Bitwise's XRP (XRP) ETF Volume Tops $200M in Three Sessions

Record ETF Turnover for XRP

XRP (XRP), the native asset of the XRP Ledger, saw demand for its U.S. spot exchange-traded fund reach a new milestone: Bitwise's altcoin ETF recorded more than $200 million in cumulative trading volume over three consecutive sessions through Aug. 24. Each session marked an all-time high for the fund, which has listed on NYSE Arca under the ticker XRP since November 2025. Bitwise launched the product with Coinbase Custody Trust Co. as custodian, and the SEC registration permits authorized participants to create or redeem shares in 10,000-unit baskets; the fund carries a 0.34% expense ratio. In a post on X, Bitwise president Teddy Fusaro put the final day's turnover at over $80 million, with the two preceding sessions each exceeding $60 million. The total reflects secondary-market trading activity rather than net inflows into the product. Bitwise's official disclosures show the fund held approximately 328.2 million XRP as of Aug. 23, valued near $484.6 million, against net assets of $484.5 million and 29.38 million shares outstanding. The record activity followed a rally that lifted the fund's net asset value to $15.36 on Aug. 20, an 11.71% gain, after the U.S. Treasury announced on Aug. 19 it would at least double the size of its long-term repurchase operations to $4 billion each beginning Sept. 9. Supply growth remains a challenge for buyers: data from 21Shares indicates circulating XRP increased 5.5% year over year through custody-related releases, and U.S. spot XRP ETPs absorbed 14.8% of that incremental supply in the first half of 2026. At the current annualized inflow pace, those products would take in about one-seventh of annual net supply growth, 21Shares estimates. Additional demand could come from AI crypto wallet software, with T54 co-founder Chandler Fang arguing that such agents may select the XRP Ledger as settlement infrastructure without users manually choosing a network.

On the enterprise side, South Korea's Jeonbuk Bank has partnered with Ripple to deploy the company's cross-border payment system for business customers. The service targets import-export companies, technology startups and online content creators, and is meant to replace slower correspondent-bank routing through the SWIFT messaging network. Ripple says its network can settle those payments faster and with fewer costs than the traditional multi-hop process, which can leave corporate treasuries waiting several days for funds to clear. Ripple's payment infrastructure has long been built around the XRP Ledger, and in some corridors the network uses XRP as a bridge asset to source liquidity. For the XRP ecosystem, the Jeonbuk deal is a practical adoption signal: it places Ripple's infrastructure — and by extension the ledger's native token — at the center of live business-to-business payment flows in a major Asian economy, even though the bank's corporate clients will not necessarily hold XRP themselves. The bank has not confirmed which settlement asset will back the service, nor has it given a launch date. Ripple's pitch is that removing correspondent chains reduces both cost and completion-time uncertainty for corporate finance teams. For a regional bank, the integration is a controlled test of whether ledger-based settlement can handle compliance-heavy business corridors without disrupting existing treasury operations. The deal does not alter XRP's supply-demand math on its own, but it adds another institution evaluating the token for live payment workflows. The integration also highlights a contrast between the ETF-driven demand story and the payments narrative: while secondary-market turnover in Bitwise's fund has drawn attention, Ripple's banking work suggests a slower, contract-by-contract path to institutional use. Jeonbuk's move is one of the more direct bank integrations to emerge from Ripple's Asia pipeline, giving XRP a functional role in cross-border commerce rather than relying solely on speculative flows.

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates XRP's nearest resistance at $1.6999 with a composite score of 74/100, citing Fibo 0.000, Donchian Upper and the recent swing high, while the $1.4255 support scores 80/100 on Fibonacci 0.382, LVN, HVN and S1. Derivatives positioning is stretched: funding stands at 0.0064% with open interest near $1.1 billion and a long/short account ratio of 2.65 (72.6% long), while the Fear & Greed Index reads 74 (Greed). With RSI at 82.31, the immediate risk is an overbought pullback toward $1.4884 before the $1.6999 resistance can be tested. A sustained break below $1.4255 would invalidate the bullish setup and put a deeper bear market scenario on the table, while a close above the resistance opens the path toward $1.8940.