$XRP XRP ETFs are booming, but a quiet $15 billion payment layer matters more than the price

ETF flows hit $941 million in two months, but real adoption hinges on Ripple's ODL volumes, on-chain payments, and RLUSD growth on XRPL.

Four XRP spot ETFs now trade in the US, with combined assets of $941.7 million as of Dec. 18. Grayscale's GXRP holds $148.1 million, Canary Capital's XRPC $373.6 million, Franklin Templeton's XRPZ $189 million, and Bitwise's XRP ETF $215.6 million.

That stack grew from roughly $336 million at launch in November to current levels in under two months, front-loading a lot of excitement into a narrow window.

XRP now runs two parallel stories: an ETF layer that has already captured regulated US demand, and a payments and infrastructure layer that still has to prove it can stand on its own if those flows plateau.