The big elephant in the XRP ETF room is back.
In a rather interesting week in terms of reveals of who owns shares of the spot XRP ETFs, the funds actually ended it in the green, but only one day saw any action.
This is a recurring development that has frequently emerged, and the underlying asset has continued to suffer price-wise, dipping below $1.00 for the first time in nearly two years.
XRP ETFs Still in Green but…
There’s not really much to explain about what happened last week with the net flows into the spot XRP ETFs, as it has been a story on repeat for a while. Yes, the five-day trading period was in the green. But that’s about it in terms of good news. The actual numbers show a minor inflow of $2.25 million, which was just slightly higher than last week’s $1.01 million.
Just to put things into perspective, the exchange-traded funds tracking the cross-border token were raking in over $20 million weekly in late June and over $60 million in mid-May.
A deeper look into each day’s performance tells an even more worrisome story. All $2.25 million entered the fund in one day – on Thursday. The rest of the business week, meaning four out of the five trading days, saw no reportable action, with SoSoValue showing $0.00 against each of those days.
Moreover, six out of the ten business days in August have shown the same trend – $0.00. Consequently, the cumulative total net inflows have remained at just over $1.51 billion, with little to no movement over the past couple of weeks.
On the plus side, numerous large US institutions, such as Morgan Stanley, have revealed significant exposure to XRP through ETFs in the past week.
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XRP Price Struggles
Perhaps due to the lack of actual institutional interest, since Ripple whales have been accumulating, the native token has consistently traded lower over the past few weeks. The asset was rejected at $1.10 recently and kept plunging until it eventually lost the $1.05 support. Almost inevitably, it dipped below $1.00 on a couple of occasions in just days, and it’s currently fighting to reclaim that level decisively.
From the technical and on-chain side, the landscape forward is quite contradictory. Some on-chain metrics show that the network activity has picked up lately, while the overall investor sentiment has deteriorated to a multi-month low. At the same time, the XRP Open Interest has reached its highest levels since the notorious October 2025 crash, which could result in intense volatility over the next few sessions.