First U.S. spot XRP ETF crashes 55%

The first U.S. spot $XRP exchange-traded fund (ETF) has recorded a steep decline since its debut, in line with the asset’s muted performance following its launch.

Launched in September 2025 on the Cboe BZX Exchange, the REX-Osprey $XRP ETF (XRPR) marked a milestone by offering regulated exposure to $XRP without requiring direct ownership.

Its debut paved the way for a new wave of similar products, with firms such as Bitwise, Franklin Templeton, Grayscale, and 21Shares launching competing funds, bringing the total number of spot $XRP ETFs to seven across major brokerages.

Despite its pioneering role, the REX-Osprey product has struggled to maintain momentum. The fund closed at $11.81 on April 25, representing a 54% drop from its launch price.

Losses have persisted across multiple time frames, with the ETF down 42.89% over the past six months and 23.66% year-to-date. While it has shown modest short-term recovery, including a 1.03% daily gain and a 0.94% rise over the past month, the broader trend reflects continued downside pressure.

The fund’s performance mirrors a broader trend across spot $XRP ETFs, where strong early demand was followed by a period of correction.

Cumulative net inflows have reached about $1.3 billion, with total assets under management near $1.08 billion as of April 26.

Major players, including Goldman Sachs, have taken positions, with the bank disclosing a $153.8 million stake. Overall, the top 30 institutions hold more than $211 million in $XRP ETFs, highlighting sustained professional interest in the asset class.

The ETFs now custody roughly 787 million $XRP, equivalent to 0.79% of the total supply. This has reduced the circulating supply while supporting activity on the underlying network.

Strong $XRP spot ETF start

Investor demand was particularly strong in the early phase. The category surpassed $1 billion in inflows within its first 50 days and peaked above $1.5 billion in January.

Momentum slowed between February and March, when the sector recorded its first monthly net outflow of $31 million.

However, April brought a turnaround, with $65 million in inflows month-to-date and a record weekly gain of $55 million for the period ending April 17.

Later entrants, including Canary Capital’s XRPC and funds from Bitwise, have captured a larger share of cumulative inflows, suggesting newer offerings may be benefiting from improved timing and market conditions.

Meanwhile, $XRP continues to trade in consolidation, mirroring broader cryptocurrency market sentiment amid a lack of network-specific catalysts. As of press time, the token was valued at $1.43, having dropped more than 20% in 2026.