Two ETFs backed by XRP have recently debuted on the NYSE, a significant step toward legitimizing Ripple as an institutional crypto asset. However, the market response has been muted, with XRP’s price plummeting by 35% in the last quarter and falling below $2. This lack of bullish momentum suggests that investor expectations may not match reality. While the ETFs were intended to attract traditional investors seeking regulated exposure to XRP, they have yet to trigger a significant surge in market value or activity. Despite positive regulatory developments, the token remains significantly behind its previous peaks, with only a fraction of XRP holders currently holding profits. This on-chain data coupled with XRP’s lackluster performance compared to competitors like Ethereum paints a concerning picture for Ripple’s long-term prospects.