XRP ETF Race: Major Firms File Amendments for November Launch

The race to launch the first spot XRP exchange-traded fund in the United States has reached a critical turning point. Major financial institutions, including Canary Capital, Bitwise, Franklin Templeton, and 21Shares, have filed amended S-1 registration statements with the Securities and Exchange Commission. These strategic updates signal that institutional XRP investment products could arrive within weeks.

Multiple Asset Managers Push for XRP ETF Approval

The amended filings, submitted between October 31 and November 4, include shortened legal language that allows registration to take effect automatically within 20 days. This approach bypasses the traditional waiting period for direct SEC approval. Franklin Templeton’s latest S-1 filing includes shortened “8(a)” language, a legal provision that enables automatic effectiveness. The $1.5 trillion asset manager removed provisions that would have required explicit regulatory sign-off.

Canary Capital also filed a revised S-1 for its spot XRP ETF, removing the delaying amendment to quicken approval, with plans to launch around November 13. Bitwise joined the competition with its fourth and final amendment, confirming a 0.34% management fee and plans to trade on the New York Stock Exchange. 21Shares filed an amendment that triggers a 20-day SEC review window, potentially allowing the ETF to go live around November 27 if regulators do not intervene.

How Spot XRP ETFs Provide Market Access

The Franklin XRP Trust will hold XRP as its primary asset, tracking the token’s market price. These products offer investors exposure to XRP without requiring them to purchase and store the digital asset directly. Traditional brokerage accounts will provide access to the ETFs once they begin trading. Five spot XRP ETFs from CoinShares, Franklin Templeton, 21Shares, Canary Capital, and Bitwise have appeared on the DTCC list. The appearance on this list represents another procedural step toward market launch.

Regulatory Environment Shifts After Ripple Case Resolution

The appeals court dismissed the SEC’s lawsuit against Ripple in August 2025, confirming that programmatic sales are not securities. This legal clarity removed a significant obstacle for ETF issuers. The SEC approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. The SEC approved generic listing standards for commodity-based trust shares on September 17, 2025, which can speed up the approval process. These regulatory developments have created a more favorable environment for additional cryptocurrency ETF products.

Institutional Capital Flows Could Reshape XRP Markets

Canary Capital CEO Steven McClurg predicted that the ETF could attract up to $10 billion in inflows during its first month of trading if it receives strong institutional support. Top analysts estimate approval odds at over 80% for spot XRP ETFs, with the market expecting significant institutional inflows potentially exceeding $5 billion in the first month. The actual market impact will depend on investor adoption rates and broader cryptocurrency market conditions.

XRP extended its breakout sequence, surging 6.2% to $2.40 as institutional flows accelerated across major exchanges. The token’s price movement reflects growing market anticipation. However, technical analysts note that approval of ETF products does not guarantee sustained price increases.

XRP ETF Launch Timeline and Market Implications

Canary Capital’s XRP ETF could debut around November 13-14, Franklin Templeton’s around November 13, and Bitwise’s between November 19-20. Rex-Osprey marks the only approved and trading XRP spot ETF, with initial approval stemming from a combination of spot exposure and derivatives. The simultaneous launch of multiple competing products could fragment initial trading volume across different platforms.

The coordinated filing strategy reflects confidence among issuers that regulatory barriers have diminished. The synchronized S-1 updates signal a turning point for crypto-based ETFs, evolving from a cautious regulatory trial into a full-scale sprint toward mainstream recognition. November represents a defining period for institutional XRP adoption.

These developments position XRP alongside Bitcoin and Ethereum as major cryptocurrencies with regulated ETF products. The launches could expand the addressable market for XRP investment beyond cryptocurrency-native platforms. Investors now have multiple fund options to evaluate based on fees, custodial arrangements, and tracking methodologies.