First U.S. spot XRP ETF crashes 55% Cryptocurrency Apr 26, 2026 Share
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.
XRPR all-time price chart. Source: TradingView
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.
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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.
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