Although definitive timing remains subject to the Securities and Exchange Commission’s final procedural determinations, the coordinated filings by Canary Capital, Bitwise, Franklin Templeton and 21Shares have markedly increased the probability of imminent approval for spot XRP exchange-traded funds, signaling a potentially pivotal shift in institutional access to XRP. The four firms submitted amended S-1 registration statements incorporating standardized listing language intended to align the proposed products with existing 8(a) review pathways, a procedural posture that mirrors the expedited approaches used during the Bitcoin and Ether ETF cycles earlier in 2025. That alignment, paired with the appearance of five spot XRP ETFs on the DTCC pre-launch list, has been interpreted by market participants as a potential fast-track toward automatic approval, although the SEC retains discretion and could still impose clarifying conditions. The DTCC’s listing of issuers including Canary Capital, Bitwise, Franklin Templeton and 21Shares on Nov. 7 has been cited as a key market signal, reflecting the DTCC update. Market responses were immediate and pronounced. XRP jumped 6.2% to $2.40 on November 10, 2025, breaking decisively above $2.35 resistance on volume 169% above the recent average, and reached new cycle highs near $2.43 before consolidating. Trading dynamics showed concentrated interest around the $2.39–$2.395 support band, and institutional flows accelerated across major exchanges in the wake of the filings, contributing to an 11% surge over a 24-hour interval. Volume metrics underscore heightened participation from both institutional desks and retail traders positioning for potential ETF-driven inflows. Institutional appetite has been further evidenced by Ripple’s recent $500 million strategic funding round, backed by major players including Citadel Securities, Fortress, Pantera, Galaxy Digital, Brevan Howard and Marshall Wace, a development that tripled Ripple’s valuation to approximately $40 billion. Partnerships with Mastercard and Gemini, and initiatives to integrate regulated open-loop stablecoins into card payments, strengthen Ripple’s commercial narrative and provide additional utility context for institutional investors considering XRP exposure. Projections estimate that new spot XRP ETF funds could catalyze roughly $5 billion in initial market inflows, though analysts caution about an information asymmetry between informed institutional actors and broader public markets. The trajectory now depends on the SEC’s final procedural determinations and any residual regulatory questions, leaving approval probable but not guaranteed. Recent market data also showed a significant uptick in on-chain activity and trading volume, reinforcing investor optimism about imminent product launches and renewed interest. Unlike XRP, Kaspa’s lack of derivatives contracts and regulatory challenges continue to delay similar ETF development.
