XRP ETFs See Longest Outflow Streak Since Launch

US spot XRP ETFs have gone five consecutive trading sessions without recording a single positive inflow day, marking the longest such streak since the funds launched in November 2025. The run began after the last net positive sessions on March 3 ($7.53 million) and March 4 ($4.19 million), and has since wiped out most of what was shaping up to be a solid month.

What Do the Daily Flow Numbers Look Like?

According to SoSoValue data, the no-inflow streak broke down as follows:

• March 5: -$6.15 million
• March 6: -$16.62 million
• March 9: -$18.11 million
• March 10: -$3.88 million
• March 11: $0.00

March 11's flat reading of $0.00 technically broke the run of consecutive outflow days, but it is not a reversal. Not a single dollar came in. Whether it marks the floor of this streak or just a one-day pause before further withdrawals is the question heading into the rest of the week.

March 9 was the worst single session at -$18.11 million, topping March 6's -$16.62 million. Both still fall well short of January 29, when the funds shed $92.92 million in a single day. That January event was an isolated spike. What is different now is the duration. Prior outflow periods since launch consisted almost entirely of standalone red days, quickly reversed. Five consecutive sessions without a positive flow reading has no equivalent on record for XRP ETFs.

On March 9, Grayscale's GXRP led outflows at -$5.86 million, followed by Franklin Templeton's XRPZ at -$4.46 million.

How Much Damage Has Been Done to Cumulative Inflows?

Not as much as the streak might suggest. Cumulative net inflows across all five US spot XRP ETFs sit at $1.21 billion as of March 11, with total net assets at $985.73 million, representing 1.16% of XRP's market cap. March is on track to be the first net-negative month since launch, but the outflows so far remain a small fraction of what the funds pulled in during their first weeks.

Canary Capital's XRPC leads with $419.44 million in cumulative inflows, followed by Bitwise at $369.86 million and Franklin Templeton at $324.53 million. Grayscale's GXRP has taken in $121.02 million. The outlier is 21Shares' TOXR, which sits at -$14.80 million in cumulative net inflows, meaning it has seen more pulled out than put in across its entire life.

Is the XRP Army Finally Stepping Back?

That is the bigger question. Bloomberg Intelligence's Eric Balchunas described the earlier inflow resilience as remarkable for a product launching into such a brutal price drawdown. The explanation most analysts offered was the XRP community itself. Bitwise CIO Matt Hougan put it plainly: "The XRP Army is incredibly bullish and loves XRP." That conviction, built through years of SEC litigation, exchange delistings, and multiple bear markets, kept capital flowing into these ETFs even as XRP dropped roughly 50% from the levels seen just before the November 2025 launch.

The current streak does not necessarily mean that conviction has broken. The outflow totals remain modest relative to the cumulative base. What has changed is momentum. XRP hit a recovery above $1.45 in the first week of March, but that rally faded as Bitcoin was rejected near $74,000 and broader risk appetite pulled back. XRP is now trading around $1.38, still well off its July 2025 all-time high of $3.66.

What Are On-Chain Signals Saying?

The on-chain picture is more constructive than the ETF flows might imply. Wallets tracked as whales added roughly 140 million XRP since March 5, pushing their combined holdings from 10.87 billion to 11.01 billion XRP. That amounts to around $200 million in accumulation during the same window that ETF investors were pulling capital out.

Exchange outflows have also continued, with XRP supply on centralized exchanges declining steadily. That typically signals holders moving coins into self-custody rather than positioning to sell. The divergence between ETF-level selling and on-chain accumulation is one of the more notable tensions in XRP's current setup.

What Would Bring Inflows Back?

Two things are most likely to shift the picture: price stabilization above key support around $1.35 and a fresh catalyst from Ripple's ecosystem or the broader regulatory environment. Ripple's RLUSD stablecoin has grown to $1.5 billion in supply, and the XRP Ledger's confidential transfer upgrade (XLS-96) is advancing toward a validator vote. Neither factor is moving ETF flows right now, but they represent the underlying utility case that XRP holders have pointed to for years.

Four of the five funds carry positive cumulative inflow totals, and the overall AUM base has held above $985 million through the streak. Whether this pause ends quickly or extends further depends largely on whether the broader market gives XRP room to recover.

Sources:

• SoSoValue | US spot XRP ETF daily flow, cumulative inflow, and per-fund AUM data
• DL News | Report on XRP superfan community sustaining ETF inflows through price slump, including quotes from Eric Balchunas and Matt Hougan
• The Coin Republic | XRP ETF outflow breakdown by issuer for March 6, whale accumulation data
• Investing.com | RLUSD supply and volume data, exchange outflow context