XRP Records Abnormal ETF Imbalance as Select US Funds Outperform Token Surge by 100%

A sharp price gap has emerged in the U.S. stock market: spot $XRP ETFs are rising twice as fast as the token itself. While the token is posting an intraday gain of 7%–8%, shares of some regulated funds are surging by 16%–17%.

CryptoQuant analyst "Xaif_Crypto" was the first to draw attention to the anomaly. According to his post, all seven spot $XRP ETFs in the U.S. entered the green during the trading session, recording an interim trading volume of $19.7 million.

On spot exchanges, $XRP was trading around $1.44 at the time, up 7.04% over the past 24 hours, confirming a breakout from its local descending channel and a rebound from the August low of $1.00.

However, the performance of instruments listed on the NYSE and Nasdaq diverged. Major funds from Bitwise ($XRP: +8.47%) and Franklin Templeton (XRPZ: +8.36%) are moving in line with the spot market. At the same time, products with lower net assets have broken sharply away from it: Grayscale shares (XXRP) are up 17.10%, XRPT has gained 16.78%, and UXRP has risen 17.01%.

This divergence, which created an unusual imbalance, is likely linked to a local supply-and-demand distortion in U.S. exchange order books. The sharp move in the underlying asset may have triggered a short-term shortage of sellers in less liquid funds.