As the Ripple 
$2 case reaches its final stages, there is notable activity surrounding spot ETF applications for XRP. Significant progress has been made in the regulatory processes conducted by the U.S. Securities and Exchange Commission (SEC), with a large portion of these applications successfully passing initial review stages. The cryptocurrency community and market experts view these developments as the onset of a new era for XRP, with nine ETF applications expected to gain approval within the year 2025. Growing market interest and increased trading volumes are contributing factors to the acceleration of this process.
Approval Stages Accelerate in the SEC Process
According to expert opinions, nine different ETF applications currently involved in the official process have received initial approval from the SEC and have moved on to detailed examination. Particularly, information shared by the analysis platform All Things XRP indicates that the favorable initial evaluations of these applications are being closely monitored in the markets.
All Things XRP reports that XRP ETF applications have been officially recognized by the regulatory body, with separate timelines established for each application. This situation raises investor expectations while also directly impacting market dynamics. The rising volume observed in the XRP community indicates that there may be acceleration in the SEC’s evaluation process.
Clear Timelines from Leading Institutions
Prominent institutions involved in XRP ETF applications include Bitwise, Canary Capital, 21Shares, and Grayscale. According to All Things XRP, the approval of Bitwise’s application is expected on May 18, 2025. The date set for approval of Grayscale’s application is May 21, while the applications from Canary Capital and 21Shares may yield results on May 22.
Additionally, significant progress has been reported for the applications from WisdomTree and CoinShares, with approval timelines projected for July 2025 and August 2025, respectively. It is emphasized that the SEC has recognized these applications and has included them in official reviews.
Applications from major institutions such as ProShares, Volatility Shares, and Franklin Templeton are also part of this process. The SEC has accepted these three applications in January and March, with approvals expected to occur between November and December 2025.
Investors Closely Monitoring the Process
Experts indicate that the growing market interest in XRP ETF applications is not limited to the XRP community alone. Institutional investors are also expected to gain access to new investment products upon completion of this process. It is anticipated that the thorough approach taken by the SEC will support a sense of security within the market.
All applications are targeted to be finalized by the end of 2025. This presents a significant milestone for both regulatory authorities and market participants. Completion of approvals could allow XRP to gain a stronger position among institutional investment vehicles.
