XRP slipped below $1 this week, but the Bitwise XRP ETF now holds more than three times as many coins as it did at the end of 2025. Fresh quarterly filings with the SEC show that the price slide and the fund’s holdings have moved in opposite directions.
XRP traded near $0.98 on Saturday afternoon. It first dipped under $1 intraday on Nov. 13, and it is on course for its lowest daily close since Nov. 15, 2024, when it finished at about $0.89.
The timing is awkward. Canary Capital’s XRP ETF made its initial share purchase on Nov. 12, 2025, according to its SEC filings, so the slide below $1 lands almost exactly one year after that fund’s debut.
Yet the filings tell a more nuanced story than the chart. The real question is who kept adding XRP while the price fell.
XRP Has Lost 58% Since the ETF Era Began
On Nov. 13, 2025, XRP closed at about $2.32, according to Binance market data. At $0.98, it is down roughly 58% since then.
The drawdown from the top is deeper. XRP closed at a record of about $3.55 on July 22, 2025, so today’s price sits about 72% below that peak.
The chart shows XRP briefly touched $1 in mid-August, closing just under $1 on Aug. 14 and Aug. 16, before bouncing to about $1.57 on Sept. 22. That rally has now fully reversed.
What the Bitwise XRP ETF Filing Shows
Bitwise’s quarterly report, filed on Nov. 6, shows the trust held 413.14 million XRP on Sept. 30, 2026. On Dec. 31, 2025, it held 131.22 million.
That is roughly 282 million XRP added, a 215% increase in nine months, during a period when XRP’s reference price fell from $1.82 to $1.49, according to the same filing. The trust’s net assets reached about $614.9 million at the end of September.
The fund commenced operations on Nov. 19, 2025, a week after Canary’s. In less than a year it has become the largest of the three funds we reviewed by coins held. Its XRP cost about $634.9 million, slightly above its $615.0 million fair value at quarter-end.
Canary Kept Growing While 21Shares Shrank
Canary’s XRP ETF, which trades as XRPC, filed its own quarterly report on Nov. 13. It held 247.76 million XRP on Sept. 30, up 41% from 175.63 million at the end of 2025.
Canary’s cost basis was $488.6 million, against a fair value of $368.8 million. In plain terms, the fund’s investors had bought in at higher prices on average.
Even so, money kept arriving. Canary’s paid-in capital rose from $392.9 million at the end of 2025 to $499.3 million on Sept. 30, a net addition of about $106 million. Shares outstanding climbed from 16.49 million to 23.35 million over the same period.
21Shares went the other way. Its XRP ETF, ticker TOXR, held 107.30 million XRP on Sept. 30, down 21% from 135.56 million at the end of 2025. Net assets fell to $159.7 million.
Together, the three funds held about 768.2 million XRP at the end of September, up 74% from 442.4 million at the end of 2025. At today’s price, that stake is worth roughly $750 million.
These three trusts are not the whole market. Other issuers run XRP products too, and the September figures predate the latest leg lower.
Bitcoin Held Up Better Against XRP
Measured against Bitcoin, XRP has also lost ground. The XRP/BTC pair on Binance fell from about 0.0000233 on Nov. 13, 2025 to about 0.0000148 today, a decline of roughly 36%.
That matches a wider pattern. As we noted when Bitcoin dominance crossed 60% while XRP and Solana lagged, capital has been concentrating in the largest asset during this correction.
Bitcoin has had its own drawdown, and our cycle comparison puts it about 45% below its peak. Even so, it has held value better than most large altcoins over the past year.
Can the $1 Level Hold XRP?
For XRP, $1 is more of a psychological line than a technical one. The August dip below it lasted only days before buyers returned.
The ETF filings offer a reason for patience. Two of the three funds reviewed here grew their XRP holdings through most of 2026, even as the price fell.
We believe the key data point to watch is the next round of quarterly filings. If Bitwise and Canary keep adding coins below $1, it would show that regulated demand is absorbing the selling.
For now, the first year of spot XRP funds has delivered a clear lesson. ETF access widened the buyer base, but it did not protect the price from a broader crypto correction led by Bitcoin’s own reset.
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