Expanded ETF Lineup Marks a New Phase
Market strategist Chad Steingraber believes XRP is entering a decisive period as the market prepares for the first complete trading week in which five dedicated spot XRP exchange-traded funds are active. His view is that this development will help reveal how aggressively issuers intend to build long-term XRP positions now that several funds are operating simultaneously.
The latest entrant, the 21Shares XRP ETF (TOXR), begins trading today and joins existing products from Bitwise, Canary Capital, Grayscale, and Franklin Templeton. According to Steingraber, having these issuers participate in the market at the same time offers the clearest opportunity yet to assess institutional appetite for XRP.
Even before the fifth fund came online, the combined inflows were considerable. Over the past month, total net inflows exceeded $666 million without a single day of outflows. Bitwise increased its holdings to 80.5 million XRP last week, while Grayscale, Franklin Templeton, and Canary Capital also expanded their positions.
Steingraber argues that these early figures represent only a preliminary stage and anticipates stronger accumulation as more U.S. issuers complete their launches.
Next week is a big milestone for XRP.
We will have the first full week of trading with 5 pure spot ETF's running in competition.
It's going to tell us ALOT by the end of week what we can expect for these funds acquiring XRP for the long term. https://t.co/S3TENqa4PP https://t.co/LQ48QLKcgh
— Chad Steingraber (@ChadSteingraber) November 30, 2025
Analyst Simulation Suggests Limited Available Supply
Financial analyst Mohamed Bangura conducted a sensitivity model that attempts to project how ETF participation may influence market dynamics.
His model used several assumptions: an average daily ETF demand of 74.5 million XRP, a circulating exchange supply of roughly 2.7 billion XRP, a scheduled escrow release of 300 million XRP every 30 days, and elasticity values of 0.2, 0.5, and 1.0 across a 180-day window.
Bangura concluded that when elasticity is on the lower end, available exchange supply diminishes rapidly. At higher elasticity levels, prices respond more sharply because additional liquidity must be sourced from OTC markets.
He emphasized that even without assuming strong emotional trading behavior, the projected outcomes indicate significant upward pressure on the market. Steingraber highlighted the model to support his argument that ETF-related demand may be absorbing liquid XRP more quickly than previously assumed.
Concerns About OTC Liquidity Intensify
Parallel to this analysis, Digital Ascension Group CEO Jake Claver has expressed concerns that OTC and dark-pool liquidity may already be strained. He estimates that approximately 800 million XRP of private-market liquidity was acquired during the first week of ETF accumulation, representing almost half of the supply he believes was previously accessible off-exchange.
Currently, XRP ETFs collectively manage more than $687 million in assets, equivalent to slightly over 300 million XRP. Since most ETF accumulation occurs away from public exchanges, the price has not yet reflected the reduction in available tokens.
Claver argues that more pronounced market volatility will likely emerge when ETFs are compelled to source XRP directly from exchanges rather than from private channels.
The launch of the 21Shares fund, which begins with a 0.50% management fee and a $500,000 seed basket, introduces additional competition among issuers. With five spot XRP ETFs now active and two more expected to enter the market, Steingraber maintains that the coming days will be a critical period for understanding how institutional investors intend to position themselves. According to him, this week represents a significant milestone for XRP and could offer early indications of longer-term demand trends.