XRP slipped beneath $1 this week, however the Bitwise XRP ETF now holds greater than thrice as many cash because it did on the finish of 2025. Recent quarterly filings with the SEC present that the value slide and the fund’s holdings have moved in reverse instructions.

XRP traded close to $0.98 on Saturday afternoon. It first dipped underneath $1 intraday on Nov. 13, and it’s on the right track for its lowest day by day shut since Nov. 15, 2024, when it completed at about $0.89.

The timing is awkward. Canary Capital’s XRP ETF made its preliminary share buy on Nov. 12, 2025, in response to its SEC filings, so the slide beneath $1 lands virtually precisely one 12 months after that fund’s debut.

But the filings inform a extra nuanced story than the chart. The true query is who saved including XRP whereas the value fell.

XRP Has Misplaced 58% For the reason that ETF Period Started

On Nov. 13, 2025, XRP closed at about $2.32, in response to Binance market information. At $0.98, it’s down roughly 58% since then.

The drawdown from the highest is deeper. XRP closed at a file of about $3.55 on July 22, 2025, so at this time’s worth sits about 72% beneath that peak.

The chart reveals XRP briefly touched $1 in mid-August, closing slightly below $1 on Aug. 14 and Aug. 16, earlier than bouncing to about $1.57 on Sept. 22. That rally has now totally reversed.

What the Bitwise XRP ETF Submitting Reveals

Bitwise’s quarterly report, filed on Nov. 6, reveals the belief held 413.14 million XRP on Sept. 30, 2026. On Dec. 31, 2025, it held 131.22 million.

That’s roughly 282 million XRP added, a 215% improve in 9 months, throughout a interval when XRP’s reference worth fell from $1.82 to $1.49, in response to the identical submitting. The belief’s web belongings reached about $614.9 million on the finish of September.

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The fund commenced operations on Nov. 19, 2025, every week after Canary’s. In lower than a 12 months it has grow to be the biggest of the three funds we reviewed by cash held. Its XRP price about $634.9 million, barely above its $615.0 million honest worth at quarter-end.

Canary Saved Rising Whereas 21Shares Shrank

Canary’s XRP ETF, which trades as XRPC, filed its personal quarterly report on Nov. 13. It held 247.76 million XRP on Sept. 30, up 41% from 175.63 million on the finish of 2025.

Canary’s price foundation was $488.6 million, in opposition to a good worth of $368.8 million. In plain phrases, the fund’s buyers had purchased in at larger costs on common.

Even so, cash saved arriving. Canary’s paid-in capital rose from $392.9 million on the finish of 2025 to $499.3 million on Sept. 30, a web addition of about $106 million. Shares excellent climbed from 16.49 million to 23.35 million over the identical interval.

21Shares went the opposite method. Its XRP ETF, ticker TOXR, held 107.30 million XRP on Sept. 30, down 21% from 135.56 million on the finish of 2025. Internet belongings fell to $159.7 million.

Collectively, the three funds held about 768.2 million XRP on the finish of September, up 74% from 442.4 million on the finish of 2025. At at this time’s worth, that stake is value roughly $750 million.

These three trusts should not the entire market. Different issuers run XRP merchandise too, and the September figures predate the most recent leg decrease.

Bitcoin Held Up Higher In opposition to XRP

Measured in opposition to Bitcoin, XRP has additionally misplaced floor. The XRP/BTC pair on Binance fell from about 0.0000233 on Nov. 13, 2025 to about 0.0000148 at this time, a decline of roughly 36%.

That matches a wider sample. As we famous when Bitcoin dominance crossed 60% whereas XRP and Solana lagged, capital has been concentrating within the largest asset throughout this correction.

Bitcoin has had its personal drawdown, and our cycle comparability places it about 45% beneath its peak. Even so, it has held worth higher than most giant altcoins over the previous 12 months.

Can the $1 Degree Maintain XRP?

For XRP, $1 is extra of a psychological line than a technical one. The August dip beneath it lasted solely days earlier than patrons returned.

The ETF filings provide a cause for endurance. Two of the three funds reviewed right here grew their XRP holdings by way of most of 2026, whilst the value fell.

We imagine the important thing information level to look at is the following spherical of quarterly filings. If Bitwise and Canary preserve including cash beneath $1, it will present that regulated demand is absorbing the promoting.

For now, the primary 12 months of spot XRP funds has delivered a transparent lesson. ETF entry widened the client base, but it surely didn’t shield the value from a broader crypto correction led by Bitcoin’s personal reset.