As of November 10, five institutions—including Franklin Templeton, Bitwise, and Canary Capital—have officially listed their spot XRP ETFs on the Depository Trust & Clearing Corporation (DTCC) roster in the United States, signaling that these products have entered the "pre-launch" phase.
This development sparked a strong market response, with the XRP price surging over 8% in the past 24 hours and trading volume jumping nearly 65%. If regulators approve these products this month, XRP will become the first mainstream non-Bitcoin cryptocurrency to have a spot ETF, following Bitcoin and Ethereum.
01 Five XRP ETFs Appear on DTCC Roster, Entering "Pre-Launch" Phase
The long-anticipated XRP ETF has made tangible progress seemingly overnight. On November 10, the DTCC website listed five spot XRP ETFs from prominent institutions including Franklin Templeton, Bitwise, 21Shares, Canary Capital, and CoinShares.
These products are classified in the DTCC system as "active and in pre-launch phase," featuring funds such as Franklin XRP Trust (XRPZ) and 21Shares XRP ETF (TOXR).
DTCC plays a pivotal role in the U.S. financial infrastructure, handling post-trade clearing and settlement for securities. Being listed by DTCC marks a critical operational milestone, indicating these ETFs are technically ready, though the final decision to launch rests with the U.S. Securities and Exchange Commission (SEC).
02 November Becomes Key Approval Window as Regulatory Clarity Improves
November has emerged as the decisive period for XRP ETF approval. The SEC has published a clear review timeline for XRP ETFs, making this month’s regulatory outcome a focal point for the market.
Since the approval and listing of Bitcoin ETFs earlier this year, the industry has observed a marked increase in SEC review efficiency. Regulators have established a more comprehensive evaluation framework for crypto-based exchange-traded funds.
Currently, several issuers have adopted strategic measures to expedite the approval process. Companies like Franklin Templeton and Bitwise have recently submitted amended filings that remove the traditional "delayed effectiveness" clause.
This legal provision allows registrations to become effective automatically after 20 days without direct SEC approval, unless the regulator intervenes. This strategy has already been successfully used for Solana, Litecoin, and Hedera ETFs, which launched last month under similar automatic effectiveness rules.
03 Issuers Race to Secure First-Mover Advantage
In the competition to launch the first XRP ETFs, major asset managers are demonstrating a strong sense of urgency.
Canary Capital CEO Steven McClurg stated at Ripple Swell 2025, "We’ve just launched our first two ETFs and hope to roll out the XRP ETF next week."
McClurg noted that the company’s successful launches of Litecoin and Hedera ETFs have provided a template for XRP’s entry.
Franklin Templeton, a financial giant with a 70-year history and over $1.5 trillion in assets under management, saw its Franklin XRP Trust (XRPZ) appear on the DTCC list after submitting an amended S-1 registration statement.
The firm is already an active player in crypto investment products, with its spot Bitcoin and Ethereum funds attracting over $5 billion in institutional capital collectively in the first quarter of this year.
Bitwise is also making moves, having recently updated its XRP ETF application. Chief Investment Officer Matt Hougan predicts the XRP ETF will "easily become" a billion-dollar fund within the first few months.
Meanwhile, Grayscale is preparing to convert its existing XRP Trust (currently managing about $14 million in assets) into a spot ETF.
04 XRP Price and Technical Analysis Show Bullish Signals
Driven by progress on the XRP ETF front, the XRP market has shown notable performance. As of November 10, XRP was trading at $2.48, up 7.45% in the past 24 hours, with trading volume surging 64.86%.
From a technical analysis perspective, XRP appears to be consolidating within a bearish wedge pattern—a setup that often precedes an upward breakout.
Bollinger Bands are tightening, while the RSI hovers around 46.9. At the same time, the MACD line is curling upward near the zero axis, suggesting a potential bullish crossover in upcoming trading sessions.
Key price levels include:
- Immediate resistance near $2.82; a breakout above the wedge’s trendline could open the door to $3.45 and $4
- Recent support at $2.19; sustained breakdown below this level could trigger a retest of $1.90
Analyst Ali Martinez has identified a "bullish flag" formation, where a brief pullback to $1.90 could set the stage for an explosive rally toward $10.
05 Potential Impact and Market Outlook for XRP ETF
If the XRP ETF wins approval this month, it could have far-reaching implications for the cryptocurrency investment landscape.
Regulated investment vehicles would significantly increase participation from both traditional financial institutions and retail investors, especially those previously sidelined by compliance or operational hurdles.
Looking back at previous crypto ETF approval cases, the potential market impact is evident:
| ETF Type | Projected First-Month AUM | 6-Month Volume Growth | Price Impact | Institutional Adoption |
|---|---|---|---|---|
| Bitcoin Futures ETF | $1.2 billion | +145% | +33% | Moderate |
| Spot Bitcoin ETF | $4.5 billion | +210% | +43% | Strong |
| Projected XRP ETF | $2.3–3.8 billion | +180% | +38% | Moderate to Strong |
Approval of an XRP ETF would set a major precedent for regulatory recognition of mainstream tokens beyond Bitcoin and Ethereum, increasing the likelihood of similar products for other utility tokens.
It’s worth noting that, despite overall positive market sentiment, Glassnode analysts have observed rising sell pressure among XRP holders, with realized profit volume increasing.
Since late September, XRP’s price has dropped from $3.09 to $2.30—a decline of about 25%—while realized profit volume on the network has surged roughly 240%.
Experts believe this trend suggests investors are selling assets out of fear of further declines in a weak market, rather than taking profits during a rebound.
Outlook
With the approval process entering its final stages, the XRP market is already showing strong signs of recovery. Data from platforms like Gate indicate a significant increase in XRP trading volume on November 10, as investors position themselves for potential regulatory tailwinds.
While DTCC listing is an important milestone, SEC approval remains the decisive factor. Market participants anticipate that XRP ETFs could begin operations in mid to late November, but the final timeline will depend on regulatory decisions.
