The prices of XRP and related funds, XRPI and XRPR, have been declining, with XRP breaking below $1.07. XRP is down 19.5% since November 4 and 71% below its all-time high of $3.6618.
Reaching $1.00 for XRP is key, as a rebound to $1.30 could push XRPI toward its $7.00 goal and XRPR toward $10.60. The two longest-running XRP funds in the US, XRPI and XRPR, both declined again on Tuesday, with XRPI losing 2.92% to settle at $5.66 and XRPR falling 3.26% to $8.61.
XRP Funds Under Pressure
The Volatility Shares XRP ETF (XRPI) and the REX-Osprey XRP ETF (XRPR) have given back almost everything since their summer peaks, with XRPI trading 61.8% below its 52-week high of $14.82 and XRPR trading 59.5% below its 52-week high of $21.28.
The distance to the lows is what stands out, with XRPI’s close sitting only 4.4% above its 52-week low, and its after-hours price of $5.56 cutting that gap to 2.6%. XRPR sits 6.3% above its own low, and a further 3% to 5% drop in XRP would push both funds to new 52-week lows.
Pressure Mounts on XRP
The backdrop explains the pressure, with the October CPI coming in hot, the 2-year Treasury yield jumping 19 basis points to 4.736%, and the odds of a 50bp Fed hike in December rising to 15% from zero. Bitcoin fell to $73,124, and spot XRP ETFs took in no new money for a full week.
Structure and Fees
XRPI launched on May 22, 2025, as a futures-based fund, while XRPR was built under the Investment Company Act of 1940, giving it a faster path to market. XRPI’s structure matters for returns, as it holds near-month CME XRP futures and rolls them before they expire, resulting in a cost that can make the fund lag the spot price.
Higher fees are also weighing on these funds, as Volatility Shares temporarily reduces its fee until June 30, 2026, keeping the net expense ratio at 0.94%. However, after that period, the management fee will increase to 1.15%. In contrast, newer spot XRP ETFs charge as little as 0.19% in fees.
XRPR’s design blends elements of XRPI’s futures-based approach with the direct exposure of spot funds, minimizing roll costs but still carrying a higher expense ratio than newer spot products. The funds’ pricing reflects their tracking of XRP, with XRPI’s $5.66 valuation implying a ratio of roughly 5.39 shares per dollar of XRP, while XRPR’s $8.61 suggests about 8.20 shares.
Both funds face the same competitive problem, with six spot XRP ETFs now trading in the US, and investors tend to migrate to cheaper alternatives over time. The category needs a catalyst, with November 13 marking the first anniversary of the first spot XRP ETF, a date that may draw attention back to the products.
A return to consistent daily inflows into spot-based XRP funds would signal a potential bottom for the cryptocurrency, easing pressure on XRPI and XRPR. Currently, XRP’s market value has dropped to $66.50 billion, placing it sixth among digital assets. Just one month ago, it traded at $1.40, and a year ago, it was at $2.57.
The next critical support levels for XRP are near, with the $1.00 mark roughly 5% below its current price and the 52-week low at $0.9886 just beneath it. If XRP closes below that range, both XRPI and XRPR could hit new lows and trigger further declines.
If XRP stabilizes at $1.00, it could spark the rebound needed to reach the projected upside targets. However, the broader XRP ETF sector has stalled, holding only $1.81 billion in total net inflows as of November 8. The last week of positive flows ended October 30, when $4.3 million entered the funds.
Net assets have shrunk with the price, with total spot XRP ETF net assets falling to $1.34 billion, 1.80% of XRP’s market value, down from $1.425 billion on November 2 and $1.57 billion in early October. The flat flows hit XRPI and XRPR harder than the spot funds, with XRPI’s assets trending lower for months, and net assets below $90 million on recent data.
CPI Print Sparks Decline
The CPI print and the Fed repricing have driven the move, with the October Consumer Price Index rising 0.4% month over month, and the 2-year Treasury yield jumping 19 basis points to 4.736%. The dollar index rose 0.3% to 102.00, and higher yields raise the opportunity cost of holding assets that pay no yield, such as XRP.
XRPI’s performance is directly tied to Treasury yields, as the fund earns interest on its collateral, but this benefit is minimal compared to the impact of rising rates on XRP’s price. Stock markets mirrored crypto’s decline, with the S&P 500 dropping 0.71% to 7,496.17 and the Nasdaq falling 0.87% to 25,034.07.
Bitcoin at $73,124 sets the ceiling, and XRP has been trading as a high-beta version of Bitcoin, with XRP falling faster than both Bitcoin and Ethereum. Bitcoin ETFs are bleeding, with spot Bitcoin ETFs losing $201 million on November 9, and net flows for 2026 turning negative, at roughly $914 million.
A recovery in XRPI and XRPR almost certainly needs Bitcoin to stabilize first, with a Bitcoin move back above $75,451 and toward $80,000 easing pressure across altcoins, and a Bitcoin break below $70,000 likely pushing XRP through $1.00 and toward its $0.9886 yearly low.
The XRP-to-Bitcoin ratio shows the underperformance, with XRP worth 0.00001436 Bitcoin, or 1,436 satoshis, and the ratio falling as XRP lost its October range while Bitcoin held a wider one. When the ratio falls, money is leaving altcoins for Bitcoin or for cash.
Regulation Stalls Recovery
Regulation has been XRP’s main bullish catalyst in 2026, but it has stalled, with the CLARITY Act passing the Senate Banking Committee 15–9 on May 14, but failing to advance further. The midterms changed the picture, with Democrats winning both chambers of Congress, and Senator Elizabeth Warren expected to chair the Senate Banking Committee from January 2027.
Ripple’s corporate progress has not lifted XRP, with Ripple Payments processing more than $100 billion of transaction volume across 60 countries, and the company closing a $200 million debt financing to expand Ripple Prime, its institutional brokerage platform.
The RLUSD stablecoin topped $2 billion in market value, with more than $1 billion issued on the XRP Ledger. In December 2025, Ripple received conditional approval from the Office of the Comptroller of the Currency to charter Ripple National Trust Bank, but XRP’s price has not responded to these developments.
At $1.050, XRP is down 4.3% from Monday’s $1.0976 close, and the damage started in late October, with XRP spending much of that month trading around the $1.28–$1.31 support zone. On October 29, XRP fell 6.84%, from $1.3257 to $1.2348, and closed below the band for the first time.
