The cryptocurrency market is abuzz with anticipation as XRP exchange-traded funds (ETFs) inch closer to potential approval by the U.S. Securities and Exchange Commission (SEC). With XRP's price reaching $2.05 on April 16, 2025, institutional interest in regulated funds is fueling speculation. Nine major asset managers are vying to launch XRP ETFs, with filings under active SEC review. This article analyzes the top contenders, timelines, and implications for XRP's mainstream adoption.
XRP ETFs: Key Players and Timelines
Nine firms managing between $40 billion and $15 trillion in assets have filed for XRP ETF approval:
- Bitwise (Filed October 2, 2024)
- Canary Capital (Filed October 8, 2024)
- 21Shares (Filed November 1, 2024)
- Grayscale (Filed January 30, 2025)
- WisdomTree (Filed December 2, 2024)
- CoinShares (Filed January 24, 2025)
- ProShares (Filed January 17, 2025)
- Volatility Shares (Filed March 7, 2025)
- Franklin Templeton (Filed March 11, 2025)
Bloomberg analysts Eric Balchunas and James Seyffart estimate a 75% approval probability in 2025, citing Bitcoin ETFs' $95 billion success as precedent.
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May 2025: Front-Runners for Approval
Four ETFs are positioned for potential May 2025 decisions:
| Company | Filing Date | SEC Acknowledgment | Target Decision Date |
|---|---|---|---|
| Bitwise | Oct 2, 2024 | Feb 18, 2025 | May 18, 2025 |
| Grayscale | Jan 30, 2025 | Feb 14, 2025 | May 21, 2025 |
| Canary Capital | Oct 8, 2024 | Feb 18, 2025 | May 19, 2025 |
| 21Shares | Nov 1, 2024 | Feb 14, 2025 | May 22, 2025 |
Grayscale's $16.1 million XRP Trust conversion and Bitwise's early filing position them as strong candidates. Industry observers note these approvals could provide XRP with critical regulatory validation.
Summer 2025: Secondary Wave
WisdomTree: Filed December 2, 2024 (SEC acknowledged February 19, 2025)
- Projected July 2025 decision
CoinShares: Filed January 24, 2025 (SEC acknowledged February 19, 2025)
- Plans Nasdaq listing with August 2025 target
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Late 2025: Longer-Term Prospects
Three filings face extended timelines:
- ProShares (November 2025 target)
- Volatility Shares (December 2025 target)
- Franklin Templeton (December 2025 target)
Franklin Templeton's use of Coinbase Custody and All Things XRP's prediction of full approvals by December 2025 suggest these remain viable long-term plays.
Market Impact and Expert Predictions
Key developments shaping XRP ETF prospects:
- Resolution of Ripple-SEC lawsuit (projected April 2025)
- JPMorgan's $8 billion inflow prediction for SOL/XRP ETFs
- SEC's May 2025 decision deadline for Grayscale/Canary
Attorney Jeremy Hogan links approvals to legal clarity, while Vincent Van Code predicts May 22, 2025 as a pivotal date. The absence of XRP futures markets presents unique SEC evaluation challenges compared to Bitcoin ETFs.
FAQ: XRP ETFs Explained
Q: How do XRP ETFs differ from Bitcoin ETFs?
A: XRP lacks an established futures market, requiring the SEC to evaluate based solely on spot market dynamics.
Q: What's the significance of May 2025 dates?
A: The first SEC review periods conclude then, potentially setting precedent for later filings.
Q: Which firm has the strongest application?
A: Bitwise's first-mover advantage and Grayscale's existing trust structure are competitive strengths.
Q: Could all nine ETFs be approved?
A: Analysts like All Things XRP suggest possible full approval by December 2025.
Q: How might approvals affect XRP's price?
A: Institutional inflows could mirror Bitcoin ETF impacts, though market conditions vary.
Q: What risks remain?
A: SEC scrutiny of XRP's classification and lawsuit outcomes could delay timelines.
Disclaimer: This content is for informational purposes only and not financial advice. Cryptocurrency investments carry risk of loss. Price predictions are speculative and subject to change.