XRP ETFs Outpace Token by 100% Amid Liquidity Gaps

On September 3, an unusual pricing gap emerged in the U.S. spot XRP ETF market, where several smaller funds surged by 16% to 17%, while the underlying token itself gained only around 7% to 8%. The divergence was concentrated in less liquid products rather than across the entire ETF complex.

Bitwise's XRP fund and Franklin Templeton's XRPZ closely matched XRP's spot performance, gaining 8.47% and 8.36%, respectively. However, Grayscale's XXRP jumped 17.10%, while XRPT gained 16.78% and UXRP rose 17.01%. This points to a liquidity problem inside individual ETF order books rather than a uniform revaluation of XRP exposure.

The premium becomes more puzzling because it was not supported by fresh investor inflows. The previous session ended with $7.20 million in net outflows, all attributed to profit-taking from Bitwise's fund, while every other issuer reported zero flows. ETF prices were therefore accelerating even as money was leaving the sector, creating an internal repricing event rather than a broad influx of new capital.

Total daily trading volume reached $27.22 million, meaning the sharpest moves were being driven by relatively limited liquidity and aggressive orders rather than a major expansion in assets in the ETF sector.