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Following
XRP 
RLUSD ETF fund inflows continue to improve, but spot XRP bucked the trend.
Although XRP spot prices fell with the overall weakness of the crypto market, exchange-traded funds (ETFs) linked to Ripple still recorded gains for the second consecutive week. This significant deviation between the demand for structural products and the price trend of the basic token has attracted widespread attention in the market.
According to CryptoPotato, while XRP spot prices fell, Ripple-related ETFs achieved positive returns for two consecutive weeks. This phenomenon suggests that demand for institutional products tracked through CoinGlass ETF data has not yet translated into continued buying pressure in the spot market.
Investors looking at XRP key technical levels need to note that while ETF inflows remain structurally positive, their operating mechanism relies on arbitrage models of authorized participants (APs) and does not necessarily require direct purchases of physical cash on OTC retail exchanges. This mechanism can lead to a disconnect between short-term ETF performance and spot price direction.
Crypto market downturn pressures spot, ignoring strong product side momentum
During the same week, the broader crypto market faced downward pressure, creating macro headwinds that dragged down XRP regardless of strong demand at the ETF level. In an environment of reduced risk appetite for digital assets, liquidity is usually concentrated first in high-market-cap assets, causing spot prices of altcoins to be the first to come under pressure.
XRP combines the dual role of a speculative asset and a Ripple payment network settlement token, which means that even if regulated investment products linked to XRP attract capital allocations, their spot price weakness is likely to persist. In addition, the ongoing regulatory framework surrounding the structure of crypto ETFs also affects the speed at which institutional funds flow to the spot market.
The weekly capital flow data provided by the CoinShares Digital Asset Fund Flow Research Report provides a broader institutional context for interpreting the differences between "product-side returns" and "spot token performance" in such asset classes.
Implications of divergence signals for the next week
Investors should pay close attention to whether net ETF inflows continue to remain positive in the third week. Historically, continued capital inflows have often preceded a realignment of spot prices because authorized participants need to hedge their exposure. If ETF flows reverse while cash flows continue to weaken, this will confirm that the current pressure is driven purely by macro factors rather than product demand stories.
Ripple's token supply dynamics, including its planned escrow release, remain a structural factor affecting prices. When trackers use 1 billion XRPs to unlock the impact on market levels, they should weigh supply-side inputs against any demand signals driven by ETF funding flows to form a directional view.
In terms of stablecoins, RLUSD hit a record high, indicating that the utility layer of the Ripple payment network continues to attract adoption, and this trend is independent of XRP's spot price fluctuations. At the same time, Ripple's destruction of 15 million RLUSDs points to active supply management within the ecosystem.
ETF earnings do not eliminate the volatility of XRP; they measure independent demand pools operating on a settlement timeline different from the spot market.
