First-ever spot XRP ETF crashes 45%

The world’s first spot XRP ETF has fallen nearly 45% from its all-time high, pointing to continued volatility surrounding the cryptocurrency, which has struggled to break above key resistance levels.

In this regard, Hashdex Nasdaq XRP Fundo de Índice (XRPH11), listed on Brazil’s B3 exchange, closed at $2.11 on Friday, marking a 44.45% decline from its peak.

Launched in April 2025, XRPH11 became the first spot XRP ETF to offer direct exposure to the cryptocurrency through a regulated exchange-traded fund structure. The fund tracks the Nasdaq XRP Reference Price Index and holds XRP directly.

After surging in the months following its launch, the ETF entered a prolonged downturn that accelerated throughout 2026. The fund is now down more than 57% over the past year and about 31% year-to-date.

While Brazil pioneered the spot XRP ETF market, larger North American markets quickly overtook it.

Canada launched its first spot XRP ETFs in June 2025, with Purpose Investments introducing XRPP and 3iQ listing XRPQ on the Toronto Stock Exchange. Both products provided regulated XRP exposure through institutional-grade custody solutions.

The United States followed later in 2025 with several spot XRP ETF launches. Products from REX-Osprey, Canary Capital, Bitwise, Grayscale, Franklin Templeton, and 21Shares expanded investor access to XRP through traditional brokerage accounts.