Ripple's custody and regulatory work is advancing on several fronts, but the money flowing through US spot XRP funds is heading the other way — a divergence that leaves the token's near-term demand picture unsettled.
The most recent fund data points to caution. US spot XRP funds recorded net outflows of about $530,000 on November 2, according to media reports, followed by net flows of zero through Friday. That came after an earlier stretch in which the same vehicles posted four consecutive trading days of flat net flows before logging $10.42 million in net redemptions. For anyone watching this channel as a demand gauge, the takeaway is blunt: until net inflows return, the funds are not adding a positive impulse to XRP.
A Ledger Fix, Narrowly Scoped
On the technology side, a security gap in the XRP Ledger has been closed. Reports describe a flaw in how permissions were delegated: under certain conditions, accounts holding permission to destroy issued tokens could also create them. No exploitation has been publicly confirmed.
The scope matters for investors. The issue affected issued tokens on the network, not XRP itself, which was untouched by the bug. The fix therefore shores up the permission logic that governs those tokens — a network-integrity matter for the ledger on which XRP and other assets are issued, rather than a direct change to XRP's own supply or function.
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Regulation Cuts Both Ways
Regulatory uncertainty remains the backdrop. Anxiety over stricter US crypto rules is weighing on sentiment, and Ripple has pushed for clearer, rules-based requirements instead of case-by-case enforcement. That proposal is still under review.
Europe offers a related data point, with a caveat attached. According to Ripple, 37 financial institutions in the Qivalis consortium have received approval from the Dutch central bank to issue a regulated euro stablecoin. The launch is planned for the coming months, subject to review of the whitepaper.
Custody as the Counterweight
Against the outflow headlines, Ripple announced on October 27 that BNY's digital asset custody platform will support XRP and RLUSD for eligible institutional clients. The two companies also outlined work on tokenized trade finance.
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That opening could make XRP easier for institutions to hold — but only if the announced support is implemented and actually used. Broader access strengthens the case only when capital is deployed through it. In the meantime, the regulatory debate and the recent fund redemptions are setting the tone, leaving the demand question as the decisive test.
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