Yesterday marked a big moment for altcoins as the first-ever spot ETFs of Solana (SOL), Litecoin (LTC), and Hedera (HBAR) began trading on Wall Street. But as these products go live, many investors have one question. The question is, when will the XRP ETF arrive?
Ripple’s latest “State of the XRP Ledger – Q3 2025” report may have provided the first concrete timeline.
7 U.S. Spot XRP ETF applications pending
According to the report, seven spot XRP ETFs filed in the United States are currently under review by the Securities and Exchange Commission (SEC). The agency is expected to make a decision between October 18 and November 14 after approving new generic listing standards for spot crypto ETFs in September.
Market data platform Polymarket currently indicates that there is a greater than 99% chance that the SEC will approve a spot XRP ETF by the end of 2025. This level of confidence suggests strong institutional expectations that XRP will soon follow Bitcoin, Ethereum, and Solana into the US ETF market.
Futures listing clears important regulatory path
Ripple’s report notes that XRP has met key regulatory conditions for ETF approval. The SEC’s updated listing framework requires a minimum of six months of regulated futures trading before spot crypto ETFs can be listed.
XRP futures began trading on the Coinbase Derivatives Exchange on April 21, 2025, and later on CME Group on May 18, 2025. Based on this timeline, XRP could complete the six-month futures requirements by late November, allowing SEC approval and the launch of a U.S. spot XRP ETF by the end of 2025.
Global launch strengthens XRP case
While the U.S. review continues, international markets are already moving forward. Three Spot XRP ETFs were launched in Canada in June 2025, and HashDex introduced the world’s first XRP Spot ETF in Brazil in April.
These developments are putting similar pressure on U.S. regulators, especially now that Solana, Litecoin and Hedera ETFs are actively traded on Wall Street.
Ripple-SEC litigation officially ends
Legal uncertainties regarding XRP have also been resolved. On August 7, Ripple and the SEC jointly withdrew their appeal to the Second Circuit. This confirms that Judge Annalisa Torres’ July 2023 ruling will be the final verdict in the case.
The ruling stated that while Ripple’s programmatic sales of XRP on retail exchanges do not violate securities laws, institutional sales do. Ripple agreed to pay a $125 million civil penalty to resolve the issue.
The case has now been legally resolved, and Ripple said the company is “well positioned to support regulated financial products built on XRP” and suggested that approval of the ETF may be only a matter of time.
