Overview

• Prediction markets assign roughly 86% odds that a U.S. spot XRP ETF will be approved in 2025.
• BlackRock has confirmed no plans for an XRP product and Fidelity has avoided the token, signaling limited interest from the largest asset managers.
• At least 15 XRP ETF applications are under SEC review, setting up a potentially crowded launch if approval is granted.
• Canary Capital CEO Steve McClurg forecasts up to $5 billion in first‑month inflows and suggests the funds could outperform Ethereum ETFs, though this is his projection.
• Skeptics such as analyst Adriano Feria caution the ETFs could backfire if institutions refrain, even as CME-traded XRP futures quickly surpassed $1 billion in open interest.