Some XRP spot ETFs listed on U.S. exchanges rose nearly twice as much as the XRP token, showing an unusual price dislocation.

U.Today, a blockchain media outlet, reported on Wednesday that while XRP was up in the 7 percent range intraday, shares of some regulated funds surged 16 to 17 percent.

The gap was seen across U.S. XRP spot ETFs. CryptoQuant analyst Zaip Crypto was among the first to flag the "anomaly" and noted all 7 U.S. XRP spot ETFs moved into positive territory intraday. The median trading volume for these ETFs was tallied at $19.7 million.

In the spot market, XRP was trading around $1.44 at the time. It was up 7.04 percent over 24 hours. The price had rebounded from an August low of $1.00 and had also broken through a short-term downward channel.

ETF moves were not uniform across products listed on the New York Stock Exchange and Nasdaq. Bitwise's XRP ETF gained 8.47 percent and Franklin Templeton's XRPZ rose 8.36 percent, broadly tracking the spot price. Smaller net-asset products jumped more sharply. Grayscale's XXRP climbed 17.10 percent, XRPT rose 16.78 percent and UXRP gained 17.01 percent.

The market sees supply-demand distortions in low-liquidity funds as amplifying the short-term surge. As the XRP underlying rose quickly, sell orders dried up and market orders pushed ETF prices higher faster. As a result, ETF share prices were pushed into a premium above net asset value (NAV), and some products outpaced XRP's daily gain by about 100 percent.

Despite the price surge, inflows did not follow. According to SoSoValue tallies, the U.S. XRP spot ETF market ended the prior session with a net outflow of $7.2 million. All of the outflow came from Bitwise, while other issuers saw no fund flows. With profit-taking concentrated among large investors, the surge is seen as closer to internal ETF price readjustment than new-money inflows.

Total daily turnover was about $27.22 million. Assets held by U.S. XRP spot ETFs now stand at $1.42 billion, equivalent to 1.67 percent of XRP's total market capitalisation. Cumulative net inflows since launch have topped $1.68 billion.

The moves also show that short-term price-setting power can shift more quickly to ETFs than to the spot token. With exchange-listed products reacting ahead of the spot market, derivative financial products effectively led short-term price moves in the underlying. In low-liquidity products in particular, the gap between NAV and market price could widen again and remains a point to watch.