U.S. spot XRP ETFs recorded about $1.84 million in net withdrawals during the week of October 12–16, ending a 13-week stretch of inflows and marking the funds' first weekly net outflow in three months. The reversal was driven almost entirely by a single Friday redemption from Canary Capital's XRPC fund, which took out roughly $2.47 million.
Without that redemption, the week would have closed at a net inflow of about $630,000. Cumulative net inflows into XRP spot ETFs still sat near $1.8 billion as of mid-October, so the weekly pullback is small against the broader base.
The Canary redemption that flipped the week
The math is straightforward. Strip out the $2.47 million XRPC redemption and the other XRP ETFs together brought in enough money to keep the category positive. With it, the week turned negative. That means the headline outflow reflects one large exit rather than a broad retreat across the fund lineup.
Canary Capital's XRPC is the fund that moved the number. The firm didn't issue a public statement on the redemption, and there's no indication in the data of what prompted it. Redemptions of that size can come from a single institutional holder rebalancing, but the facts here don't say who redeemed or why.
Payment volume drops 72% in a day
On the network side, XRP Ledger payment volume fell 72.3% in a single day to 119.5 million XRP on October 17. That's far below the 30-day average of 629.3 million XRP. For context, the all-time high for ledger payment volume sits near 7 billion XRP, so the October 17 figure is a fraction of peak activity.
Daily payment volume on the ledger is volatile and can swing on a handful of large transfers, but a drop of this size puts the network well under its recent baseline. The ETF flow data and the payment volume data cover different parts of the XRP market — one tracks fund shares, the other tracks on-chain transfers — but both pointed the same direction in mid-October.
Price tests $1.30 support
XRP traded near $1.28, down 1.6% over 24 hours, and was testing support around $1.30 after failing to hold above key moving averages. The token has been unable to reclaim those levels, and the $1.30 area is now the line the market is watching.
A break below it would put the price in territory it hasn't seen recently. Holding it would suggest the pullback is contained. Either way, the ETF outflow and the weaker on-chain volume give traders two more data points to weigh alongside the chart.
What to watch next
The next weekly ETF flow report will show whether the Canary redemption was a one-off or the start of a broader exit from XRP funds. If the following week returns to inflows, the $1.84 million withdrawal will look like a single-holder event. If redemptions continue, the 13-week inflow streak will read as a completed run rather than a pause.
On the price side, $1.30 is the level in play. XRP's ability to hold it — or not — will likely set the tone for the ETF flows that follow.
