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The Screen · Financials

Bitwise XRP ETF

XRP · USD

In seeking to achieve its investment objective, the trust will hold XRP and establish its net asset value (“NAV”) by reference to the CME CF XRP – Dollar Reference Rate – New York Variant (“Pricing Benchmark”).

FAIL · Does not pass the screen

13.89 USD

Price as of 2 Nov 2026Daily close, not a live quote

Screened 2026-11-02 · the tape above runs as of 20:14 UTC · 3 Nov · two dates, stated on purpose · verdict and workings shown in full · never trimmed

Key facts today

Price13.89 USD at the 2 Nov 2026 close
Our regime readMarkdown, as of 1 Nov 2026
Ethical screenDoes not pass
OptionsOpen interest leans to puts (put/call 2.06)
Last reviewed2 Nov 2026 (2 days ago)
Release timesRelease and earnings times on your chart: Event Guard Mentor

A summary of the dated readings below, not a live quote and not advice.

PRICE · ONE YEAR

Our fair-value range: range not available (screen dated 2026-11-02).

Current read

Markdown ?

Screened · screened 2026-11-02

Trend Markdown
Insiders no filings inside 60 days, left as found
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 2.06, read 2026-10-29
Ethical does not pass the values gate

Price13.89 USD

Ethical score30.0/100

Our investment reviews on this name

2026-10-25Read Markdown14.77-6.0% to today ✓Markup gives way to Markdown after a 16% rise in 5 weeks

2026-09-17Read Markup12.78+8.7% to today ✓Markdown gives way to Markup

2026-07-02Read Markdown12.78+8.7% to today First review on file: Markdown

Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.

Daily reads →Latest news →The method →Compare →

The full research record, in depth, below

The Label · The Season, Not the Day

This name holds its markdown label.

Bitwise XRP ETF holds its Markdown at $13.89. Consolidating, no directional conviction, held for 2 days.

As held on the ledger · 2026-11-02
Phase	Markdown · caution
Quantitative state	Consolidating, no directional conviction, held for 2 days
Price at the screen	$13.89
Valuation	N/A trailing · N/A forward price to earnings
Values screen	FAIL · score 30.0

The Workings

Five Screens, Shown in Full

Does not pass. Financial sector: Financial

Test	Figure	Limit	What it means	Status
Business activity	Excluded	Core business clean	Financial sector: Financial	Fail
Debt load	Excluded	Below 33%	Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.	Fail
Interest-bearing cash	Excluded	Below 33%	Interest-bearing cash and securities are of assets, above the one-third limit.	Fail
Receivables	Excluded	Below 49%	Money owed to the company is of assets, above the 49% limit.	Fail
Revenue purity	Excluded	Below 5%	of revenue comes from non-compliant sources, over the 5% line.	Fail

Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.

The Ethical Read

Why It Falls Short, in Plain English

Bitwise XRP ETF does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.

Read as at 2026-11-02. It updates when the underlying figures move, and past reads are kept below.

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Get an email when XRP's ethical verdict changes

Today XRP does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.

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How This Name Scores

Hover or tap a segment

Select a segment to see its figure and the plain-English reason.

StrongFormingWeakQuietNot applicableNo data

Pale means near the threshold. Deep means far from it.

The values screen1 strong, 1 weak, 4 no data

The business4 no data

The market2 weak, 2 not applicable

Values screen as of 2 Nov 2026 · Business figures as of 22 Sep 2026 · Market as of 1 Nov 2026

Each segment is one read of this name, drawn as found. Quiet (pale blue) means we looked and nothing was filed in 60 days: a real reading, scored neutral. Flat grey means the read does not apply to this name. Hatched grey means data we have not collected yet, never a guess.

Options Positioning

As of 29 Oct 2026 · 20 Nov expiry (22 days)

Spot14.29

Put wall132.1K OI

Max pain15

Call wall15839 OI

Implied range to 20 Nov: 11.70 to 16.88

Put/call (OI)2.06Leaning puts

Implied vol (ATM)73.8%to 20 Nov

What it meansPrice sits between the heaviest put interest at 13 and call interest at 15, and options price a move of about 18% either way by 20 Nov.

Positioning from listed options, as of 29 Oct. Context, not a signal. Not advice.

The Scores, As Computed

30.0Ethical score
all five screens, weighted
40.0Quality score
margins, returns, moat
33.0Valuation score
price against the range
17.1Combined
screen of 2026-11-02

The Trader Read

The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 17%. Entered 2026-11-01 · Markdown

The Dated Journal · Newest First, Never Edited

Every Entry, As Written

2026-11-01 Markdown $13.91 -5.8% Entry 9

2026-10-25 Markdown · changed $14.77 +0.0% Entry 8

The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 17%.

2026-10-18 Markup $14.77 -12.4% Entry 7

The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 12.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 17%.

2026-10-02 Markup $16.86 +31.9% Entry 6

Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 31.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 17%.

2026-09-17 Markup · changed $12.78 +0.0% Entry 5

The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 17%.

2026-08-18 Markdown $12.78 +0.0% Entry 4

Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 17%.

2026-07-18 Markdown $12.78 +0.0% Entry 3

2026-07-03 Markdown $12.78 +0.0% Entry 2

2026-07-02 Markdown $12.78 Entry 1

Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns.

Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.

What Holding Actually Paid · Price Plus Dividends

If $1,000 had been placed · historical, not a promise
Period	Price then	Price return	Divs per share	$1,000 became	Total return
1 month	$16.56	-25.9%	·	$742	-25.9%
2 months	$15.25	-19.5%	·	$805	-19.5%
3 months	$15.44	-20.5%	·	$795	-20.5%
6 months	$22.70	-45.9%	·	$541	-45.9%

Historical returns from market close data. Past performance does not guarantee future results.

The Ledger's Promise

This entry now belongs to the ledger. Whatever XRP does next, these words stay.

Bitwise XRP ETF · XRP · Markdown · $13.89
Recorded 2026-11-02 · before the outcome · scored mechanically

All of today's entries → See the running score →

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Screening is research, not a fatwa and not financial advice. Figures are drawn from public accounts at the screen date shown. Always manage your risk.