XRP price slips despite landmark REX-Osprey ETF launch with $37M debut volume

XRP price has dropped slightly despite the long-awaited debut of the first U.S.-listed XRP exchange-traded fund, as derivatives activity pointed to fading momentum.

XRP traded at $3.03 on Friday, down about 1.5% on the day and holding within a weekly range of $2.96–$3.18. While the token is up roughly 5% over the past month, it remains 16% below its July all-time high of $3.65.

Daily spot trading volume fell 12.6% to $6.05 billion, pointing to weaker market participation. According to Coinglass data, futures markets also showed signs of cooling, with open interest declining 0.8% to $8.87 billion and derivatives turnover falling 20% to $6.9 billion.

This decline in derivatives activity suggests traders are trimming positions and waiting for clearer direction, limiting immediate upside momentum.

REX-Osprey ETF launch and muted price response

The debut of the REX-Osprey XRP (XRP) ETF (XRPR) on Sept. 18 marked the first U.S.-listed fund offering regulated exposure to XRP under a 1940 Act structure. Backed by REX Shares and Osprey Funds, it provides U.S. investors with access through brokerage accounts without needing direct wallets or exchanges.

The ETF’s first-day trading volume of $37.7 million was the highest of any 2025 ETF launch, and five times higher than XRP futures ETFs at launch. However, the price response remained subdued. 

Analysts point to the product’s hybrid structure, mixing direct spot holdings with up to 40% in foreign ETPs, Treasuries, and hedges, which channels demand through custodians rather than visible exchange activity. This “backroom” flow makes its impact less immediate compared with a traditional spot ETF under the 1933 Act.

XRP price technical analysis

XRP is trading within a tight range. Bollinger Bands are narrowing, with the lower band at $2.71 and the upper band at $3.18. Price is holding just above the 20-day moving average at $2.95, signaling stability but also caution as volatility compresses.

The majority of momentum indicators are neutral. The MACD shows a slight bullish crossover, and the relative strength index is close to 54, indicating neutral pressure. Short- to mid-term EMAs (10–50 day) support the price around $2.95–$3.00, reinforcing this level as a key floor.

If XRP holds above $3.00, a push through $3.18 could open a path toward $3.30 and eventually retest the $3.65 high. A close below $2.95 puts the market at risk of declining to $2.85 and perhaps the 100-day average, which is close to $2.80.