It was almost a year ago, to the day, when Canary Capital’s XRPC went live for trading, thus validating XRP as a major financial asset. The hype was enormous, and the XRP Army celebrated it as a major achievement, which it was.
Fast-forward a year later: there are positives, but there are also painful sides we need to discuss.
1B Tokens Bought
The first month and a half were immensely impressive. In the couple of weeks in November 2025 after the debut of XRPC and the subsequent ETFs that followed, the funds attracted $666.61 million. December continued this strong trend, with another $500 million. Although demand slowed down substantially as the market unraveled over the next nearly a year, the ETFs managed to close each month in the green except March.
None of the other crypto-focused ETFs could brag about such a streak. Yes, there were days with no reportable action, but the net outflows were very, very minimal. Interestingly, Canary Capital’s XRPC has lost its advantage of being the first XRP ETF to launch, and it’s now the third-largest, trailing Bitwise’s XRP and Franklin Templeton’s XRPZ.
November 2026 is not going great for the Ripple ETFs, with $19.66 million in net outflows in the first couple of weeks. The cumulative total net inflows have dipped from the recent all-time high of $1.81 billion to $1.79 billion on SoSoValue.
Meanwhile, the recently launched official channel tracking the underlying cross-border token celebrated the one-year anniversary, pointing out that the funds have purchased 1.16 billion tokens within that timeframe.
One year ago today, the first US ETF to hold only XRP began trading.
Since then, US spot XRP ETFs have accumulated over 1 billion XRP. https://t.co/FcioWTnub2
— XRP (@XRP) November 13, 2026
The Bad and the Ugly
Over a billion tokens might sound impressive until you examine this number more closely. XRP’s current circulating supply is 63.51 billion tokens; this means that one billion is less than 1.6% of that total. The number for the BTC ETFs is close to 6% of the total supply, for instance.
Additionally, the company behind the token releases precisely a billion XRP at the start of every month. In other words, it took the ETFs a year to obtain as much XRP as Ripple releases from escrow each month. Even if only 300 million out of that billion remains in net circulation, as the company claims, the math is still painful.
But the biggest elephant in the room is what happened to XRP’s price within that year. Recall that the token marked its ATH in July 2025 at $3.65. It crashed hard during the October 2025 massacre, but managed to remain at around $2.30-$2.40 when the first ETF went live for trading.
A year later, XRP plunged to $0.90. That’s a 60% pullback in 12 months, even though institutional products are helping legitimize its presence in the market. Of course, there are countless other reasons behind this market-wide crash, but the XRP ETFs have failed to provide the necessary cushion for the underlying asset to avert those massive losses.
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