Five US spot XRP ETFs are collectively underwater by $746.1 million on a cost basis of roughly $1.7 billion, according to data through the first half of 2026. The fair value of their XRP holdings has sunk 44.1% below what investors paid, even as the funds pulled in net capital of $320.8 million during the period.
The cost basis gap
Primary-market share creations totaled $629.9 million against $309.1 million in redemptions, leaving net flows positive by $320.8 million. That money came in as XRP's price slid from its late-August peak near $1.70 to the mid-$1.30s, a drop of about 8% on the week. The result: a portfolio that's worth less than what it cost to build.
Demand held up
Bloomberg ETF analyst James Seyffart called demand 'surprisingly resilient' and noted cumulative net inflows across the asset class at $1.8 billion as of Aug. 31. That's a lot of money chasing a token that's been falling. The inflows suggest some investors are buying the dip, or at least not panicking.
Price action and support
XRP is now testing a key support zone at $1.34-$1.35. Supertrend support sits at $1.341. A break below that could drag the price toward $1.25-$1.27, near the 61.8% Fibonacci retracement. On the upside, reclaiming the $1.41 pivot would flip the structure bullish, with targets at $1.47 and $2. In the meantime, a choppy consolidation between $1.34 and $1.41 is possible.
Escrow release adds pressure
The September 1 escrow release of 1 billion XRP adds another wrinkle. This cycle, the unlock happened with XRP near $1.43, versus roughly $1 during prior releases. That's a bigger overhang. Worst case: a break under $1.34 invalidates the August rally and drags the price toward the mid-$1.20s.
The next few sessions will show whether the $1.34-$1.35 support holds. If it does, the consolidation range stays intact. If it doesn't, the August rally is officially over.
