The spot exchange-traded funds that track the second-largest non-stablecoin altcoin slipped from investors’ favor in March but rebounded strongly in April, delivering their best monthly performance since December.
Despite the funds’ recovery, the underlying asset barely registered meaningful gains in April, finishing only marginally positive. That raises the question: what comes next for both the ETFs and the token itself?
Ripple ETFs Return to Positive Territory
Spot XRP ETFs experienced a remarkable early run after their launches. Canary Capital’s XRPC and other spot products crossed the $1 billion inflow mark within roughly a month of the November 13 debut, and in that initial period there were virtually no days with larger net outflows than inflows through early January.
As global uncertainty grew, investor appetite cooled noticeably. Net inflows declined from about $500 million in December to roughly $15.6 million in January. February improved modestly with about $58 million in new cash, but March marked a reversal: it became the first month with net outflows, totaling over $31 million.
March also saw multiple days with no reportable activity according to SoSoValue. April included a few quiet days as well, but overall the month closed strongly with approximately $81.59 million in net inflows—its best monthly showing since December, though still substantially below the early record months in November and December.
On a cumulative basis, the funds’ total inflows reached a new all-time high of around $1.3 billion on April 29, before easing slightly on April 30.
XRP Price Remains Under Pressure
The XRP token itself has struggled since the launch of spot ETFs. It traded above $2.40 on the ETFs’ debut but has since retreated and is now battling to hold levels above roughly $1.40.
Prominent crypto analyst BATMAN characterized the current price area as a “make-or-break” level that could determine XRP’s next major trend. According to that view, XRP is testing a long-term bullish trendline: if price decisively breaks below it, a deeper decline is likely; if it holds and bounces, the token could resume a bullish trajectory.
This is a make-or-break level for $XRP
Yes, it is resting nicely on its bullish trendline, but this is a major test of whether price can hold and bounce from here.
If it fails, the bearish trend will continue, and a lower low is only a matter of time. pic.twitter.com/mDfTUD6mCU
— BATMAN ⚡ (@CryptosBatman) April 30, 2026
Another analyst, CW, described XRP’s chart as displaying a “boring trend” at present, while noting that upside potential in the futures market appears to be building. CW suggested that once the prolonged period of sideways action ends, that accumulated potential could lead to a rapid move higher.
In summary, while XRP spot ETFs regained inflows in April and posted their strongest month since December, the token’s price remains under pressure and continues to test critical technical support. The coming weeks will be important to see whether ETFs’ renewed inflows translate into sustained price momentum for XRP or whether the token falls back into a deeper downtrend.