Which XRP ETFs Are Closest To SEC Approval in 2025

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The excitement around XRP ETFs is building rapidly as institutional interest surges and regulatory scrutiny intensifies. On April 16, 2025, XRP reached a price of $2.05, reflecting a modest 1% gain over seven days—yet behind this stability lies growing anticipation. Major asset managers are positioning themselves for a pivotal shift: the potential approval of XRP exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Nine prominent financial firms have formally filed applications to launch XRP ETFs, signaling strong confidence in the digital asset’s long-term viability. With combined assets under management ranging from $40 billion to as high as $15 trillion, these institutions are betting on regulatory clarity and market expansion. This article explores which XRP ETFs are closest to SEC approval, based on filing timelines, expert analysis, and recent regulatory developments.

Key Players in the XRP ETF Race

The race to bring the first XRP ETF to market includes some of the most influential names in asset management and digital finance:

All nine submitted their applications between October 2024 and March 2025. Each filing has been officially acknowledged by the SEC, initiating a review process that can extend up to 240 days. The order of filing, timing of SEC acknowledgment, and proposed decision dates offer key clues about which proposals may break through first.

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Early Contenders: May 2025 Decision Window

Four XRP ETF applications are currently on track for final SEC rulings in May 2025—making them the frontrunners in the race.

Bitwise was the first to file, submitting its application on October 2, 2024. The SEC formally acknowledged the filing on February 18, 2025, setting a target decision date of May 18, 2025. As one of the earliest movers in crypto ETF innovation, Bitwise’s experience with regulated digital asset products gives it a strategic edge.

Grayscale aims to convert its existing XRP Trust—valued at $16.1 million—into a full-fledged ETF. It filed on January 30, 2025, received SEC acknowledgment on February 14, and is now targeting May 21, 2025, for a decision. Grayscale’s prior success with Bitcoin and Ethereum ETF conversions strengthens its credibility.

Canary Capital and 21Shares also fall within the May window. Canary filed on October 8, 2024; 21Shares followed on November 1, 2024. Both received SEC confirmations in mid-February and are eyeing approval dates between May 19 and May 22, 2025.

According to All Things XRP, a respected voice on the X platform, these four applicants represent the most likely first wave of approvals. Their early filings and consistent progress suggest they’re best positioned to meet regulatory expectations.

Mid-Year Momentum: Summer 2025 Outlook

If May marks the beginning of approvals, summer could bring broader market access.

WisdomTree filed its XRP ETF application on December 2, 2024, and secured SEC acknowledgment on February 19, 2025. The firm is targeting a July 2025 decision, aligning with its established track record in digital asset ETF development.

CoinShares, another leader in crypto investment products, filed on January 24, 2025, with acknowledgment coming just days later on February 19. Its proposed listing on Nasdaq adds visibility and liquidity appeal. The expected decision window is August 2025, giving it time to refine disclosures and meet compliance benchmarks.

These mid-year candidates benefit from delayed but deliberate timelines—allowing more room for dialogue with regulators and structural adjustments if needed.

Final Push: Late 2025 Filings

Three firms entered the race later and face extended review periods.

ProShares, known for its innovative ETF structures, filed on January 17, 2025, but only received SEC acknowledgment on March 3, 2025. Its target decision date is November 2025, reflecting the longer processing queue for later entrants.

Volatility Shares submitted its application on March 7, 2025, acknowledged by the SEC on March 24. It aims for a December 2025 approval. Similarly, Franklin Templeton—a giant in traditional finance—filed on March 11, gained recognition on March 27, and also targets December.

Notably, Franklin Templeton has partnered with Coinbase Custody for asset security—a detail that may reassure regulators concerned about custody standards.

All Things XRP predicts all nine applications will be resolved by the end of December 2025—a full-year rollout that could gradually normalize XRP within mainstream investment portfolios.

FAQ: Common Questions About XRP ETFs

Q: Why are XRP ETFs important for investors?
A: XRP ETFs would allow retail and institutional investors to gain exposure to XRP through traditional brokerage accounts, without managing private keys or using crypto exchanges—lowering barriers to entry and enhancing regulatory oversight.

Q: What factors influence SEC approval?
A: The SEC evaluates market manipulation risks, custody solutions, transparency of the underlying asset, and precedent from previous crypto ETFs (like Bitcoin and Ethereum). The resolution of the Ripple-SEC lawsuit in April 2025 is also seen as a critical catalyst.

Q: Can XRP support a spot ETF without futures contracts?
A: Unlike Bitcoin or Ethereum, XRP lacks a regulated futures market—which the SEC often uses as a pricing benchmark. However, growing spot trading volume and improved market surveillance tools may compensate for this gap.

Q: How might approved XRP ETFs impact price?
A: Analysts project significant inflows. JPMorgan estimates that approved XRP and Solana ETFs could attract up to $8 billion in new capital. Increased demand from institutional channels typically leads to upward price pressure over time.

Q: Are all nine ETFs likely to be approved?
A: While not guaranteed, experts like Bloomberg’s Eric Balchunas assign a 75% chance of approvals in 2025—especially for early filers. Regulatory consistency and market maturity improve odds across the board.

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What’s Next for XRP in Traditional Finance?

XRP ETFs follow in the footsteps of Bitcoin and Ethereum ETFs, which collectively held $95 billion in assets by March 12, 2025. Their success has paved the way for broader adoption of digital assets within regulated financial systems.

Legal clarity from the Ripple-SEC lawsuit resolution in April 2025 is widely viewed as the final hurdle. Attorney Jeremy Hogan emphasizes that a favorable outcome removes a major obstacle to approval.

Without an active futures market, the SEC faces added complexity in evaluating fair pricing and anti-manipulation safeguards. Yet increasing trading volume on compliant platforms and stronger custody frameworks—like those used by Franklin Templeton—are helping close the gap.

Experts like Vincent Van Code predict key decisions by May 22, 2025, while Matthew Sigel of VanEck supports the view that demand is ready—now it's a matter of regulatory timing.

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Final Thoughts

The path to XRP ETF approval is narrowing. With Bitwise, Grayscale, Canary Capital, and 21Shares leading the charge in May 2025, followed by WisdomTree and CoinShares in summer, and ProShares, Volatility Shares, and Franklin Templeton rounding out year-end plans—the timeline suggests a structured rollout.

Approval would mark a turning point: integrating XRP into mainstream finance, expanding investor access, and reinforcing its legitimacy alongside other major cryptocurrencies.

As institutional momentum builds and regulatory signals clarify, May 2025 could be the month that changes everything for XRP.

Core Keywords: XRP ETF, SEC approval, cryptocurrency ETF, Grayscale XRP Trust, Bitwise XRP ETF, institutional crypto investment, Ripple-SEC lawsuit