XRP breached the psychologically significant $1 threshold on Saturday, extending a sharp sell-off that has gripped the cryptocurrency for nearly two weeks. Trading on Coinbase saw the digital asset dip to an intraday low of $0.966 by 16:02 UTC on November 14, according to exchange data. The move follows nine consecutive daily closes in the red, marking a sustained period of downward pressure.
The decline in XRP's price coincides with a notable contraction in institutional exposure through exchange-traded products. Canary XRP ETF (NASDAQ: XRPC) reported assets under management of $248.62 million as of November 13, down from $323.32 million on October 28—a drop of 23.1%. This reduction reflects both a decrease in the fund's share price and a slight reduction in shares outstanding, which fell by 0.35% to 22.88 million over the same period.
The fund's per-share value declined by 22.84% during this window, calculated by dividing net assets by the number of shares outstanding on each date. While the share count has remained stable since November 10, the continued slide in XRP's market price has eroded the fund's overall value.
Coinbase's daily candles show XRP closed Friday at $1.01, down from $1.3041 on November 4, representing a cumulative decline of 22.55% over nine sessions. Saturday's low extended that drawdown to 25.93% from the November 4 peak. Kraken also recorded XRP trading below $1, with a low of $0.95910 by 16:14 UTC, providing independent confirmation of the price break on a second major exchange.
The weakness in XRP is not isolated to the spot market. Bitwise XRP ETF (NYSEARCA: XRP) reported holding 406.77 million XRP as of November 12, with net assets of $416.89 million and 36.44 million shares outstanding. The fund's valuation methodology, which uses a reference rate from 3-4 p.m. Eastern time and a 4 p.m. bid-ask midpoint for market performance, differs from Coinbase's UTC daily boundary and may not fully capture Saturday's intraday volatility.
Nasdaq's listing circular for XRPC describes the trust as designed to track XRP, less expenses and liabilities. The trust's shares trade on a securities exchange, while the underlying asset trades on cryptocurrency platforms, exposing investors to distinct market dynamics and trading schedules. Authorized participants, as identified by Nasdaq, are the only entities permitted to create or redeem large blocks of shares, meaning secondary-market trades between investors do not affect the outstanding share count.
The current sell-off in XRP comes amid broader risk aversion in the cryptocurrency market, with investors rotating away from digital assets amid macroeconomic uncertainty. The decline in Canary's fund assets, driven primarily by price depreciation rather than redemptions, suggests that existing holders are weathering the storm, but new institutional inflows have stalled.
Analysts will be watching the next issuer share-count disclosure for signs of whether the weekend price break triggers a wave of redemptions. A significant drop in shares outstanding would indicate that institutional investors are exiting positions, potentially exacerbating the downward pressure on XRP's price.
For now, XRP's ability to reclaim the $1 level will be a key technical test. A sustained move below this threshold could open the door to further losses, while a rebound might attract bargain hunters looking to capitalize on the oversold conditions.
