Ripple report signals potential approval of XRP ETF by end of 2025

TLDR

Table of Contents

Seven XRP ETF applications are under SEC review with decisions due by November.
XRP futures trading on CME and Coinbase meets SEC’s six-month ETF rule.
Ripple-SEC case closed in August 2025, clearing regulatory uncertainty.
Canada and Brazil already launched XRP ETFs ahead of potential U.S. approval.

U.S. investors are closely watching developments around a potential XRP spot ETF. A new Ripple report suggests the first U.S.-based XRP ETFs could be approved by the end of 2025. With futures trading requirements nearly complete and legal barriers removed, market expectations are rising. Seven ETF applications are currently under review by the SEC, with decisions expected in the coming weeks.

XRP ETF Applications Await SEC Decisions

Seven spot XRP ETF filings are under active review by the U.S. Securities and Exchange Commission (SEC). These applications are being considered under new listing standards approved in September 2025. The updated rules allow for faster processing of digital asset ETFs that meet specific criteria.

The SEC is expected to issue decisions between October 18 and November 14. These dates align with internal review periods set after the adoption of the new framework. According to blockchain market platform Polymarket, the chances of approval now exceed 99% before year-end.

Futures Trading Milestone Nears Completion

Ripple’s Q3 2025 report states that XRP futures have been trading on regulated platforms since April 21. Coinbase Derivatives Exchange was the first to list them, followed by the CME Group on May 18.

The SEC now requires six months of regulated futures trading for any asset before a spot ETF can launch. XRP will meet this requirement by late November 2025. This clears a key hurdle for any ETF linked to XRP’s spot market price.

The report adds, “XRP is now fully aligned with the SEC’s updated ETF listing criteria following the establishment of futures markets.”

Global Markets Already Support XRP ETFs

Several international markets have already launched spot XRP ETFs in 2025. Canada introduced three XRP ETFs in June, while Brazil saw the launch of the first XRP ETF globally in April through asset manager Hashdex.

These early international listings have added momentum to the growing acceptance of XRP within traditional finance. Many investors see these developments as increasing pressure on U.S. regulators to approve similar products domestically.

Trading activity in these international ETFs has shown steady demand, according to reports from financial analysts covering Canadian and Brazilian exchanges.

Ripple-SEC Case Officially Resolved

Ripple and the SEC ended their legal battle in August 2025 after dropping appeals in the U.S. Second Circuit Court. This confirmed the July 2023 decision by Judge Analisa Torres, which found that Ripple’s sales of XRP on public exchanges were not securities transactions.

Ripple agreed to a $125 million fine as part of the settlement. The legal closure removes a key regulatory concern that had previously delayed ETF discussions. Ripple stated it is now “well-positioned to support regulated financial products built on XRP.”

The company’s legal team noted that the ruling helps remove uncertainty for any institutions considering investment vehicles based on XRP.

Outlook for XRP ETF Approval

Given the completion of futures trading requirements and the end of legal proceedings, the conditions for ETF approval are now in place. The current review window by the SEC is seen as the next key milestone.

Should the applications be approved, XRP would become the next major cryptocurrency to gain access to U.S. spot ETF markets. Bitcoin and Ethereum ETFs were approved earlier, followed by new listings for Solana, Litecoin, and Hedera in October.

The addition of XRP could further expand institutional access to digital assets and increase competition among ETF providers.

Ripple Report Signals Potential Approval Of XRP ETF By End Of 2025