- XRP traded near $1.29 on October 29, 2026, about a quarter below the estimated acquisition cost of exposure held in US-listed XRP funds.
- Tracker data shows a small net reduction of about 0.26% in holdings across the measured funds between October 23 and October 28, 2026, leaving most positions intact.
- The $1.71 cost figure is a modeled estimate with clear limits, so it does not show what ETF shareholders have actually paid or lost.
US-listed XRP funds still hold a large amount of exposure, even as the token trades well below the estimated average cost of that exposure. Data from the tracker XRP Insights points to only a modest decline in the funds with published flow data in late October 2026. The estimate is useful for gauging scale, but it cannot tell readers whether investors will keep adding to these products.
What Happened
XRP Insights places the modeled acquisition cost at about $1.71 per token. Its flow series recorded a net outflow of roughly 2.96 million XRP between October 26 and October 28, 2026. Comparing balances for the same group of funds on October 23 and October 28, 2026, the tracker finds a decline of about 0.26%.
In its October 28, 2026 snapshot, the tracker counted approximately 1.17 billion XRP across six products. Including the XRP sleeve of the Bitwise 10 Crypto Index Fund (BITW), the figure rises to about 1.19 billion. REX Osprey’s XRP Fund (XRPR) held 19,885,382 XRP directly on the same date, along with 362,750 CoinShares Physical XRP securities. Those securities are not individual tokens, which helps explain why a tracker’s XRP-equivalent exposure can be larger than the coins a US fund holds directly.
The flow calculation includes BITW but leaves out Grayscale’s GXRP because of a gap in historical data capture. Within the measured group, Bitwise’s holdings fell from about 416.61 million XRP on October 23, 2026 to about 413.82 million on October 26, 2026, then stayed flat through October 28. Franklin Templeton and 21Shares showed no change over the same three sessions. October 28 was not a negative day for the group overall, as the tracker recorded an addition of about 174,140 XRP that partly reversed the earlier decline.
Why It Matters
The gap between XRP’s price and the modeled cost basis is the central figure in these reports. Using the six-product portfolio, the estimate of about $1.707 per token implies XRP sits roughly 24.4% below cost. Including BITW, the estimate of about $1.712 implies a gap of roughly 24.6%.
That gap is not the same as a loss for shareholders. The model starts with each fund’s first recorded holdings in December 2025, values that opening balance at the prevailing price, adds later increases at each day’s reference price, and removes decreases at the portfolio’s average cost. It does not track when individual investors bought fund shares, and it leaves out fees as well as premiums or discounts to net asset value. Investors who bought shares at different times and prices may have very different results.
The estimate also has data limits. Some historical holdings were reconstructed, and funds that already existed when the dataset began enter at the first observed price. When the calculation uses prices implied by fund net asset values instead of the stored daily prices, the combined estimate rises to $1.7458, about 2% higher. At $1.29, XRP would still sit about 26% below that figure. For these reasons, the data cannot establish that ETF shareholders are collectively down 25%, and $1.71 is not a price floor or a contractual liquidation level.
Market Context
The tracker’s latest figures come after an earlier XRP Insights report on October 19, 2026 that covered the end of a weekly inflow streak for XRP funds. The most recent data suggests that the modest outflows of late October have not yet reversed the broader accumulation seen in these products since the dataset began.
Creation and redemption mechanics add another layer. Bitwise’s prospectus describes baskets of 10,000 shares handled by authorized participants, which are firms able to transact directly with the fund. A cash creation may require the fund to buy XRP in the market, while an in-kind creation delivers XRP directly to the fund. An in-kind transfer therefore does not prove that a spot-market purchase took place at that time, which is why the source data cannot confirm new buying from holdings alone.
What to Watch Next
- Settled issuer observations: Further daily holdings data from the individual funds will show whether net balances resume rising or whether the decline spreads to more products.
- Creation records: Data separating cash-funded creations from in-kind transfers would make it easier to judge whether new money is entering the funds.
- Shares outstanding: Sustained increases in both XRP holdings and shares outstanding across several issuers, using matching dates, would be a stronger sign of net expansion than holdings alone.
- Redemption activity: Persistent reductions across multiple funds, paired with falling share counts, would weaken the view that most existing exposure is being retained.
- Grayscale data: Inclusion of GXRP, which is currently excluded because of a data-capture gap, could change the aggregate picture.
Through October 28, 2026, the measured reduction was small and concentrated, and the final session in the series was positive. Readers should treat the cost estimate as a rough guide to the scale of fund exposure rather than a measure of investor performance, and should follow future settled data before drawing conclusions about the direction of ETF demand.
Source: original report
