According to market reports, assets under management in exchange-traded funds linked to XRP reached approximately $60 million on December 17, despite the decline in the spot price of XRP.
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At the time of reporting, XRP was trading around $1.86, down more than 8% in the past week. The gap between ETF growth and spot price declines has some investors perplexed.
ETF flows and how they work
Chad Steingraber says the way ETFs are managed helps explain the disconnect. ETF stocks trade on exchanges like regular stocks during market hours.
The fund manager then aggregates the net flows at the end of the trading day and arranges to purchase the underlying XRP after the market closes. Because of this timing, ETF inflows do not necessarily translate into immediate buying pressure on the spot market.
We have officially surpassed $60 million!
Record day! https://t.co/Nub2m5MK0Y pic.twitter.com/xg2zgecq24
— Chad Steingraber (@ChadSteingraber) December 18, 2025
Institutional processes take time
Based on the report, part of the picture lies in the nature of organizational decision-making. Large funds tend to move slowly. They take time to perform checks, consider risks and approve new positions.
This process may take several months or more. Therefore, the ETF's AUM growth may reflect careful planning and gradual capital allocation rather than rushing into short-term bets.
Price fluctuations indicate technical weakness
On the charts, XRP has been under pressure for several months. Traders looking at longer time frames point to a steady downtrend and multiple warnings of a broader decline from mid-year onwards.
The token has fallen about 12% over the past month. Support between $1.80 and $1.90 is currently being tested. A sustained break below $1.80 will likely shift focus to $1.60 and, if the selling continues, to the broader support band around $1.30 to $1.40.
ETF growth remains small considering the situation
While $60 million sounds meaningful, that amount is small compared to the AUM levels seen in large crypto ETFs, and it may not be enough to move the market.
The structure of ETFs is also different. Some managers may hedge, use staged purchases, or employ other tactics that change when and how XRP is added to reserves. These operational choices can reduce the direct impact on prices.
📊 Currently, the amount of top cap assets on each network in non-empty wallets is:
🪙 Ethereum $ETH: 167.96M
🪙 Bitcoin $BTC: 57.62M
🪙 Tether $USDT: 9.63 million
🪙 Dogecoin $DOGE: 8.13 million
🪙 XRP Ledger $XRP: 7.41 million
🪙 Cardano $ADA: 4.54 million
🪙 USD Coin $USDC: 4.39 million
🪙Chain link… pic.twitter.com/ciRBUp4GxE— Santiment (@santimentfeed) December 18, 2025
Non-empty XRP wallets are steadily increasing
Meanwhile, the number of non-empty wallets on the XRP Ledger is increasing, according to the report. Santiment emphasized that the number of addresses holding XRP is increasing.
Over the past month, the token price has declined, but on-chain wallet activity suggested accumulation by some holders. This pattern raises the question of whether large buyers are secretly adding to their positions.
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What this means for traders
So far, the market is showing mixed signals. The growth in ETF AUM indicates the increasing involvement of institutional investors over time. However, price movements are showing caution.
Traders and investors will be watching to see if spot market demand increases with ETF purchases after the close, and if the $1.80 level is sustained.
The coming days and weeks may help clarify whether the increase in assets under management will lead to broader buying, or whether technical pressures will continue to dominate.
Featured image from Unsplash, chart from TradingView
