21Shares Spot XRP ETF Nears Possible Approval as SEC Review Window Begins
The XRP community is buzzing with optimism following the latest development in the push for a spot XRP exchange-traded fund (ETF). On November 7, 2025, 21Shares filed Amendment No. 3 with the U.S. Securities and Exchange Commission (SEC) for its proposed spot XRP ETF, marking a key procedural milestone that has intensified market anticipation. This filing automatically initiated a 20-day review period under Section 8(a) of the Securities Act of 1933. If the SEC remains silent—without issuing comments, objections, or further delays—the ETF, listed under the ticker TOXR, could become effective by November 27, 2025, paving the way for a historic launch on the Cboe BZX Exchange.
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Understanding the Significance of the 20-Day Window
The 20-day period is crucial because it effectively sets a countdown for potential SEC approval. During this time, the regulator can intervene with feedback or additional requirements. However, if no action is taken, the ETF automatically goes live, as per established securities procedures. This unique situation has drawn attention across the crypto community, as it may mark the first time an XRP-based investment product achieves full regulatory clearance in the U.S.
Institutional Interest and Market Impact
Analysts believe that the launch of a spot XRP ETF could mirror the massive institutional inflows seen with Bitcoin and Ethereum ETFs. Historical data shows that Bitcoin ETFs attracted over $50 billion in their first year, while Ethereum ETFs saw roughly $10 billion. Given XRP’s deep liquidity, fast transaction finality, and growing adoption among global payment networks, many expect that institutional investors may seize this opportunity to diversify exposure beyond Bitcoin and Ethereum.
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Furthermore, the ETF’s custodial partners—Coinbase Custody, Anchorage, and BitGo—add credibility by providing regulated, insured storage solutions. Their involvement ensures compliance with SEC and FINRA standards, an essential element in attracting traditional financial institutions.
Ripple Effects Across the Crypto Ecosystem
The potential approval could reshape the digital asset landscape by legitimizing XRP as a mainstream investment vehicle. Ripple’s ongoing global partnerships in cross-border settlements, coupled with increasing regulatory clarity, have positioned XRP as a leading candidate for large-scale financial adoption.
While the SEC’s silence would effectively greenlight the product, investors are watching closely for any last-minute interventions. If approved, the 21Shares XRP ETF would not only cement XRP’s status as an institutional-grade asset but could also catalyze renewed momentum across the broader crypto market.
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