The Official Countdown to an XRP ETF
The countdown is on for an XRP ETF. Two asset management giants, 21Shares and Canary Capital, have initiated a legal procedure that could force the automatic approval of their funds within 20 days, unless the SEC explicitly vetoes it. In a climate where the institutionalization of cryptos is accelerating, this maneuver could propel XRP to the heart of regulated markets. This historic first places the American authority with a decisive choice or a silent deadline.
The filing by 21Shares of an amendment to its S-1 prospectus has triggered a legal mechanism closely watched in the crypto finance world, while Ripple has given up on going public.
As Eric Balchunas, ETF analyst at Bloomberg, noted in a message posted on X (formerly Twitter): "21Shares has just filed a Form 8(a) for its spot XRP ETF. A 20-day countdown is now triggered".
Specifically, this type of filing activates the SEC’s Rule 8(a): if the regulator does not intervene within 20 days, the ETF becomes automatically effective. Such a procedure is based on the inclusion of a clause called "no delaying amendment", which prevents any voluntary postponement of the document’s effective date.
Canary Capital Group, another player in the sector, has followed 21Shares with its own XRP ETF, also subject to this 20-day regulatory deadline. The operational details of these projects help better understand their scope:
- •Canary Capital’s ETF would be listed on Nasdaq under the ticker XRPC;
- •The XRP assets would be held by Gemini Trust Company and BitGo Trust Company, two entities already well known for this type of operation;
- •The reference price used would be that of the CoinDesk XRP CCIXber 60m New York Rate index;
- •Last October, Canary Capital had already launched the first spot ETFs in the United States on Litecoin (LTC) and Hedera (HBAR), demonstrating a clear will for diversification;
- •If the SEC raises no objection by the end of November, these products could become effective automatically, without explicit approval.
This setup therefore puts the SEC facing a concrete deadline and could hasten the arrival on the market of an XRP ETF, long awaited by Ripple supporters.
A Favorable Ground for a Historic Advance
The countdown activation comes as Ripple continues to accumulate strategic announcements, strengthening a generally favorable context for the acceptance of a financial product structured around XRP.
The company has notably formalized a partnership with Mastercard and WebBank in the management of its RLUSD stablecoin. The latter has already crossed the symbolic threshold of one billion dollars issued, according to data shared by Ripple. Moreover, the XRP Ledger has just surpassed 100 million validated ledgers, an indicator of technical resilience and the maturity of the underlying infrastructure.
The growing interest of institutional investors in products backed by cryptos is undeniable, and the introduction of an XRP ETF would enrich a still limited offer in terms of diversification. The strong mobilization of the XRP community, very active and influential on social networks, also adds symbolic pressure on the US regulator, in a climate where public and sector actors’ scrutiny continues to intensify.
The automatic approval of an XRP ETF, if confirmed, could pave the way for broader institutionalization of crypto in regulated portfolios, with direct implications on its liquidity, volatility, and competitive positioning. Conversely, SEC intervention before the 20-day deadline would prolong the uncertainty surrounding Ripple since 2020.