US spot XRP exchange-traded funds ended Tuesday's session roughly $200 million short of the $2 billion asset milestone, taking in fresh capital even as the underlying token declined 5–6% intraday. According to fund-flow data published on the XRP Insights dashboard, the seven approved US products recorded net inflows of $18.04 million on September 23 — a countercyclical reading that points to institutions using the pullback as an accumulation window rather than an exit signal.

Bitwise and Franklin Lead the Day's Creations

The day's allocations were concentrated in two flagship funds. The Bitwise XRP ETF captured the larger share, absorbing $11.54 million and lifting its cumulative total to $649 million. The Franklin XRP ETF took in $6.50 million, bringing its lifetime collections to $492 million.

Combined, the seven approved US funds manage $1,797.93 million, with total net creations since launch at $1.748 billion and daily turnover of $63.13 million. That consistency contrasts with the whipsaw creations and redemptions comparable Bitcoin and Ethereum products have recorded in recent weeks, positioning the XRP complex as the steadier segment of the altcoin ETF market. At the current daily pace, the $2 billion threshold would be crossed during October, further entrenching Wall Street's footprint in the asset.

The funds are structured as fully backed spot vehicles holding Ripple's cross-border settlement asset, providing direct spot trading exposure rather than derivative-based proxies — a wrapper that lets investors gain exposure through conventional brokerage accounts without directly handling the token.

1.14 Billion XRP Locked From Circulation

The sustained inflows do more than swell fund balances; they steadily drain tokens from open-market supply. Custody figures show 1.141 billion XRP now held in reserve to back ETF shares, equal to 1.1411% of the asset's strictly capped supply of 100 billion.

The mechanism is mechanical: when demand for fund shares rises, authorized participants deliver XRP to the custodian, new shares are issued, and the delivered tokens leave exchange order books. Sustained inflows therefore translate into a persistent structural bid that absorbs sell-side pressure regardless of daily price action. So far, no redemption wave has offset the creations, keeping the cumulative inflow curve on a steady upward slope. Supply watchers attach real weight to this lockup, as more than 1% of total issuance now sits off the market in regulated wrappers.

The accumulation extends a trend flagged earlier this month, when a burst of 1,917 whale trades carried XRP above $1.60 for the first time since February. On-chain valuation signals have also supported the dip thesis: the MVRV ratio — a metric that compares market value against the aggregate price at which tokens last moved on-chain — printed -11.75% in recent readings, a zone analysts link to limited downside. Daily turnover of $63.13 million against a $1.79 billion base additionally gives the complex the liquidity depth institutions typically require before sizing positions. By the remaining math, roughly $202 million of additional inflows at recent daily rates would put the $2 billion crossing inside October.

Price Weakness Deepens After Tuesday's Close

The selloff has deepened since Tuesday's close. XRP slid roughly 8% over 24 hours to hover near $1.50 after a second failed attempt this week to hold the $1.60 zone — a September 22 test preceded the latest rejection, which broke $1.48 and printed $1.46 by mid-session. The token now sits at the bottom of its $1.60–$1.46 daily band, market capitalization has slipped to $92 billion, and a 5.6% decline against Bitcoin to 0.00001755 BTC confirms the weakness is not dollar-specific.

Scale matters for context: the $18.04 million in ETF inflows represented only about 0.44% of the $4.1 billion in 24-hour spot volume, and total fund net assets actually fell to $1.731 billion from the prior session, as price depreciation outweighed fresh creations. Santiment's 365-day MVRV reading of -11.75% on September 23 underscores that most recent buyers hold losses — a setup that tends to cap rallies with sell orders.

13F Filings Reveal New Institutional Holders

Beyond fund flows, fresh institutional disclosures have surfaced. New 13F filings — the quarterly position reports institutional investment managers must file with the Securities and Exchange Commission once they oversee $100 million or more in qualifying US securities — show Bank of Montreal and National Bank of Canada now hold XRP ETF exposure, placing the token inside portfolios managing hundreds of billions of dollars.

Attention has also turned to Grok AI's year-end 2026 forecast, which projects a $1.80–$2.50 range for XRP with $3.10 as the bull case, provided the $1.50 level holds. The cites network demand — active addresses jumped 84% to 43,543 in August and daily payments crossed 2.6 million — alongside the XRPL v3.3.0 upgrade, whose Confidential Transfers and atomic Batch transactions target institutional settlement and real-world asset (RWA) workflows.

Technical Levels and Derivatives Positioning

As of 23:53 UTC, COINOTAG's proprietary 42-indicator composite support/resistance scoring engine places XRP at $1.5362 after a 2.37% 24-hour gain. The engine rates the $1.3937 support at 94/100 on the confluence of a resistance-to-support flip, a high-volume node, the Ichimoku Tenkan and the Ichimoku Kijun. The $1.4961 shelf scores 72/100 on a resistance-to-support flip, a high-volume node and the point of control. Overhead, $1.5752 carries a 74/100 rating from a support-to-resistance flip, the 0.114 Fibonacci level, the Keltner upper band and the Donchian upper band, while $1.6581 rates 65/100 on the 0.000 Fibonacci.

Momentum remains constructive, with the RSI at 62.11 and a bullish MACD inside the broader uptrend. Derivatives data show crowded long positioning: funding at 0.0012%, $1.11 billion in open interest and a 2.81 long/short ratio (73.7% long), with the Fear & Greed Index — a widely followed sentiment gauge — at 71 (Greed). Under this framework, holding $1.4961 keeps the path open toward $1.5752 and beyond, while a daily close below $1.3937 would invalidate the bullish setup.