The institutional gateway to XRP took a significant step forward this week as five major spot exchange-traded fund applications appeared on the Depository Trust & Clearing Corporation registry, marking what industry observers see as the final operational milestone before trading can commence.
The listings include applications from Bitwise Asset Management, Franklin Templeton, 21Shares, Canary Capital, and CoinShares, with tickers XRP, XRPZ, TOXR, XRPC, and XRPL respectively.
While the DTCC listing does not constitute regulatory approval, it demonstrates that issuers have completed critical operational preparations including custody arrangements, pricing mechanisms, and settlement infrastructure.
The development sent XRP surging more than 6% to break above the $2.35 resistance level, reaching as high as $2.43 on 169% above-average trading volume as markets interpreted the DTCC appearance as evidence that launches could occur within weeks.
A Transformative Regulatory Shift
For years, institutional investors seeking regulated exposure to digital assets had limited options, with spot ETFs available only for Bitcoin and Ethereum. Altcoins like XRP remained largely inaccessible through traditional investment vehicles due to regulatory uncertainty and structural barriers.
That landscape shifted dramatically when the Securities and Exchange Commission approved generic listing standards in September 2025 that streamline the path for spot crypto ETFs. Under the new framework approved by SEC Chairman Paul Atkins, exchanges like Nasdaq, NYSE, and Cboe can list qualifying crypto products without requiring individual SEC approval for each filing.
The standardized rules reduce approval timelines from up to 240 days to as few as 75 days for products that meet predefined criteria, such as cryptocurrencies with at least six months of CFTC-regulated futures trading activity. This structural change effectively eliminated the mechanism the SEC had previously used to block crypto ETF proposals on a case-by-case basis.
Following Altcoin ETF Precedent
The DTCC listings for XRP follow a broader wave of altcoin-focused spot ETFs that launched in late October. Spot ETFs for Solana, Litecoin, and Hedera began trading on October 29, with Bitwise's Solana Staking ETF recording $56 million in first-day trading volume—the highest debut of any ETF launch in 2025, according to Bloomberg ETF analyst Eric Balchunas.
The successful launches occurred during a partial U.S. government shutdown that temporarily halted normal SEC review processes. Issuers were able to proceed by utilizing Form 8-A registrations and removing "delaying amendment" language from their S-1 filings, allowing their applications to automatically take effect 20 days after submission without requiring explicit SEC action.
This precedent suggests that XRP ETF issuers, who have employed similar filing strategies, may be able to launch without waiting for the government shutdown to conclude or for traditional SEC review processes to resume.
Canary Capital Eyes Rapid Launch
At Ripple's Swell 2025 conference in early November, Canary Capital CEO Steven McClurg publicly stated his firm's readiness to move quickly. "We just launched the first two ETFs last week and we're hoping to launch an XRP ETF next week," McClurg said during a panel discussion hosted by Bloomberg's Balchunas.
McClurg explained that Canary filed its XRP ETF with a no-delay amendment 20 days before November 13, meaning the application could automatically become effective on that date pending final exchange approval. "If you're comfortable with your filing, which we are, and you file a no-delay amendment, then that means that you automatically go effective in 20 days," he stated.
The Canary CEO has been particularly bullish on institutional demand for XRP exposure, predicting $5 billion to $10 billion in inflows during the first month of trading. McClurg positioned XRP as fundamentally different from other crypto assets, describing the XRP Ledger as "financial rails" that represent "competition for the financial system or competition on Wall Street."
Institutional Momentum Builds
Franklin Templeton updated its XRP ETF filing in early November, aiming for a launch this month. The global asset manager, which oversees more than $1.5 trillion, has already successfully launched spot Bitcoin and Ethereum funds earlier in 2025 and brings substantial institutional credibility to the XRP product lineup.
Meanwhile, early XRP investment vehicles have demonstrated significant demand. The REX-Osprey XRP ETF, which launched in September 2025, surpassed $100 million in assets under management within five weeks of its debut. That product, however, is a leveraged futures-based ETF rather than a direct spot holdings fund.
Internationally, the Hashdex Nasdaq XRP ETF listed in Brazil has accumulated approximately $1.33 billion from over 300,000 investors, demonstrating the scale of retail and institutional appetite for regulated XRP exposure.
Regulatory Context and Timing
The momentum for XRP ETFs gained significant tailwinds following the conclusion of the SEC's five-year lawsuit against Ripple Labs in August 2025. The resolution effectively classified XRP as a non-security in secondary markets, removing what had been the primary obstacle to institutional products tied to the token.
Analysts predict early inflows of $2.5 billion to $3.2 billion within the first quarter after launch, potentially driving momentum similar to what occurred with Bitcoin and Ethereum ETFs earlier in 2025. Bitcoin ETFs now manage approximately $150 billion in assets, with BlackRock's iShares Bitcoin Trust alone accounting for more than half that total.
For XRP specifically, the lack of native staking could work in favor of ETF adoption. Unlike Ethereum ETF holders who forgo staking yields by holding fund shares rather than direct tokens, XRP investors face no such opportunity cost—potentially making the ETF structure more attractive relative to direct token ownership.
Not Approval, But Preparation
It's critical to emphasize that DTCC listings represent operational readiness rather than regulatory approval. The DTCC itself frames these entries as administrative provisioning for custody, clearing, and settlement arrangements, not as regulatory endorsements.
The SEC still maintains authority to object to or delay applications even after DTCC listing. While the streamlined approval process under generic listing standards reduces regulatory friction, it does not eliminate oversight entirely. Delays or modifications remain possible, particularly given the politically charged nature of crypto regulation and the ongoing government shutdown.
Additionally, even if launches proceed as anticipated, initial investor flows and trading volumes may take time to build. Market analysts caution against assuming an instant flood of capital, noting that ETF adoption typically follows a gradual trajectory as advisors, institutions, and retail platforms integrate new products.
Final thoughts
With five major issuers having completed operational preparations and gained DTCC listing, the stage appears set for XRP to join Bitcoin and Ethereum as the third cryptocurrency with multiple spot ETF offerings in the U.S. market.
The broader implications extend beyond XRP itself. More than 150 crypto ETF applications tracking 35 different assets have been filed with the SEC, and the successful launch of Solana, Litecoin, and Hedera products has demonstrated that the pathway for altcoin ETFs is now operationally viable.
For investors, the pending XRP ETF launches represent a watershed moment in accessibility. Rather than navigating crypto exchanges, custody solutions, and private key management, institutions and retail investors will be able to gain XRP exposure through standard brokerage accounts and retirement platforms.
If approved and launched as anticipated, these funds could fundamentally alter the trading landscape for one of cryptocurrency's oldest and most controversial tokens - transforming it from a digital asset sidelined by regulatory uncertainty into a mainstream institutional product with billions in potential capital backing.