Newly launched XRP ETFs in the United States recorded institutional inflows of 824 million USD within 13 trading days after their initial listing. The financial products position XRP as the second-fastest cryptocurrency after Bitcoin to reach the 800 million dollar threshold in ETF inflows.
Bitcoin ETFs reached this mark in two trading days in January 2024, while Ethereum ETFs required 95 trading days. The XRP ETFs have not seen any outflows since trading began. The largest single day was 14 November with 243 million dollars in inflows, followed by 24 November with 164 million dollars.
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Five issuers competing for institutional capital
A total of five issuers listed XRP spot ETFs on US exchanges between 13 November and 1 December 2025. Canary Capital opened the market on 13 November with the XRPC ETF, which generated 58 million dollars in trading volume and nearly 250 million dollars in inflows on its first day. One week later, on 20 November, Bitwise followed with a product under the coveted ticker “XRP” on the NYSE. Bitwise recorded 105 million dollars in first-day inflows.
On 24 November, Franklin Templeton and Grayscale expanded the offering. Franklin Templeton’s XRPZ ETF on NYSE Arca recorded 176,191 traded units worth 4 million dollars in the first trading hour. Grayscale’s GXRP on the NYSE launched with 28,045 units and 1.13 million dollars in volume. Both products achieved combined inflows of 164 million dollars on their first day. On 1 December, 21Shares completed the quintet with the TOXR ETF on the Cboe BZX Exchange.
Fee structures vary significantly among the issuers. Franklin Templeton positions itself as the lowest-cost provider with an annual management fee of 0.19 percent, waived on the first 5 billion dollars of assets under management until May 2026. Bitwise charges 0.34 percent and waives the fee for the first 500 million dollars during the first month. Grayscale charges 0.40 percent after a free period until 24 February 2026 or until fund assets reach 1 billion dollars.
Regulatory breakthrough enables institutional access
The wave of ETF launches is built on a fundamental regulatory shift. In August 2025, the US Securities and Exchange Commission (SEC) ended its years-long legal dispute with Ripple Labs through a settlement. The agreement removed the legal uncertainty that had existed since 2020 regarding whether XRP should be classified as a security. The XRP price rose immediately following the announcement.
Approval of the XRP ETFs proceeded via an automatic mechanism. Issuers that remove the delay clause from their S-1 registration filings trigger a 20-day countdown, after which the products become tradable without explicit SEC approval. This process differs fundamentally from the Bitcoin ETF approvals of January 2024, where the SEC reviewed and approved each application individually.
Institutional demand surpasses Solana and Ethereum
The performance of the XRP ETFs stands in sharp contrast to other recently launched crypto financial products. Solana ETFs, introduced to the market on 28 October 2025, reached only 650.81 million dollars in cumulative inflows after 25 trading days. XRP ETFs exceeded this value by 173 million dollars after just 13 trading days. Only Bitcoin ETFs were faster, reaching the 800 million dollar mark in two trading days in January 2024.
On 1 December, XRP ETFs recorded daily inflows of 89.65 million dollars, while Ethereum ETFs saw outflows of 79.06 million dollars on the same day. Whale addresses holding between 10 and 100 million XRP accumulated 340 million XRP tokens within two weeks. At the same time, XRP balances on centralized exchanges fell by 29 percent since February 2025. XRP reserves on Binance dropped to 2.7 billion tokens – the lowest level in several years.
