently hovering between $1.34 and $1.38. The average acquisition cost for all holders stands at $1.44, placing the current price below that level. The outlet identified $1.30 as the key short-term support. If this level breaks, XRP could revisit the February 28 low of $1.27 reached at the outbreak of war concerns, with further downside toward the $1.11–$1.13 range, where the February 6 low aligns with the 200-week exponential moving average. Conversely, if XRP breaks through the $110.8 million short squeeze zone above $1.39 and reclaims $1.40, a rebound toward $1.54 and potentially $1.61 could follow.
Ultimately, while the XRP ETF market appears weak on the surface with its first recorded weekly net outflow, a deeper look reveals a complex phase marked by simultaneous whale accumulation and structural expansion of institutional products. The outlet assessed that XRPI at $7.81, XRPR at $11.29, and the Bitwise XRP ETF at $15.36 remain in a hold or wait-and-see zone for existing investors, but the true directional outlook hinges on whether XRP can defend $1.30 and reclaim $1.40.
*Disclaimer: This article is for investment reference only and the publisher assumes no responsibility for any investment losses arising from its use. The information provided should be interpreted solely for informational purposes.*