XRP ETF Push Gains Traction as SEC Reviews Bitwise Filing in the U.S.

The SEC officially acknowledges Bitwise’s spot XRP ETF application, kicking off a 240-day review. This step follows nine firms, including Grayscale and 21Shares, filing similar proposals amid a $150 billion XRP market cap.

The move signals growing Wall Street interest in XRP, a token Ripple Labs launched in 2012 for fast, cheap global payments. Bitwise files its Form S-1 in October 2024, targeting the Cboe BZX Exchange with Coinbase Custody holding the assets. The ETF tracks XRP’s $2.53 price, down 2.9% daily, using the CME CF Ripple – Dollar Reference Rate.

Meanwhile, Ripple’s legal fight with the SEC, started in 2020 over a $1.3 billion unregistered securities claim, looms large. A 2023 court ruling finds XRP’s retail sales legal, but the SEC appeals in October 2024, leaving the case unresolved.

Bitwise leverages this, arguing XRP mirrors Bitcoin, now a $50 billion ETF success since January 2024. However, XRP lacks Bitcoin’s CME futures market, a hurdle for SEC approval.

Analysts see a 65% chance of approval by late 2025, per Bloomberg’s James Seyffart, as Trump’s new SEC pick, Paul Atkins, hints at crypto-friendly shifts.

X posts buzz with speculation—some claim JPMorgan predicts approval, though unverified. Ripple’s $72 million RLUSD stablecoin launch in 2025 bolsters XRP’s case. The stakes rise as nine applications pile up, with Grayscale converting its XRP Trust and CoinShares aiming for Nasdaq.

XRP ETF Push Gains Traction as SEC Reviews Bitwise Filing

Approval could push XRP to $5-$10, analysts say, drawing billions like Bitcoin ETFs did. Yet, the SEC’s 21-day comment period and Ripple’s April appeal deadline keep uncertainty high.
This saga traces back to XRP’s 100 billion pre-mined tokens, sparking debates over its centralized roots.

Now, with $4 billion in Bitwise’s hands and a shifting regulatory tide, the ETF race tests XRP’s place in finance. The decision, due by October 2025, balances legal clarity against market demand.

Businesses watch closely—approval means new investment channels, but rejection risks stalling XRP’s mainstream bid. The story unfolds as Ripple’s resilience meets a pivotal regulatory moment.

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