Spot XRP ETFs are outperforming the token by roughly 100% during the trading session, with several lower-asset funds rising 16% to 17% while XRP gains 7.04% to around $1.44. CryptoQuant analyst Xaif_Crypto first highlighted the divergence, noting that all seven U.S. spot XRP ETFs had moved into positive territory and recorded interim volume of $19.7 million. Bitwise's XRP fund and Franklin Templeton's XRPZ remained close to the spot market, while Grayscale's XXRP, XRPT and UXRP posted much larger advances. The gap likely reflects a temporary supply-demand imbalance in U.S. exchange order books, where limited sellers can push less-liquid ETF shares above their net asset value (NAV), the value of their underlying holdings. SoSoValue data showed the move was not accompanied by new capital: the sector recorded $7.20 million in net outflows in the previous session, all from Bitwise, while other issuers reported zero flows. U.S. XRP ETFs hold $1.42 billion, equal to 1.67% of XRP's market capitalization, and cumulative net inflows since launch have exceeded $1.68 billion. The episode highlights how ETF trading can temporarily drive price action faster than the underlying asset.