XRP has taken the lead in the altcoin supremacy race in the US crypto exchange-traded fund (ETF) market, with a record-breaking performance over the past month. The new generation of US spot XRP ETFs has seen cumulative inflows of approximately $587 million in less than 10 trading days, outpacing Solana’s $568 million.
This surge has disrupted the sector’s hierarchy, establishing XRP as the primary venue for risk-taking outside of Bitcoin and Ethereum in a market characterized by outflows and defensive positioning. The XRP ETFs’ impressive performance has been driven by the entry of heavyweights Grayscale and Franklin Templeton, which triggered a massive injection of capital, resulting in a net creation of about $164 million in a single session.
Solana vs. XRP ETFs
Solana ETFs initially set the tone in the industry, with 20 consecutive days of net inflows totaling around $568 million since their debut on October 28. However, XRP has compressed this trajectory into a hyper-accelerated window, accumulating $423 million as of November 21st and exceeding Solana’s months-long transport in almost half the time.
The daily net inflows of XRP ETFs have been impressive, with a cumulative total of around $587 million, exceeding Solana’s inflows. In terms of capital intensity, XRP is now absorbing institutional dollars at a daily rate almost twice that of its rival. The XRP ETFs’ performance has been driven by the aggressive subsidization of issuers, with Franklin Templeton’s XRPZ fund incurring a 0.19% sponsorship fee, which will be fully waived for the first $5 billion of assets through May 31, 2026.
The Race to Zero
The speed of change in the XRP ETF market is being driven by a structural “race to the bottom” in costs. Franklin Templeton’s fee waivers have established the most aggressive price benchmark in the crypto ETF sector, making XRPZ effectively a free carry trade for the next six months. Grayscale’s GXRP has also taken a similar stance, waiving its standard fees for the first three months.
This aggressive subsidization of issuers has coincided with peak demand, resulting in a significant portion of capital being deployed immediately after listing. The $164 million increase on November 24 suggests that a substantial amount of capital was set aside specifically to wait for these low-cost, branded packaging to come online before being deployed.
Impulse vs. Gravity
The relationship between flows and price movements is a striking divergence between XRP and Solana. Solana’s $510 million inflows have arrived amid a 30% price correction from recent highs, with ETF flows acting as a dampener, absorbing selling pressure from existing holders but not reversing the trend.
In contrast, XRP flows are fueling a breakout, with the token seeing a decline of about 17% in the last 30 days, but increasing by about 10% after the November 24 session. This has helped XRP break above $2, with Glassnode’s on-chain analysis identifying this region as a “large psychological zone” where legacy holders typically sell to recoup losses starting in early 2025.
The Path to $2 Billion?
With four issuers now active and the $500 million milestone reached in less than 15 trading days, market observers are readjusting their year-end forecasts. The current run rate puts XRP on a path that exceeds many analysts’ expectations for non-Bitcoin assets. If the current trend continues, characterized by a normalization of daily inflows in the range of $40-60 million after the launch hype, the complex is on track to break the $1.5 billion mark by the end of the year.
A “bull case” scenario is emerging, with Franklin Templeton’s fee waivers potentially attracting registered investment advisers (RIAs) and the rotation out of underperforming assets continuing. The complex could theoretically reach nearly $2 billion in assets under management (AUM) before the market closes in 2025. For more information, visit https://cryptoslate.com/xrp-breaks-market-trend-as-altcoin-etf-leader-with-587-million-cumulative-inflow-outpacing-solana/
