XRP Eyes Fresh Momentum as ETF Decisions Build Pressure

XRP is holding steady above $2.90 as the crypto market watches a critical stretch of regulatory decisions. Seven spot XRP ETF applications sit with the U.S. Securities and Exchange Commission, with rulings expected between October 18 and November 14.

The first decision, on Grayscale’s filing, arrives October 18. Other major asset managers—including 21Shares, Bitwise, Canary Capital, WisdomTree, and CoinShares—have submissions queued through mid-November.

A knock-on effect of this was that large institutional wallets holding between 10 million and 100 million XRP tokens added over 120 million coins in 72 hours. Trading volume spiked above 97 million units during key rally phases, well above the daily average of 57.4 million.

What’s Driving the XRP ETF Interest?

Asset managers see XRP differently than many retail observers expect. Nate Geraci, who runs The ETF Store, argues that demand for XRP and Solana ETFs is being underestimated. He points to early skepticism around Bitcoin and Ethereum funds, which quickly faded once billions in inflows arrived.

Xrp ETF 2025 approval odds at 87% on polymarket…

Personally think closer to 100%.

<not investment advice> pic.twitter.com/BmrV5l1ZWM

— Nate Geraci (@NateGeraci) September 2, 2025

CME XRP futures have already topped $1 billion in open interest—the fastest growth of any crypto derivatives contract.

Forecasts back up the bullish case. Canary Capital’s CEO projects up to $5 billion in initial demand if approvals come through. JPMorgan analysts estimate nearly $8 billion in annual inflows.

Investors have already committed $380 million to XRP-related products, showing capital is ready to move.

Ripple’s broader regulatory picture also matters. The company’s application for a national bank charter is under review by the Office of the Comptroller of the Currency, with a decision expected in the same October window.

Approval would let Ripple operate as a federally supervised banking institution, expanding beyond crypto into regulated payments and custody services.

Risks Remain Despite Optimism

All these in view, not everyone is convinced. BlackRock declined to pursue a U.S. spot XRP ETF, citing limited client interest and regulatory uncertainty. Some analysts warn that launching an XRP ETF now could struggle to sustain returns or attract lasting inflows.

The token has bounced between $2.75 and $2.88 recently, with over $1.9 billion in liquidations tied to shifting on-chain activity. Still, institutional wallets have accumulated nearly $928 million worth of XRP, suggesting strategic positioning continues.