Overview

• The U.S. Court of Appeals for the Second Circuit formally closed Ripple’s lawsuit on August 7, affirming that XRP is not a security in retail transactions.
• Seven firms, including Grayscale, 21Shares, Canary Capital and Bitwise, have submitted applications to the SEC to launch spot XRP ETFs.
• Bloomberg analysts James Seyffart and Eric Balchunas assign about 95% odds to approval and predict that ETFs could debut in the second half of 2025.
• XRP’s price surged more than 13% in 24 hours after the legal resolution, pushing spot rates above $3.30 and spiking trading volumes.
• Market observers such as Nate Geraci speculate that BlackRock may now file for an iShares XRP ETF, though no application has yet been lodged.