Five US XRP ETF products held assets worth $746.1 million below their accounting cost at the end of June. Despite this 44.1% paper loss, first-half creations beat redemptions by $320.8 million. Bitwise, Canary Capital and Franklin Templeton largely drove these inflows, offsetting significant outflows at Grayscale and 21Shares. The rough cost-basis breakeven for these five funds sits around $1.87 per token, while XRP currently trades around $1.38. If the price dropped to between $0.75 and $0.90, losses would deepen significantly, with gaps of 52% to 60% below cost.
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