ETF filing brings XRP back to the spotlight
When financial companies deploy crypto exchange trade funds (ETFs), they often indicate that assets are moving from the niche to the mainstream.
Bitcoin (BTC) and Ether (ETH) Exchange Trade Funds (ETFs) are already traded in the US, raising billions of dollars from institutions and retail investors who want to be exposed without directly holding tokens.
At present, attention is shifting to XRP (XRP), the native digital asset of Ripple’s payment network.
On the surface, XRP looks like an unlikely candidate. He spent years fighting the fight against the US Securities and Exchange Commission and has no cultural weight of Bitcoin or ether. Still, key asset managers have submitted ETF applications (and analysts are split over whether investors will bite or not).
Nate Gelach, who leads ETF stores and closely tracks the ETF market, believes skeptics underestimate demand. He compares today’s doubts with early pushbacks to Bitcoin and etheric ETFs.
In this article, we will explore why there is funding to consider XRP as a dark horse on Wall Street despite its declining luggage and brand power. It is a token that can surprise doubts if ETF approval is obtained.
Did you know? In July 2023, a US court ruled that XRP itself is not security when sold in the secondary market.
XRPETF?
The potential for the Spot XRP ETF has shifted to the spotlight as regulators sift through floods in Crypto Fund applications.
Currently, seven spot XRP ETF filings are under SEC review, with Solana just ahead of the list with eight. In total, there are 92 cryptographic proposals.
The applicant list includes celebrities. Although applications for WisdomTree were delayed in August, companies like 21Share and Bitwise submitted multiple amendments set at fall deadlines, raising expectations for a busy decision season this fall.
Established managers such as Grayscale, Franklin, and Canary Capital will appear in the mix, as will new participants experimenting with more complex products, such as leverage and derivative-based XRP exposure.
Some publishers look beyond simple price tracking. For example, Amplify proposes a fund that combines XRP exposure and cover call strategies to generate yields.
Together, this wave of filing and product innovation has attracted attention from across Web3.
Did you know? Ripplenet, Ripplenet, the enterprise payment network that uses XRP for liquidity, has already been integrated with over 70 countries and over 1,000 financial institutions around the world.
What’s going on in October?
Between October 18th and October 25th, 2025, SEC is set up to dominate six major spot XRP ETF applications.
The calendar is packed with:
- Grayscale (October 18th)
- 21 shares (October 19th)
- Bitwise (October 20th)
- Canary (October 23)
- WisdomTree and Coinshares (October 25th).
In addition to the stakes, Ripple’s National Bank Charter application (under review by the office of the Secretary of the Currency) will also be decided in the same October window.
If approved, Ripple has acquired the ability to operate as a federally supervised banking institution, opening the doors to regulated payments, custody and services, far beyond the code.
Why doubly results are important together
ETF Bank Charter: Analysts argue that the green light on both fronts can not only be invested in XRP, but can institutionalize it as operational integrity.
ETF only or charter only: even one approval can trigger momentum. ETFs justify XRP as an investment product, and the banking charter strengthens trust in its usefulness. But in itself, neither would have the complete effect of legalized legality.
Neither is approved: double rejection causes a sharp blow to the emotions. Optimism could decline, US adoptions would stall, and XRP could be pushed back into speculative territory until a new regulatory path opens.
XRP, “Dark Horse” explained
The case of XRP as a dark horse on Wall Street comes down to the belief that demand is widely underestimated.
Nate Jelach argues that “people are strictly underestimating investor demand for spot XRP & SOL ETFs,” pointing to how early doubts about Bitcoin and etheric funds disappeared when billions began to flow.
The market backs him up. CME XRP futures already exceed $1 billion of open profits (fastest growth in crypto derivatives contracts), indicating actual institutional involvement.
Estimates of ETF inflows are added to the case. The CEO of Canary Capital will project as much as $5 billion in initial demand, while JPMorgan analysts estimate it will be nearly $8 billion a year if approvals are completed.
For context, investors have already committed $380 million to products like XRP-related ETFs. This proves that capital is ready to move into assets.
Innovation also plays a role.
Remember, Amplify applied for an ETF that generates revenue through XRP options and offered a yield-driven design rather than a simple price tracking.
Canary capital, along with Bitcoin, lined up XRP as one of the rare crypto assets that “resonate with Wall Street pros.”
Did you know? On SBI VC Trade, a major Japanese crypto exchange, XRP was the second most traded code in April 2025. The XRP was followed by ether.
Skepticism and risk
About all optimism, skepticism continues to hide the outlook for XRP’s ETF, especially among the largest institutions.
BlackRock, for example, explicitly refused to pursue a US spot XRP ETF, citing “client interest is limited” and regulatory uncertainty. This reluctance from the heavyweight multinational investment serves as a reminder that not all industry leaders are yet to be convinced of XRP’s long-term potential.
Analysts are also on guard. One strategist warned that launching an XRP ETF can “mark the beginning of the end,” suggesting that the product may be struggling to provide lasting returns or maintain an investor’s influx.
Market dynamics drive those questions. The XRP prices are bounced between $2.75 and $2.88, with liquidation over $19 billion tied to on-chain activity in shifts.
But at the same time, the institution’s wallets accumulated XRP worth $928 million. Therefore, there is an uneasy balance between speculative termination and strategic positioning.
Finally, regulated clocks are far from being solved. The verdict is expected by the second half of 2025, but delays or rejections could limit momentum, halt trust and keep influx calm.
The fate of XRP depends on the October ruling and Ripple’s Bank Charter bid. Winning can push it into the mainstream. The losses can solidify long-lasting doubts. In any case, the next chapter will be decisive.