XRP traded near $1.29 on Oct. 29, roughly a quarter below the estimated acquisition cost of the exposure accumulated in US-listed XRP funds — and still, investors are not selling.

According to CryptoSlate, data tracker XRP Insights puts the modeled acquisition cost at about $1.71 per token, implying gaps of about 24.4% to 24.6% against the market price. Yet the tracker's flow series recorded a net reduction of only about 2.96 million XRP over Oct.

26-28, a decline of roughly 0.26% across the measured cohort of funds. Almost the entire accumulated ETF portfolio is still sitting in place despite the crash.

cryptonews.net reports the broader tape offers no shelter, with total crypto market cap down 2.17% to $2.61T on Friday ahead of the U.S. midterms — which makes the refusal to exit all the more striking.

The headline gap is easy to over-read. CryptoSlate stresses that the $1.71 estimate does not measure shareholder returns: the model values each fund's opening balance at the XRP price of that day, adds increases at daily reference prices and removes decreases at the portfolio's average cost.

A reduction lowers the modeled cost total without changing the average acquisition price of the remaining tokens. An investor may have bought fund shares long after the underlying XRP entered the portfolio, at a different share price and at a premium or discount to net asset value.

The estimates also exclude fees, and some historical holdings observations were themselves reconstructed.

CryptoSlate notes that a NAV-based alternative raises the combined estimate to $1.7458, which would put XRP about 26% below it — but neither figure defines a price floor or a contractual liquidation threshold.

Where redemptions did happen, they clustered. According to CryptoSlate, the fund-level history shows Bitwise's fund moved from about 416.61 million XRP on Oct.

23 to 413.82 million on Oct. 26, then stayed flat through Oct.

28, while Franklin Templeton and 21Shares were flat across all three sessions. Not every day was even negative: Oct.

28 added about 174,140 XRP, partially reversing the earlier decline. XRP Insights estimated roughly 1.17 billion XRP of exposure across six products in its Oct.

28 snapshot, rising to about 1.19 billion when the XRP sleeve of Bitwise's diversified BITW index fund is included. REX Osprey's XRPR held 19,885,382 direct XRP plus 362,750 CoinShares Physical XRP securities on Oct.

28, a nuance that explains why XRP-equivalent exposure can exceed coins directly held.

The XRP stubbornness stands out because nearly everything else is leaking. cryptonews.net reports Bitcoin, Ethereum and XRP all face renewed selling pressure as crypto markets extend their October losses.

Crypto News shows BTC at $77,251, down 3.62%, with ETH at $2,227.47 and XRP at $1.24, down 3.84% — XRP is down 18.82% over 30 days per CryptoSlate. The month has been heavy on macro anxiety too: the Fear and Greed Index dropped from 51 to 30 in a single day on Oct.

30, according to CryptoTicker, and a Binance security incident triggered the ETH slide on Thursday evening. In a market where retail panic is usually the story, the XRP cohort quietly holding is the reversal a devoted reader would talk about.

CryptoSlate lays out the scoreboard for the coming weeks.

A stronger signal of net expansion would be sustained increases in both XRP holdings and shares outstanding across several issuers using matching observation dates, with creation records helping to distinguish cash-funded acquisitions from in-kind transfers.

Bitwise's prospectus describes 10,000-share baskets handled by authorized participants, and a cash creation can require the fund to acquire XRP while an in-kind creation delivers tokens without proving a spot purchase.

Persistent reductions across multiple funds, with falling share counts and redemption activity, would weaken the picture of a largely retained portfolio. A larger dollar decline in assets alone would be insufficient, because XRP's price can change portfolio value without coins leaving the funds.

XRP's US ETF channel accumulated roughly 1.17 to 1.19 billion tokens across six products in under a year, per CryptoSlate, making holder behavior in a drawdown a genuine test of the institutional thesis.

The next settled issuer snapshots will tell whether holders truly refused to sell, or simply haven't finished doing so.