XRP ETFs Lost $10.4 Million in One Day. How Much Has Left Since XRP Started Falling?

Investors withdrew $10.4 million from U.S. spot XRP (CRYPTO: XRP) ETFs on November 9, 2026, according to SoSoValue, an organization that tracks daily fund flows. These XRP ETF outflows came right after a week of zero net flows from November 3 to November 6, marking a quiet week that ended with money leaving the funds.

XRP traded at $1.04, down 26.2% from its 30-day high and just 5% above its one-year closing low of $0.99 reached on August 16. XRP has also dropped to the sixth position in market capitalization, now behind USD Coin. Many market watchers interpret such a substantial one-day withdrawal as a sign of capitulation, indicating that investors have given up and are selling off their holdings.

So, do these XRP ETF outflows mean investors have thrown in the towel, or has the falling price been a more significant factor?

XRP ETFs Report $4.2 Million in Net Outflows Since the Decline Started

Net flow reflects the money that comes into a fund from new share creations minus what leaves through redemptions. This metric removes the impact of price changes, showing whether investors are adding or withdrawing funds. Large outflows typically signal that institutions are withdrawing their support, which is why the $10.4 million figure has garnered attention.

From October 12 to November 9, U.S. spot XRP ETFs recorded a net outflow of $4.2 million. This timeframe covers nearly the entire decline, because XRP’s highest closing price during this period came on October 13.

By November 9, these funds had total net assets of $1.24 billion. The outflow over the whole period represents about 0.3% of these assets, while the November 9 withdrawal alone makes up roughly 0.8%. Because this single-day outflow exceeds the total for the entire period, it indicates that the days before November 9 saw a net inflow of about $6.2 million.

Meanwhile, XRP’s market capitalization decreased from $86.2 billion on October 13 to $69.7 billion by November 9. Hence, the reduction in the fund’s assets was mainly due to XRP’s decline in value rather than significant cash withdrawals from investors. This contrasts with a 13-week streak of steady inflows that ended in October, though overall net outflows remain relatively small.

One Fund Contributed Most of the November 9 Outflow

The Bitwise XRP ETF (NYSEARCA: XRP) drove $9.4 million of the November 9 outflow. The other U.S. spot funds, the Canary XRP ETF, the Grayscale XRP Trust ETF, the Franklin XRP ETF, and the 21Shares XRP ETF, saw negligible movement. This suggests that one large holder reducing their position in a single fund could explain most of the outflow, meaning this single withdrawal tells us little about the broader market sentiment.

The no-flow days are also worth interpreting. ETF shares are traded among investors on the stock exchange, but these trades do not alter a fund’s size. New shares are created and old ones redeemed only when authorized participants, large brokers who manage share creation and retirement, step in to balance out any imbalances. A day with zero net flows indicates that buyers and sellers matched each other, which can still involve significant trading.

Flow data also misses most trading activity. XRP has a market cap of around $66.3 billion, and most trades occur on cryptocurrency exchanges that do not interact with ETFs. Consequently, a report showing zero inflows can look the same whether market participants are quietly accumulating XRP or ignoring it completely.

Compared with its peers, XRP’s ETF activity appears relatively stable. Bitcoin (CRYPTO: BTC) spot funds saw $1.61 billion in net outflows during the same timeframe from $94.4 billion in assets, about 1.7%. Similarly, spot Ethereum (CRYPTO: ETH) ETFs saw $1.34 billion in outflows through November 6 from $12.8 billion in assets, or roughly 10.4%. We previously reported on the beginning of this outflow when Bitcoin and Ethereum ETFs began shedding October’s inflows.

XRP Needs Steady Creations and a Move Above Its Moving Averages

If XRP can attract new investment and hold above key price levels, it may show signs of recovery. Moving averages are calculated based on closing prices over specific time frames and help traders gauge market trends. Presently, XRP is trading below all three major moving averages.

XRP closed lower for four consecutive days from November 6 to November 9 and fell an additional 6% by November 10, indicating continued selling pressure. Inflows have also been minimal for several weeks, with only $4.3 million coming in during one week in October. A sustained period of net inflows could signal renewed investor interest, and with the funds marking their first anniversary this month, issuers may be motivated to encourage such flows.

Have XRP ETF Outflows Corresponded with XRP’s Decline?

The $10.4 million outflow on November 9 appears to be an isolated incident tied to one fund amid a gradual decline, with no clear signs of mass withdrawals or a definitive market bottom.

If the funds report a week of net inflows exceeding the $10.4 million pulled on November 9, it may suggest that buyers are re-entering the market. Additionally, if XRP’s price closes above its 200-day moving average of $1.27, it could indicate the downward trend is losing momentum. However, XRP had shown neither signal by November 10.

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