According to a recent report by Coinbase Institutional Research, the United States Securities and Exchange Commission (SEC) is currently reviewing more than 90 applications for exchange-traded funds (ETFs). Among these, interest in XRP-related ETFs is gaining considerable traction. James Seyffart, a senior ETF analyst at Bloomberg, forecasts a wave of crypto-related exchange-traded products (ETPs) set to launch in the upcoming 12 to 18 months, with strong potential for XRP to be included.
Coinbase points out that several firms have recently amended their filings with the SEC for XRP ETFs, signaling a positive outlook for approval. Grayscale appears to be leading the pack, with its XRP ETF submission, filed on January 13, 2025, positioned strongly. The SEC is expected to make a decision regarding this application by October 18, 2025. Grayscale’s established success in managing well-known Bitcoin and Ethereum ETFs lends further credibility to its XRP proposal.
Other contenders in the XRP ETF race include 21Shares and Bitwise, both of which are advancing simultaneously through legal channels. 21Shares submitted its application on November 21, 2024, while Bitwise filed its application shortly after on December 2, 2024. Both companies face decision dates of October 19 and October 20, 2025, respectively.
As these developments unfold, the crypto community anticipates that Ripple’s native cryptocurrency, XRP, may regain momentum after recently dipping 18% from its peak of $3.65. Alongside growing enthusiasm for XRP ETFs, analysts note that the SEC is currently reviewing 11 spot XRP ETF applications, with projected approval probabilities reaching as high as 95% by the fourth quarter of 2025, according to MEXC.
Currently, the ProShares Ultra XRP ETF, a futures-based and 2x leveraged product, is already live, paving the way for further spot ETF approvals. Among the top candidates, Grayscale’s XRP ETF stands out due to its strong track record and the favorable outcome of the Ripple lawsuit, which clarified XRP’s status as a non-security.
Meanwhile, the 21Shares and Bitwise XRP ETFs are gaining steam with robust trading futures and Coinbase custody support, which could enhance their approval chances. The SEC’s recent pro-crypto stance under the leadership of Paul Atkins is also seen as a positive indicator.
While there are potential risks, such as liquidity issues or possible delays from the SEC if futures trading volumes decrease, other proposals like the WisdomTree XRP ETF and Canary Capital XRP ETF are also in the mix but have a weaker edge due to their later submission dates. Despite these challenges, the approval odds for the XRP ETF landscape remain promising, with expectations of significant developments on the horizon.
