A surge in XRP ETF proposals followed a decisive legal turning point after the SEC–Ripple lawsuit concluded with a reported settlement near $50 million, removing a major regulatory overhang and prompting a wave of filings for spot XRP ETFs. Market participants and issuers point to legal clarity and the precedents set by spot Bitcoin ETFs as the main drivers behind rising XRP ETF interest.
By marzo de 2025 nine companies had filed for XRP ETF products and eleven issuers were actively pursuing applications, a jump that accelerated after the lawsuit’s resolution in agosto de 2025. The launch cadence in late 2025 included agile issuers such as Canary Capital, Bitwise and Franklin Templeton; Canary Capital’s XRPC ETF opened on 13 de nov. de 2025 with over $46 million in initial‑hours trading volume, underscoring immediate investor access demand. Bloomberg analysts estimated the probability of XRP ETF approvals at over 95% by year‑end 2025, a signal that encouraged additional filings.
A separate catalyst was the prior filing of futures‑based XRP ETFs — including a July 2025 filing from ProShares — which established operational precedents and market plumbing that issuers view as de‑risking a subsequent spot product. The reopening of U.S. government operations was also cited as likely to speed regulatory throughput, reducing the calendar risk that stalled earlier proposals.
Why XRP ETF proposals are rising
Large asset managers are taking a measured stance, with institutional hesitancy centering on remaining regulatory ambiguity, potential compliance risk, and market‑integrity concerns. The SEC’s earlier actions — including a prior appeal related to programmatic sales that was later dropped — left some legacy risk in compliance teams’ playbooks, and a backlog of 92 crypto ETF applications has created an operational choke point at the regulator.
Firms such as BlackRock and Fidelity reportedly prioritize assets with clearer client demand profiles or more established regulatory frameworks, exemplified by moves into Ethereum staking and Solana products instead of immediate XRP filings. Executives cite the absence of robust surveillance‑sharing agreements for many altcoins, which complicates fraud and manipulation detection; after Canary’s launch, more than 200 million XRP reportedly moved in 48 hours and XRP’s price fell about 11% in a sell‑the‑news reaction, illustrating the market‑integrity risk that large fiduciaries seek to avoid.
Market signals add to the caution: despite active ETF listings and $676 million AUM cited for spot products by late 2025, on‑chain transaction volume reportedly fell 50%, a divergence that reinforces doubts about immediate utility growth versus speculation‑driven flows. Some analysts project aggressive upside scenarios — $9–$11 post‑approval and $10–$20 by 2027 with large market‑cap expansion — but these remain conditional on demand and market structure improvements.
