The cryptocurrency world is watching closely as the long-anticipated approval of spot XRP ETFs inches closer to reality. With the Ripple vs. SEC lawsuit nearing resolution, momentum has built around the potential launch of exchange-traded funds tied to XRP. Multiple major asset managers have officially filed applications, all of which have now cleared the initial regulatory hurdle with acknowledgment from the U.S. Securities and Exchange Commission (SEC).
This development has sparked renewed optimism across the XRP community, especially after expert insights from All Things XRP shed light on expected approval timelines for all nine pending spot XRP ETFs.
Current Status of the 9 Spot XRP ETF Applications
All nine spot XRP ETF filings have received formal recognition from the SEC, marking a critical first step in the regulatory review process. While final approval is still pending, the fact that these applications are actively under review signals growing institutional interest and increasing regulatory openness to crypto-based financial products.
The timeline for approvals appears to be unfolding in phases, with the earliest decisions expected in May 2025 and the final ones potentially stretching into December 2025.
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May 2025: First Wave of Approvals Expected
According to All Things XRP, the first wave of approvals will likely come in May 2025, led by some of the most prominent names in asset management.
Bitwise
Bitwise, known for its early involvement in crypto ETFs, submitted its spot XRP ETF application on October 2, 2024. The SEC acknowledged the filing on February 18, 2025, setting the stage for a decision by May 18, 2025. Given Bitwise’s successful track record with other crypto ETFs, many analysts view this as one of the strongest candidates for early approval.
Canary Capital
Canary Capital entered the XRP ETF race with an application filed on October 8, 2024. Like Bitwise, it received SEC acknowledgment on February 18, 2025. The projected approval date is May 22, 2025, positioning Canary as another front-runner in the regulatory queue.
21Shares
Swiss-based 21Shares, now part of ARK Invest’s ecosystem, filed its XRP ETF proposal on November 1, 2024 (corrected from original error stating 2025), and secured SEC recognition on February 14, 2025. With experience in launching physically backed crypto ETFs in Europe, 21Shares is seen as a credible contender. Approval is expected by May 22, 2025.
Grayscale
Grayscale, already a dominant player in crypto investment vehicles, filed to convert its existing XRP Trust into a spot ETF on January 30, 2025. The SEC acknowledged the conversion request on February 14, 2025. With precedent set by Grayscale’s successful Bitcoin ETF conversion, approval by May 21, 2025 seems increasingly plausible.
July–August 2025: Mid-Year Approvals on the Horizon
Following the initial wave, two more major players are expected to receive approval during the summer months.
WisdomTree
WisdomTree submitted its XRP ETF application on December 2, 2024, and gained SEC acknowledgment on February 19, 2025. With a well-established presence in thematic and digital asset ETFs, WisdomTree is projected to receive approval by July 2025, assuming no major regulatory delays.
CoinShares
European digital asset firm CoinShares filed its application on January 24, 2025—relatively late compared to others—but still managed to secure SEC acknowledgment just a month later on February 19, 2025. Despite the shorter review window, experts anticipate approval by August 2025, reflecting growing confidence in standardized crypto ETF frameworks.
Final Approvals Expected by Year-End 2025
The last three applicants are anticipated to receive decisions in the latter half of the year, culminating in a possible full sweep of approvals before December 31, 2025.
ProShares
Known for launching the first U.S. Bitcoin futures ETF, ProShares filed its spot XRP ETF application on January 17, 2025, and received SEC acknowledgment on March 3, 2025. While slightly behind the early movers, ProShares remains a strong candidate due to its regulatory experience. Approval is forecasted for November 2025.
Volatility Shares
Volatility Shares entered the space with an application dated March 7, 2025—among the latest filings—and was acknowledged by the SEC on March 24, 2025. Due to its later entry, review timelines are longer, with approval expected by December 2025.
Franklin Templeton
Global asset management giant Franklin Templeton filed its Ripple ETF proposal on March 11, 2025, and received SEC recognition on March 27, 2025. Although new to crypto ETFs, Franklin Templeton’s reputation and compliance rigor position it well for final-year approval—also projected for December 2025.
Notably, recent developments such as NYSE Arca approving Teucrium’s 2X Long Daily XRP ETF indicate growing exchange readiness for XRP-linked products.
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Frequently Asked Questions (FAQ)
Q: What is a spot XRP ETF?
A: A spot XRP ETF is an exchange-traded fund that directly holds XRP tokens as underlying assets, allowing investors to gain exposure to XRP’s price movements without owning the cryptocurrency directly.
Q: Why is SEC approval important for XRP ETFs?
A: SEC approval ensures regulatory compliance, investor protection, and market legitimacy. It allows these funds to be listed on major stock exchanges and offered to retail and institutional investors nationwide.
Q: How many XRP ETFs are currently under review?
A: As of early 2025, there are nine spot XRP ETF applications officially under review by the SEC.
Q: Will all nine XRP ETFs be approved?
A: According to expert analysis from All Things XRP, all nine are expected to be approved by December 2025, assuming no major legal or regulatory setbacks.
Q: Can I invest in an XRP ETF now?
A: Not yet. While applications are progressing, no spot XRP ETF has received final approval. Investors should monitor official SEC announcements and trusted financial news sources.
Q: How might an approved XRP ETF impact XRP’s price?
A: Historically, ETF approvals (e.g., Bitcoin) have led to increased demand, liquidity, and institutional adoption—potentially driving upward price pressure on XRP.
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Conclusion
The path toward spot XRP ETF approvals is gaining clarity. With nine major asset managers in the running and defined timelines emerging for regulatory decisions throughout 2025, investor anticipation continues to build. From Bitwise and Grayscale leading the charge in May to Franklin Templeton closing out the year’s queue, each step forward strengthens the case for broader crypto institutionalization.
As legal clarity improves and market infrastructure evolves, the potential launch of XRP ETFs could mark a transformative moment not only for Ripple but for the entire digital asset ecosystem.
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