Hedera Is Up 17% This Month and XRP Is Up 1%. Both Sell Themselves to Banks. Why Is Only One of Them Moving?

In the 30 days leading up to October 13, 2026, Hedera (CRYPTO:HBAR) rose 17%, while XRP (CRYPTO:XRP) gained just 1.3%. Both cryptocurrencies target banks and large companies, making the disparity between Hedera and XRP particularly intriguing. Why did Hedera move so much while XRP stayed mostly flat?

Both Hedera and XRP are trading well below their all-time highs. As of October 13, Hedera trades at about $0.088, 84.5% below its record high, meaning it would need to rise about 6.4 times to return to that peak. In comparison, XRP is priced at around $1.36, which is 62.2% below its all-time high, requiring roughly a 2.6-times increase.

If both cryptocurrencies offer the same value proposition to banks, what drove Hedera’s significant rise?

Hedera and XRP Pitch Banks the Same Way

Hedera operates as a public blockchain—a shared digital ledger that tracks transactions—and is governed by a council made up of large corporations. It provides institutions with quick, low-cost transfers and a secure, time-stamped record for tracking payments, assets, or goods.

On the other hand, XRP is the native token of the XRP Ledger, and Ripple, the payment company most closely associated with it, promotes its use among banks and payment providers to settle cross-border transactions in seconds. Essentially, both projects claim to offer banks a faster, cheaper way to move money while keeping accurate records.

Given that both pitches have been consistent over the years, it’s unclear why the two cryptocurrencies diverged so sharply in just one month. Notably, Hedera announced no new partnerships or significant catalysts to justify its surge, and fund data indicates limited institutional participation.

Hedera’s Only Spot Fund Took In New Money Just Once in October

In the U.S., there is just one spot fund for Hedera—a Nasdaq-traded exchange-traded fund (ETF) that holds HBAR tokens and trades like a stock. The only capital influx this October was on October 1, totaling $2.1 million. From October 2 to October 12, the fund saw no new money; net inflow remained at zero. Cumulatively, it has recorded $114.2 million in inflows

Despite these inflows, the fund’s net asset value fell from $83.2 million on October 1 to $72.0 million on October 12 because HBAR’s price fell. As a result, the fund’s investors collectively lost a substantial amount, resembling the scenario seen with Dogecoin funds, which also went days without any money moving in or out.

Most of the 30-day increase in HBAR’s price came in September, as HBAR subsequently declined after October 1. Yet, the absence of fund buyers to uphold the price raises questions—this suggests that the demand likely stemmed from individual traders purchasing directly on crypto exchanges, which can evaporate just as quickly as it appears.

XRP’s Larger Market Requires More Capital to Move

In contrast, XRP has a much larger financial ecosystem. U.S. spot XRP funds currently hold $1.55 billion in net assets, compared with $1.80 billion invested, and recorded zero net flow in four of the last eight trading sessions. Despite such a significant fund base, XRP’s value grew only 1.3% over 30 days.

Generally, smaller cryptocurrencies tend to show larger price swings with less capital. A mild surge in buying interest on exchanges can lift Hedera’s price considerably, while the same move would barely affect XRP’s much larger market. This aligns with the altcoin rotation traders observed in September. However, the same thin trading volume can lead to swift price drops.

Looking at the seven-day returns, Hedera fell 12.1%, while XRP fell 8.0%. Hedera’s larger drop aligns with a rally that lacked strong backing from institutional funds.

Hedera vs XRP: Why Did Hedera Rise While XRP Stayed Flat?

Hedera’s price surge appears to have been driven primarily by retail traders on exchanges. They boosted a smaller asset, while XRP remained stable because its larger market needs a significant influx of capital to move its price. Without any institutional catalysts or funds showing interest after October 1, Hedera’s recent gains could quickly unwind.

For Hedera’s rally to remain sustainable, buying activity will need to extend beyond exchanges, with institutional funds returning as a strong indicator.

If the Hedera fund begins to show positive net inflows, pushing its total above $114.2 million, we may see renewed interest in Hedera compared to XRP. However, if that total remains stagnant while HBAR falls further, it suggests the recent price move was a temporary blip driven by exchange buying that has already lost momentum.

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