The discussion of the XRP ETF has shifted from crypto Twitter to Wall Street trading desks.
Analysts indicate that inflows over the past few months may exceed $1 billion.
Changes in SEC rules have simplified the listing process for spot crypto funds.
Approval is not guaranteed, but momentum is rapidly building.
The conversation about the spot XRP exchange-traded fund (ETF) has moved from crypto Twitter to real trading desks.
Two factors are driving this change. First, ETF experts Nate Geraci and Bitwise Chief Investment Officer Matt Hougan state that the market has underestimated the demand for a spot XRP ETF. Geraci warns that investors are "seriously" underestimating the flow of funds, while Hougan suggests that the fund could reach approximately $1 billion in assets within the first few months of trading.
Second, the market infrastructure for spot crypto funds in the U.S. has developed. The Securities and Exchange Commission (SEC) has adopted universal listing standards, shortening the approval path for certain spot crypto ETFs, and exchanges have begun listing altcoin products under the new framework.
None of this guarantees approval for XRP, but it explains why the discussion has become serious.
The spot XRP ETF will be held by qualified custodians who will hold XRP and issue shares that track the fund's net asset value through a standard creation and redemption process. This structure is important because it allows for exposure to XRP in brokerage accounts, advisor model portfolios, and retirement platforms, providing familiar reporting and tax treatment.
This is different from futures-based products, which track derivatives rather than the asset itself and may deviate from spot prices. The SEC's rule change in September 2025 did not approve all crypto ETFs but created a unified starting line rather than a one-time approval.
In mid-September 2025, the SEC adopted universal listing standards, allowing major exchanges to list certain spot crypto exchange-traded products (ETPs) based on a unified set of rules rather than one-time approvals. This change simplified the listing process but did not eliminate regulatory oversight or review of ineligible products.
This was followed by a government shutdown in October, which slowed the pace of employee reviews. Even so, a few altcoin spot products, including Litecoin (LTC) and Hedera (HBAR), have moved forward through existing paths. These should be viewed as edge cases rather than full approvals.
For XRP, several well-known issuers have submitted or expressed intent. The timeline may still change as the SEC considers three familiar questions:
Monitoring: Is the market monitorable and resistant to manipulation?
Custody: Are the asset custody arrangements robust and insured?
Investor protection: Do pricing and disclosure hold up in the real world?
In short, the road is open, products are lined up, but no U.S. spot XRP ETF has been approved yet.
The bullish case is based on three factors:
Distribution: Advisors prefer ETFs over opening trading accounts for clients. ETFs unlock registered investment advisor and retirement channels.
Infrastructure is in place: The authorized participants, market makers, and monitoring protocols established for Bitcoin and Ethereum (ETH) ETFs can extend to other spot products.
Unique argument: XRP's long-standing selling point focuses on cross-border payments and settlements, providing allocators with a narrative different from Bitcoin's "digital gold."
Based on this setup, Geraci and Hougan believe that the first wave of demand may exceed expectations, potentially surpassing $1 billion early on. This is a prediction, not a promise, but it explains why trading desks are already simulating scenarios.
Even with universal standards, approval is not automatic. The SEC can still question whether the spot XRP market is sufficiently resistant to manipulation and whether monitoring sharing is robust. It may also review whether custody and insurance arrangements are adequate and whether pricing sources are reliable across venues.
The backlog caused by the government shutdown may concentrate decision-making later this year. The road is shorter than in 2023-2024, but there are still checkpoints.
Investors outside the U.S. have already had access to physically-backed ETPs that directly hold XRP.
Two of the largest are the 21Shares XRP ETP (AXRP) listed on the Swiss Stock Exchange and the CoinShares Physical XRP listed on multiple European exchanges. These are not U.S. ETFs; they are locally managed ETPs with different investor protections and tax treatments.
U.S. investors can also purchase XRP on compliant cryptocurrency exchanges, but this route involves self-custody decisions, counterparty risks, and decentralized trading venues.
Thinking this way is misguided.
The investment story for Bitcoin centers on scarcity and macro hedging, while XRP focuses on payment infrastructure and fast settlements. If an XRP ETF launches, it will not replace Bitcoin's role. It will provide advisors with more options for seeking payment-themed allocations in traditional accounts.
Pricing and liquidity will still depend on the underlying spot market and the ETF's ability to track them. Creation and redemption efficiency, spreads, and market maker depth will all play a role.
Indeed, Wall Street's interest in the XRP ETF is not just a passing fad. The mechanisms are now familiar, distribution channels are in place, and credible analysts believe demand may exceed expectations.
But the SEC still needs to approve the product, and timing may vary with personnel changes and market quality reviews. If you are tracking this story, separate the odds of approval from the investment case: focus on the applications, understand how the ETF will hold and price XRP, and clarify the differences between U.S. ETFs and non-U.S. ETPs available today.
Related: Tharimmune invests $540 million in Canton Coin, advancing crypto asset treasury strategy
Original article: “Is XRP the new Bitcoin? Why Wall Street can’t stop talking about its ETF”
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