New York, July 10, 2026, 19:13 (EDT)
XRP traded at $1.059 late Friday, with U.S. fund numbers drawing more attention. The top three U.S. spot XRP ETFs by total net inflow have $810.66 million in net assets, compared to $1.374 billion in total subscriptions. That’s a $563.40 million gap between fund flows and assets.
Why it matters now: current assets cover only about 59 cents for every dollar of total net inflow in these funds. This isn’t a direct measure of holder losses — seed money, fees, redemptions, and when people bought in all change the math — but it’s a rough read on how much fund capital has dropped from the original base. That gap can drive selling into rallies as some investors try to cut losses or get near break-even.
The group includes the Bitwise XRP ETF, Canary Capital’s XRPC and Franklin Templeton’s XRPZ. Franklin Templeton runs its business via subsidiaries of Franklin Resources NYSE:BEN.
| Fund | Cumulative net inflow | Net assets | Assets per $1 of inflow | Assets minus inflow |
|---|---|---|---|---|
| Bitwise XRP ETF | $493.86 mln | $308.15 mln | $0.62 | -$185.71 mln |
| Canary XRPC | $466.97 mln | $252.97 mln | $0.54 | -$214.00 mln |
| Franklin XRPZ | $413.23 mln | $249.54 mln | $0.60 | -$163.69 mln |
| Combined | $1.374 bln | $810.66 mln | $0.59 | -$563.40 mln |
The last column compares current assets and total net inflows. It doesn’t estimate what individual investors have lost.
The funds are designed to track XRP itself, not to react to moves in its price. Franklin’s filing calls XRPZ a passive, unleveraged product that holds through drops and rallies without changing position. So when XRP falls, the fund’s net asset value goes down along with it, except for fees and usual tracking differences.
XRP’s breakout above $1.10 in the early hours Friday didn’t last. The token climbed from $1.0827 to $1.1026, hit a high at $1.1065, and volume surged to 43.51 million around 01:00 UTC—almost 90% over the 24-hour norm. But by the New York evening quote, XRP gave up those gains.
XRP saw big action in derivatives, but larger tokens still drew more. The 24-hour XRP futures volume came in at $1.43 billion, with spot turnover at $273.4 million. Open interest totaled $2.34 billion. Bitcoin and ether both posted much higher futures-to-spot ratios.
| Asset | 24-hour spot volume | 24-hour futures volume | Futures/spot ratio | Open interest |
|---|---|---|---|---|
| XRP | $273.4 mln | $1.43 bln | 5.2 times | $2.34 bln |
| Bitcoin | $3.73 bln | $47.79 bln | 12.8 times | $47.29 bln |
| Ether | $1.50 bln | $30.74 bln | 20.5 times | $24.39 bln |
That undercuts the idea that leverage was only moving XRP. Still, futures-driven moves can go beyond what real buying would support. “Once liquidations begin to drive price action, the market can move faster than real demand would justify,” said Shawn Young, chief analyst at MEXC Research, talking about Friday’s broad crypto rebound. CoinDesk
ETF flows were negative again. U.S. spot XRP funds saw $7.29 million pulled out on July 8, the biggest one-day outflow since March. Bitwise did all the redeeming after two flat days on July 6 and July 7.
A retail story lost some steam. Tom Zschach, ex-chief innovation officer at SWIFT, wrote “Not happening” in response to a social media post that claimed the bank-messaging group would add or work with XRP. It wasn’t an official SWIFT statement, but his reply took one talking point out of the near-term picture. X (formerly Twitter)
The ETF comparison only goes so far. Launch dates vary, seed assets aren’t always the same, and the timing of creations and redemptions can all skew the gap. A steady XRP rally might close the gap without new inflows. But if prices fall again, the mark-to-market gap could widen and trigger more redemptions.
$1.10 is still just a test for now, not support. To really hold, Friday’s early move would have needed fresh ETF creations and higher spot turnover—neither showed up by evening. The $563 million gap shows regulated demand is still there, but most of that money hasn’t seen gains yet.
