In the quiet town of Wall Street, a curious race unfolded, as if the very air crackled with the anticipation of a long-awaited event, yet the townsfolk remained divided, their opinions as varied as the stars in the night sky. 🧵

The US market already has one XRP-linked ETF – the REX-Osprey XRPR – but traditional spot products are still awaiting approval from the Securities and Exchange Commission (SEC). A bureaucratic dance, one might say, where the choreography is as confusing as a Russian novel. 📚

Current Status: XRP ETFs in the US (October 2025)

A live US product exists: REX-Osprey’s XRPR began trading in mid-September. It uses a ’40-Act hybrid structure (holds XRP directly and via other XRP ETPs). It is not the classic ’33-Act “pure spot” design. A curious mix, like a cat with a dog’s tail. 🐾
Traditional “spot” filings are queued: Multiple issuers, including CoinShares, Grayscale, Bitwise, WisdomTree, 21Shares, and others, have filed or signaled intent for spot XRP ETFs. Their patience is as vast as the Siberian tundra. 🌍
Process friction remains: US regulatory bandwidth has been tight. Filings bunch around October decision windows, but review delays and procedural steps temper near-term odds. A marathon, not a sprint. 🏃♂️
Leveraged wrappers surfaced: At least one issuer has floated leveraged XRP ETF concepts. Those require separate scrutiny and say little about spot approval odds. A red herring, perhaps? 🎭

What a true “spot XRP ETF” would change

The XRPR ETF, which began trading in September, gives investors indirect exposure to XRP through a hybrid structure. It’s like a Russian doll – layers upon layers, but does it truly hold the treasure? 🎁

It holds XRP directly and through other XRP-based funds, offering regulated access to the token without requiring crypto wallets. A noble effort, though one wonders if the masses will embrace it. 🧠

Despite a strong debut, XRPR’s performance has been muted, reflecting broader market caution and thin inflows. A yawn in the market, perhaps? 😴

Meanwhile, several asset managers – including CoinShares, Grayscale, and Bitwise – have filed for traditional spot XRP ETFs. Their ambitions are as high as the clouds, but the ground is shaky. 🌥️

October is ETF month. Many final deadlines by mid October.

We’re expected to see approvals on ETFs from a variety of major altcoins like $SOL, $XRP, $LTC & $DOGE.

Non of the ones with the deadline in October were issued by Fidelity or Blackrock, which are the two major players…

– Daan Crypto Trades (@DaanCrypto) September 28, 2025

These filings follow the 19b-4 and S-1 process under the Securities Act of 1933, the same path used by Bitcoin and Ethereum ETF applicants. A well-worn road, yet fraught with potholes. 🛣️

However, the US government shutdown and SEC backlog have delayed decisions expected between October 18 and 25. A delay as inevitable as the coming of winter. ❄️

If approved, a spot XRP ETF would allow investors to gain exposure through mainstream brokerage platforms. A bridge between the old world and the new, though one might question its sturdiness. 🌉

It would also enable institutional funds and registered investment advisors to hold XRP in compliance with portfolio rules. A step toward legitimacy, but not a revolution. 🧑‍💼

Will a Spot Approval Move XRP Price? A Realistic Take

Short term: a tradable catalyst-tempered

Expect a pre-decision run-up if approval odds rise, then a “buy-the-rumor/sell-the-news” dynamic around the event. A dance of hope and despair. 💃🕺
The move’s size hinges on how much is already priced from XRPR’s launch and earlier speculation. The market, as always, is a fickle lover. ❤️💔

Medium term: flows determine trend

Sustained upside needs persistent net creations and evidence that wealth platforms actually place the fund on approved lists. A test of patience and trust. 🕰️
If advisors allocate even small model weights, price support can compound. If allocations stall, the post-launch drift can fade. A tale of two outcomes. 📈📉

Why the move may be smaller than BTC/ETH events

Precedent effect: BTC and ETH were “firsts” in their lanes; XRP would follow after the market learned how to route crypto ETF orders. A student in the class of pioneers. 🎓
Existing proxy: XRPR already channels demand. A pure spot fund is incremental, not revolutionary. A drop in the ocean. 🌊
Issuer mix and fees: If fees land high or distribution is narrow, inflows soften. A barrier to entry, much like a locked door. 🔒
Supply optics: Ongoing escrow releases and legacy distribution overhangs can blunt net-inflow impact. A storm cloud on the horizon. ⛈️

Ultimately, the approval of a spot XRP ETF would be directionally bullish but not transformative on its own. A whisper in the wind, not a roar. 🌬️

The real test will come after launch – when capital flows, liquidity, and institutional adoption reveal whether the product truly changes how investors engage with XRP. A test of time, perhaps. ⏳

Until then, the altcoin’s price will continue to move more with market sentiment and macro conditions than with regulatory headlines. A tale as old as time. 📜

2025-10-17 00:47

XRP ETFs: A Tale of Delays and Market Whispers 📉