XRP continues to face mounting pressure, trading at $1.06 on November 10 as spot XRP ETFs record their worst withdrawal day in eight months.
Namely, the exchange-traded funds lost approximately $10.42 million in net outflows over the past 24 hours, marking the worst loss since March 9, according to SoSoValue data.
Bitwise’s XRP ETF accounted for the majority of the losses, shedding approximately $9.4 million, or roughly 90% of total outflows.
Advertisement
Canary’s XRPC shed $811,440, while 21Shares’ TOXR recorded $212,900 in withdrawals. Franklin’s XRPZ and Grayscale’s GXRP reported no net flows.
XRP ETFs post record withdrawals as spot prices struggle
The withdrawals come amid broader market weakness. The total cryptocurrency market capitalization declined approximately 1.31% over the same period, while Bitcoin (BTC) fell 1%. However, XRP’s steeper losses suggest that market-wide weakness alone is not the sole culprit.
Namely, XRP has extended its decline below a descending channel and all four major exponential moving averages (MA). Its relative strength index (RSI) is also hovering near 25, indicating deeply oversold conditions.
However, derivatives traders appear increasingly bullish despite the broader downturn. For example, XRP futures funding rates on Binance have climbed to their highest level in more than a year, reaching territory last seen in October 2025, just months after the cryptocurrency hit its all-time high of $3.55, according to analyst Darkfost.
XRP could rebound
This divergence between bullish positions on Binance and ETF outflows suggests traders are increasingly positioning for a potential rebound even as spot market demand remains weak.
“The ETF outflows stand in sharp contrast to the bullish positioning on Binance.…With sentiment liable to shift quickly, cumulative funding rates and ETF flows are both worth monitoring when assessing the timing of a potential entry,” Darkfost wrote.
Advertisement
For now, though, XRP’s near-term outlook remains bearish, with broader cryptocurrency market weakness compounded by coin-specific selling pressure. Still, given the volatility, all metrics discussed above are worth monitoring, Darkfost says, especially when trying to spot a potential entry.
Featured image via Shutterstock
