The cryptocurrency market is on the verge of witnessing a substantial expansion in exchange-traded fund (ETF) launches, yet XRP (XRP-USD) investors find themselves in a state of uncertainty once again. Canary Funds is initiating trading for its spot HBAR (HBAR-USD) and Litecoin (LTC-USD) ETFs on the Nasdaq tomorrow, while the New York Stock Exchange (NYSE) has certified 8-A filings for the Bitwise Solana ETF, set to debut on Tuesday. This will be followed by Grayscale’s Solana Trust (GSOL), which is transitioning to an ETF format a day later.
This wave of new ETF approvals represents a significant milestone for cryptocurrency-related investment products in the U.S. However, amidst nearly 20 pending ETF filings, the XRP spot ETF remains unapproved, a situation that continues to baffle many stakeholders, especially since there is no clear rationale provided by regulators.
Analysts opine that recent developments regarding ETF approvals may be linked to updated language in a guidance letter from the SEC’s Division of Corporate Finance. Bloomberg ETF analyst James Seyffart noted that this week’s progress in ETF launches correlates with a Q&A formatted letter from the SEC. Specifically, a section that appears to outline conditions for certain securities offerings could have emboldened the legal teams at Canary Funds, Bitwise, Grayscale, NASDAQ, and NYSE to proceed with their plans.
Despite this, the XRP community is left questioning why their asset has not received similar treatment. Attorney Bill Morgan, an established observer of Ripple’s legal situation, weighed in on the continued delay of the XRP ETF during an interview. Morgan remarked that the approvals of other ETFs suggest that the delay is not due to overarching regulatory lockdowns. Rather, he indicated that the reasons behind XRP’s pending status remain undisclosed, a recurring theme throughout XRP’s regulatory history.
Morgan recalled the protracted nature of Ripple’s legal battles, particularly one involving the SEC, which lasted four and a half years and was the last to be resolved. The conclusion of this case in August 2025 marked an end to one of the crypto industry’s most scrutinized legal disputes. Following the resolution, XRP’s price saw a significant boost of over 9% in just one day, as investors welcomed the newfound clarity. Ripple’s executives framed this outcome as a pivotal moment, shifting their focus back to enhancing their payments network and developing global partnerships.
In light of this context, many anticipated that the approval for XRP’s spot ETF would soon follow. However, weeks have passed without any signs of progress, and the SEC has yet to establish a timeline or offer any explanations for the delay.
As of now, the absence of XRP from the latest surge of ETF approvals has ignited a fresh wave of discussion and frustration within the market. With Ripple’s legal uncertainties finally resolved and other cryptocurrencies like Solana (SOL-USD) and Litecoin gaining traction, investors are left questioning the reasons behind yet another unexplained postponement. Currently, XRP is trading at approximately $2.6336.
