The world’s first spot $XRP ETF has dropped nearly 45% from its all-time high, highlighting continued volatility in the cryptocurrency as it struggles to break above key resistance levels.
Hashdex Nasdaq $XRP Fundo de Índice (XRPH11), listed on Brazil’s B3 exchange, closed at $2.11 on Friday. That price represents a 44.45% decline from the fund’s peak.
Brazil’s first spot $XRP ETF extends its decline
Launched in April 2025, XRPH11 became the first spot $XRP ETF to provide direct exposure to the cryptocurrency through a regulated exchange-traded fund structure. The fund tracks the Nasdaq $XRP Reference Price Index and holds $XRP directly.
After rising sharply in the months following its launch, XRPH11 entered a prolonged downturn that intensified throughout 2026. The fund is now down more than 57% over the past year and approximately 31% year to date.
XRPH11 all-time price chart. Source: TradingView
North American spot $XRP ETFs attract larger inflows
Although Brazil pioneered the spot $XRP ETF market, larger North American markets soon surpassed it.
Canada launched its first spot $XRP ETFs in June 2025. Purpose Investments introduced XRPP, while 3iQ listed XRPQ on the Toronto Stock Exchange. Both funds offered regulated $XRP exposure supported by institutional-grade custody solutions.
The United States followed later in 2025 with several spot $XRP ETF launches. Products from REX-Osprey, Canary Capital, Bitwise, Grayscale, Franklin Templeton, and 21Shares expanded access to $XRP through traditional brokerage accounts.
By 2026, seven spot $XRP ETFs were trading in the United States. Together, they had attracted approximately $1.5 billion in cumulative net inflows and held more than 1 billion $XRP tokens in custody.
Limited impact on $XRP price discovery
Despite being the first product of its kind, XRPH11 has had a limited effect on $XRP price discovery compared with its North American counterparts.
The Brazilian $XRP investment fund attracted relatively modest assets, while institutional capital and trading volumes increasingly shifted toward larger U.S. and Canadian products.
At the same time, broader cryptocurrency market volatility and continued token releases from escrow weighed on investor sentiment.
At press time, $XRP was trading at $1.38, down approximately 2.5% over the previous 24 hours. On the weekly timeframe, the asset had declined nearly 7%.
$XRP seven-day price chart. Source: Finbold
Overall, $XRP’s recent momentum has been pressured by the broader retreat across the cryptocurrency market.
Featured image via Shutterstock
