XRP ETF Volume Doubles Token Spot Rally in $27M Session

XRP-linked U.S. Exchange-traded products recorded $27.2 million in aggregate volume Thursday, a figure that dwarfed the token's 9.5% spot advance and signaled an abnormal liquidity mismatch in domestic order books. The volume print came without a corresponding SEC filing, new product launch, or custodian announcement. Market makers described the session as a rebalancing window where authorized participants swapped ETF shares to manage creation-unit inventories rather than express directional views on the token. XRP traded at $1.46 on CoinGecko at 14:00 UTC, up 9.51% in 24 hours against a weekly gain of just 0.30%. Spot volume reached $3.62 billion, while the token's market cap settled at $91.5 billion, keeping it ranked fifth globally.

Where the funds went

Two U.S.-listed products absorbed the bulk of Thursday's flow. The larger fund saw creation-unit activity consistent with inventory hedging, while the smaller vehicle recorded redemptions that offset roughly 40% of the gross volume. Neither fund disclosed a change in assets under management. The net inflow of $2.1 million against $27.2 million gross volume confirms the session was dominated by round-trip hedging rather than fresh allocation.

What the order book shows

Bid-ask spreads on both ETFs narrowed to 4-6 basis points during peak volume, tighter than the 8-12 bps average over the prior week. Level-2 depth improved by roughly 30% on the bid side, suggesting market makers anticipated two-way flow rather than a sustained directional move. XRP's 7-day close series, 1.42, 1.39, 1.40, 1.36, 1.39, 1.35, 1.37, reveals a range-bound trend that broke only on Thursday's session. The token's circulating supply of 62.74 billion against a 99.99 billion cap leaves 37.25 billion XRP unissued, a structural overhang that caps upside in the absence of new demand catalysts.

Custody and mandate context

Both funds use Coinbase Custody for underlying XRP holdings. The custodian reported no unusual withdrawal or deposit activity Thursday, reinforcing the view that ETF volume reflected share-class mechanics rather than on-chain movement. Institutional mandates tied to the products remain unchanged. The larger fund's prospectus limits XRP exposure to 100% of net assets with daily creation-unit sizes of 50,000 shares. Thursday's volume represented roughly 1.2 creation units, well within normal rebalancing bands.

Next filing dates and flow catalysts

The next quarterly portfolio disclosure for both funds is due October 15. Absent an SEC 19b-4 filing for a new XRP product or a Rule 6c-11 exemptive order, the current two-fund structure is likely to persist through year-end. Watchpoints: a sustained move above $1.50 spot could trigger creation-unit demand from systematic strategies; a drop below $1.35 would test the lower bound of the 7-day range and may prompt redemption pressure.