XRP Spot ETFs Surge Ahead of Token, Fueling Supply-Demand Imbalance
The price of XRP has diverged from its spot ETFs in the US market. While the token is up 7-8% intraday, some regulated funds are surging by 16-17%. CryptoQuant analyst 'Xaif_Crypto' first highlighted this anomaly on September 3, 2026.
The seven spot XRP ETFs in the US recorded an interim trading volume of $19.7 million, with all of them entering the green during the trading session. In contrast, major funds from Bitwise and Franklin Templeton are moving in line with the spot market, gaining 8-9%. However, products with lower net assets have broken sharply away from this trend, with Grayscale shares up 17.10%, XRPT has gained 16.78%, and UXRP has risen 17.01%.
This divergence is likely linked to a local supply-and-demand distortion in US exchange order books. The sharp move in the underlying asset may have triggered a short-term shortage of sellers in less liquid funds, causing market orders to push ETF share prices higher. This created a substantial premium to the net asset value (NAV) of their underlying holdings and allowed the funds to outperform the token's daily advance by around 100%.