A Ripple ETF (spot XRP ETF) has emerged as a real topic lately—expectation, speculation, regulatory dance—the whole thing. It’s not just crypto chatter anymore; this could shape how traditional investors access XRP through mainstream channels.
But let’s not get ahead of ourselves. There have been filings, withdrawals, launches, and even a few unexpected twists. So here’s the rundown on the current state of the Ripple ETF saga, as if two years of crypto drama got condensed into a newsroom briefing.
Regulatory Landscape and Legal Turnabouts
In February 2025, the SEC acknowledged key filings for an XRP ETF by NYSE/Grayscale, officially starting a 240-day clock on decision-making. This marked the first formal regulatory step toward a U.S.-based spot XRP fund, despite Ripple still fighting its long-standing SEC lawsuit.
Meanwhile, the long legal battle between Ripple and the SEC took a significant turn in March 2025 when the regulator dropped its appeal—week, huh? That action effectively closed the case and cleared a big roadblock for institutional products like ETFs. Bloomberg analysts even raised XRP ETF approval odds to over 60% for 2025.
By mid-2025, filings from asset managers such as Grayscale, Bitwise, WisdomTree, Franklin Templeton, Canary Capital, and 21Shares were all in the pipeline. Some expert trackers predicted approvals could land as early as May through August, based on SEC timelines.
Institutional Momentum and Filings
Several major financial players have shown strong interest:
- Grayscale filed in January 2025 to convert its XRP Trust into an ETF, listing on the NYSE. At the time, that Trust held about $16 million worth of XRP.
- Franklin Templeton entered the mix with its own preliminary ETF filing in March, proposing to track the XRP spot price with assets held via Coinbase Custody.
- WisdomTree also submitted a spot ETF application by late 2024, and it moved closer to review mid-2025.
Interestingly, CoinShares also joined the queue, aiming for a spot product, though the SEC’s review timeline is typical—240 days, no rejections yet.
By late 2025, some of these ETF applications had evolved into amended S‑1 filings, and listings were underway on DTCC, potentially fast‑tracking approvals under SEC procedures.
Market Reactions: Launches, Withdrawals, and Volatility
The crypto market responded in kind:
- Volatility Shares rolled out the first U.S.-listed XRP futures ETF, ticker XRPI, on Nasdaq in May 2025. That’s not a spot ETF, but it’s a milestone for XRP-based investment products.
- According to Reddit chatter (and verified by filings), Franklin Templeton launched an XRP ETF on NYSE Arca late in 2025, driving an approximate 8% price surge in XRP.
- However, WisdomTree withdrew its spot XRP ETF application in January 2026, citing a saturated market and strong early momentum from firms like Bitwise and Grayscale.
Meanwhile, early 2026 saw the first net outflows from XRP ETFs—$40.8 million withdrawn on January 7—ending a 54-day inflow streak and signaling investor caution; XRP prices fell from around $2.42 to near $2.08.
Expert Perspective
What’s behind the frenzy?
“Enormous message [in my opinion],” said Nate Geraci, President of the ETF Store, after the SEC acknowledged Ripple-related filings—highlighting the symbolic shift in institutional sentiment.
Institutional appetite for regulated crypto exposure is clearly evolving, guided not just by crypto hype but legal certainty.
Summary of Key Developments
| Milestone | What Happened |
|——————————–|——————————————————————————–|
| Feb 2025 | SEC acknowledged Grayscale, 21Shares, Bitwise filings — clock started ticking |
| Mar 2025 | SEC dropped Ripple lawsuit appeal — cleared path for ETFs |
| Early filings were submitted | Grayscale, Franklin Templeton, WisdomTree, etc. entered ETF race |
| Mid‑2025 | Futures ETF launched, spot ETF applicants amending filings |
| Late 2025 | S‑1 updates, DTCC listings, and early ETF launches took place |
| Early 2026 | Market sees first outflows; WisdomTree withdraws amid saturation |
Final Thought
The Ripple ETF landscape has shifted from speculation to execution. What seemed unlikely just a couple years ago—regulated XRP exposure via ETFs—has materialized into actual products, filings, and fund flows. Legal clarity, combined with institutional infrastructure, has made this possible.
But volatility, competitive positioning, and regulatory dynamics continue to influence the journey. Classic crypto unpredictability, right?
Ultimately, investors and stakeholders should monitor:
- ETF fund flows and investor sentiment
- Performance of live products vs. market expectations
- Any fresh regulatory developments or product filings
These will shape how U.S.-listed XRP ETFs evolve—and whether XRP truly earns a place alongside BTC and ETH in regulated portfolios.
FAQs
What is a Ripple ETF?
A Ripple ETF—more accurately, a spot XRP ETF—offers investors exposure to the XRP token via a regulated fund, without necessitating token ownership or custody. It typically tracks XRP’s market price via trusted data providers.
Why has the SEC only recently allowed ETF filings?
The SEC paused its appeal in Ripple’s court case, essentially dismissing it around March 2025. That legal clarity incentivized institutions to file XRP ETF proposals.
Which firms have filed for a spot XRP ETF?
Major players include Grayscale, Franklin Templeton, Bitwise, WisdomTree (withdrawn later), 21Shares, Canary Capital, and CoinShares. Each is at different stages of the SEC’s 240-day review process.
Have any XRP ETFs launched in the U.S.?
Yes. Volatility Shares launched a futures-based XRP ETF (ticker XRPI) in May 2025, and late 2025 saw Franklin Templeton debut a spot-style ETF on NYSE Arca.
Why did WisdomTree withdraw its ETF application?
WisdomTree pulled its spot XRP ETF filing in early 2026, citing a crowded market dominated by earlier entrants like Bitwise and Grayscale. Entering late created competitive disadvantages.
What does early 2026 fund flow data suggest?
January 2026 saw the first net outflows from XRP ETFs—$40.8 million—ending nearly two months of continuous inflows. The move triggered a roughly 14% drop in XRP’s price, signaling cooling momentum.
