XRP exchange-traded funds (ETFs) unexpectedly outperformed their Bitcoin, Ethereum, and Solana counterparts on Monday, November 24, drawing $164.1 million in net inflows and signaling a potential shift in institutional investor appetite towards alternative cryptocurrencies.
This significant influx was largely driven by the successful debut of new spot XRP ETFs from major financial players. Grayscale’s GXRP attracted $67.4 million, while Franklin Templeton’s XRPZ secured $62.6 million in net inflows on their inaugural day.
Other existing XRP-focused funds also contributed to the total, with Canary Capital’s XRPC adding $16.4 million and Bitwise’s XRP fund gaining $17.7 million.
The strong performance of XRP ETFs sharply contrasted with Bitcoin spot ETFs, which registered a net outflow of $151.1 million on the same day. This added to a record negative monthly trend for Bitcoin funds, accumulating $3.7 billion in outflows.
While Ethereum ETFs saw $96.6 million in inflows and Solana ETFs added $58 million—extending a 20-day positive streak to $568.3 million—XRP’s single-day intake surpassed both.
Since the launch of the first pure spot XRP ETF on November 13, the category has maintained an unbroken positive trajectory, with accumulated net inflows reaching $586.8 million without a single day of outflows.
This sustained momentum suggests growing investor confidence in Ripple’s XRP token, particularly its utility for cross-border payments and a more favorable regulatory outlook following recent legal resolutions.
David Mann, Director of ETF Products and Capital Markets at Franklin Templeton, highlighted XRP’s foundational role, describing it as a digital asset that “plays a fundamental role in global settlement infrastructure.”
Market analysts attribute XRP’s recent surge to a “novelty effect” from new issuers entering the market. This coincides with a volatile cryptocurrency landscape where Bitcoin faces downward pressure from the broader macroeconomic environment and sales by long-term holders.
A report from The Block noted, “The debut of Grayscale and Franklin Templeton validates XRP’s maturity as an institutional asset, attracting flows that surpass even Solana in its bullish streak.”
In a notable contrast within the expanding crypto ETF market, a new Grayscale spot Dogecoin (DOGE) ETF registered zero flows on its debut. It recorded a modest trading volume of $1.41 million, underscoring investor selectivity.
The approval of more altcoin ETFs is anticipated, and Monday’s events mark a significant moment for XRP. Observers expect these robust flows to positively impact XRP’s price, which was trading around $2.24, up 7.4% at the time of reporting.
Nate Geraci, NovaDius, referenced the launch of the DOGE ETF on social media platform X, calling it “the best example of a monumental regulatory shift in cryptocurrencies over the past year.”