XRP ETFs Bleed $53M While XRP-USD Clings to $1.90: Can XRPI and XRPR Avoid a Deeper Slide?

XRP ETFs, XRPI, XRPR and XRP-USD: Support Holds at $1.90 While Wall Street Cash Leaves

*XRPI And XRPR Price Snapshot Versus Spot XRP-USD

The Volatility Shares Trust XRP ETF XRPI is trading around $10.92, down 0.26% on the day after slipping $0.029 from a previous close at $10.94. The intraday range sits between $10.76 and $11.28, while the 52-week band stretches from $10.44 up to $23.53, underlining just how far the product has already corrected from its prior cycle high. Average daily volume of roughly 539K shares shows XRPI has real, but not massive, secondary-market liquidity for an ETF tied to a single crypto asset.
REX Osprey XRP ETF XRPR trades near $15.51, fractionally softer than the prior close at $15.56, with session prints between $15.37 and $15.91. The ETF’s 52-week range spans $14.79–$25.99, so current levels are much closer to the floor of this band than the ceiling. Volume around 13K shares signals a thinner, more tactical vehicle than XRPI, with price still tracking the underlying XRP-USD but responding more sharply to flows due to smaller trading size.

Spot XRP-USD Stuck At Make-Or-Break $1.90 Support

On the underlying token, XRP-USD trades tightly around $1.90–$1.91, after sliding roughly 20–21% from the early-January high near $2.41. Over the last 24 hours, moves of about -2–3% have coincided with higher turnover, with one snapshot showing volume surging more than 15% to roughly $3.3–3.7 billion. That combination—rising volume plus a falling price—confirms that sellers, not passive holders, are driving the tape.
Technically, $1.90 is not just a round number; it is a historically proven support that has triggered multiple upside bounces in the past. Analysts tracking the daily chart highlight that XRP has reversed higher from this area more than five times, turning it into a key line in the sand for bulls. A clean hold above $1.90 keeps the door open for another rebound, while a decisive break would open a “fast-move” zone toward the next support clusters around $1.61, $1.31, and potentially $1.25–$1.00 if selling accelerates.

ETF Flows: $53M XRP Outflow Confirms Sentiment Shift In Wall Street Products

Despite price stabilizing intraday, spot XRP ETFs in the US have just printed their largest single-day outflow so far. On January 20, US-listed spot XRP funds lost about $53.31–$53.32 million in net redemptions. The move was dominated by Grayscale’s GXRP product, which alone saw roughly $55.39 million exit in one session. That wave was only partially offset by $2.07 million of fresh money into Franklin’s XRPZ ETF, while other issuers such as Canary, Bitwise and 21Shares posted flat flow readings.
What matters is context. Since launch in mid-November, the spot XRP complex had built up $1.22 billion in cumulative net inflows and now holds about $1.34 billion in assets. Across that short history, XRP ETFs have only recorded two material net outflow days: an earlier event around $40.8 million, led by 21Shares’ TOXR, and the latest $53M flush. That pattern tells you this is not yet a structural exodus; it is an early test of conviction after an aggressive rally and a sharp retrace in XRP-USD.

XRPI Specific Flows: Modest Outflow, But A Clear Caution Signal

Drilling down to XRPI, the latest flow data shows net outflows of about $833,770 on January 16, equivalent to roughly 0.56% of its $149.1 million in assets under management. On paper, losing half a percent of AUM in one day is not a crisis, but it is a clear flag that tactical money is stepping back after a choppy quarter for XRP-USD, which has shed roughly 21.4% over the last three months.
The short-term technical backdrop for XRPI itself is weak, with one-day signals skewing to Sell and momentum leaning lower while underlying XRP-USD fails to reclaim the $2.00 psychological level. The important point: XRPI is not facing a run; the ETF is reflecting rotation and risk trimming in line with the token. Long-only capital has mostly stayed, but high-beta traders are cashing in or cutting exposure as volatility picks up and support gets tested.

Derivatives And Retail Positioning: Open Interest Collapse Confirms De-Risking

Futures data backs the ETF narrative. XRP futures open interest has dropped to around $3.35 billion, the lowest since January 1. That’s down from an average near $3.53 billion only a day earlier and from roughly $4.55 billion at the January peak. A decline of more than 1.2 billion in notional OI in less than three weeks is not noise; it is a position squeeze, with leverage leaving the system.
On-chain and derivatives dashboards show roughly $8.15 million worth of XRP moving onto exchanges in the last day, signaling increased readiness to sell rather than accumulate. The liquidation heatmap highlights crowded long leverage around $1.869 (about $24.46 million in long positions) and heavy short leverage near $1.947 (about $37.85 million in shorts). That skew confirms a market still leaning bearish intraday, with funding and positioning set up for stop-hunts in both directions but with downside still in control as long as $1.90–$2.00 fails to flip back into clean support.

Technical Structure: EMAs, RSI And The Risk Of A Break Below $1.90

From a pure chart perspective, XRP-USD remains under pressure. Price is trading below the 50-day EMA near $2.06, the 100-day EMA close to $2.18, and the 200-day EMA around $2.31. That stacked resistance band between $2.00–$2.30 forms a thick ceiling: bulls not only need to defend $1.90, they eventually must punch back through three major moving averages before a durable uptrend resumes.
Momentum signals support the caution. The MACD line sits below its signal line on the daily chart, with the histogram printing deeper negative bars below the zero level, reflecting strengthening bearish momentum rather than exhaustion. The RSI is stuck below the midline, which means any bounce from $1.90 remains a reaction inside a broader corrective phase, not a confirmed trend reversal. A daily close below $1.90 would likely trigger algorithmic selling and accelerate the slide toward the $1.61 April low, with the $1.31–$1.25 band as the next logical downside magnet if macro conditions stay hostile.

Cross-Asset Context: Bitcoin, Ether And ETF Carnage Tighten Risk Conditions

XRP is not trading in isolation. When US markets reopened after the holiday, crypto ETFs broadly faced a forced reset. Spot Bitcoin ETFs saw net outflows of about $479–483 million in a single session, with large products such as GBTC and FBTC losing around $160.84 million and $152.13 million respectively. Even IBIT, which previously posted strong net inflows and added around $767.82 million in the prior week, flipped to a $56.87 million daily outflow.
Ether ETFs simultaneously posted roughly $229.95 million in redemptions, and XRP ETFs gave up $53.32 million, while only Solana products managed a small $3.08 million net inflow. At the same time, BTC-USD slipped below $89,000, briefly hitting lows near $87,777, while US equity indices suffered one of their worst days since October, with the Dow falling 870+ points. Tariff threats, geopolitical tension and macro uncertainty have pushed investors into classic de-risking mode. In that environment, anything high-beta and recently extended—crypto, miners, and crypto-linked ETFs—becomes a funding source. XRP is simply caught inside that risk-off adjustment.

Fundamentals: RLUSD Stablecoin And XRPL Integration As A Long-Term Offset

Under the surface, there are constructive developments that do not show up in the day-to-day tape. Ripple’s RLUSD stablecoin has been listed on Binance with full support on the Ethereum network and forthcoming integration on the XRP Ledger (XRPL). The listing covers spot trading pairs, portfolio margin eligibility, and inclusion in Binance’s yield products, effectively plugging RLUSD into both trading and yield-seeking flows.
A multichain footprint—Ethereum today, XRPL tomorrow—means more liquidity bridges into XRP’s native ecosystem. Over time, that can strengthen XRPL’s role as a payments and settlement layer, deepen dollar liquidity around XRP pairs, and make it easier for institutions to move between fiat, stablecoins and XRP-USD. From the angle of XRPI and XRPR, more robust rails and stablecoin connectivity support the underlying narrative that XRP is not just a speculative token but a piece of cross-border infrastructure. That does not neutralize near-term technical risk, but it matters for investors thinking in multi-year horizons.

Demand Mix: Institutional Versus Retail And What The ETF Outflows Really Signal

The current flow pattern shows divergence between participant types. ETFs—XRPI, XRPR, GXRP, XRPZ and others—remain largely institutionally oriented or at least institutionally accessible. With cumulative inflows still around $1.22 billion and net assets at $1.34 billion, the complex is far from seeing a structural unwind. Two outflow events totaling under $100 million against more than a billion in prior inflows is a warning sign, not a collapse.
Retail behavior, however, is clearly cooling. Lower derivatives open interest, increased exchange deposits of XRP-USD, and the failure to hold above $2.00 after a 31% six-day rally at the start of 2026 all point to short-term traders stepping back. The fact that XRP briefly dropped to $1.84 on January 19, erasing YTD gains before clawing back to around 3.8% YTD performance, shows how fragile the post-rally structure has become. Institutional flows will likely key off macro and ETF price action; retail will focus on whether $1.90 holds and whether quick upside toward $2.20–$2.30 becomes realistic again.

Risk–Reward View: XRPI And XRPR As High-Beta Tools On A Critical Support

Bringing it together, XRPI at $10.92 and XRPR at $15.51 are essentially leveraged sentiment gauges on XRP-USD around a crucial $1.90 support zone. The ETF outflows—$833K from XRPI and $53M across the broader complex—show that fast money is de-risking, but the very limited outflow history and still-elevated AUM indicate that longer-term capital has not walked away.
While XRP holds $1.90 and the ETF complex keeps cumulative inflows positive, the structural story—regulated access to XRP via XRPI, XRPR and peers, plus growing stablecoin rails via RLUSD—remains intact. At the same time, trading below the 50/100/200-day EMAs, with MACD negative, RSI sub-50 and open interest in retreat, the near-term skew is bearish. A break below $1.90 would likely drive spot toward $1.61 and force another round of redemptions in XRPI and XRPR.
On balance, that mix argues for a Hold stance on XRPI, XRPR and XRP-USD at current levels. For aggressive traders, $1.90 is a clear line for tight risk-controlled entries; for investors with lower risk tolerance, waiting for either a decisive reclaim of $2.00–$2.10 with improving ETF flows, or a flush toward the $1.60–$1.30 area that resets positioning, offers a cleaner asymmetry.

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