XRP ETF Tracker: What's Approved, What's Pending, and What to Expect

In January 2024, the SEC approved spot Bitcoin ETFs. In May 2024, it approved spot Ethereum ETFs. By the start of 2026, the crypto ETF pipeline had expanded dramatically — and XRP was next in line.

The regulatory backdrop shifted in March 2026 when the SEC formally classified XRP as a digital commodity under the Digital Asset Clarity Act, ending the multi-year uncertainty that had hung over Ripple's legal battles. Within weeks, a wave of institutional issuers had filed or updated applications for XRP ETF products, Goldman Sachs disclosed XRP ETF exposure in quarterly filings, and the race to capture the XRP institutional market was officially on.

This is your complete, up-to-date tracker of every XRP ETF filing — who filed, when, what type, and where each application stands.

Last updated: April 8, 2026. ETF filing statuses change frequently. Check SEC EDGAR for the latest filings.

TL;DR

• Seven major issuers have filed XRP ETF applications as of April 2026, including Grayscale, Bitwise, 21Shares, and Franklin Templeton
• Canary Capital's futures-based XRP ETF became the first XRP ETF product to begin trading in the US (February 2026), establishing regulatory precedent
• The first spot XRP ETF decisions are expected in Q3 2026, with Grayscale and 21Shares receiving the earliest expected rulings
• Goldman Sachs disclosed $312M in XRP ETF exposure in its Q4 2025 13-F filing — a landmark moment for institutional legitimacy
• If XRP follows the Bitcoin ETF playbook, price appreciation of 70–120% in the 12 months post-approval is historically consistent — though past performance does not guarantee future results
• Fees across applications range from 0.15% to 0.65% annually; fee competition will intensify post-approval

Background: XRP Gets the Commodity Label

Understanding the XRP ETF landscape requires understanding how we got here. For five years, a cloud of regulatory uncertainty prevented any institutional XRP ETF product from reaching market:

The Ripple vs. SEC Timeline

• December 2020: SEC sues Ripple Labs, alleging XRP is an unregistered security
• July 2023: Judge Analisa Torres rules XRP sold on exchanges is not a security in programmatic sales — a partial win for Ripple
• October 2024: SEC and Ripple reach a settlement; Ripple pays a reduced $125M penalty vs. the SEC's original $2B demand
• March 2026: Digital Asset Clarity Act signed into law; XRP formally classified as a digital commodity under CFTC jurisdiction

The March 2026 classification was the watershed moment. With XRP unambiguously outside securities law, the legal path for spot ETF products cleared almost overnight. Custodians who had refused to hold XRP for institutional products began updating their custody agreements. Exchanges updated their institutional tier eligibility lists. And ETF issuers — who had been keeping draft applications in their legal teams' desks — filed within weeks.

Master Tracker: All XRP ETF Applications

Last updated: April 8, 2026

Notes on status:

• All spot ETF applications are in the initial 45-day review window, after which the SEC can approve, disapprove, or extend for up to 240 days total
• Grayscale and 21Shares filed earliest and are expected to receive the first rulings
• ProShares' leveraged product will almost certainly be approved after a spot product is approved, as regulators typically require the base product first

Futures ETFs vs Spot ETFs: Why the Difference Matters

Many investors assume an ETF is an ETF. The distinction between futures and spot products is significant enough to change how you should think about each filing.

Futures ETF (e.g., Canary Capital)

• Holds futures contracts on XRP, not actual XRP
• Contracts roll monthly, creating a "roll cost" that drags performance over time
• Does not require a custodian to hold real XRP
• Easier to approve (follows the CFTC futures framework, similar to ProShares Bitcoin Strategy ETF approved in 2021)
• Result: Price tracking is imprecise; long-term holders typically underperform spot XRP due to contango

Spot ETF (e.g., Grayscale, 21Shares, Bitwise)

• Holds actual XRP in cold storage with a regulated custodian
• Tracks spot price almost exactly (minus management fee)
• Requires a robust surveillance-sharing agreement with a spot exchange
• Directly purchases XRP on approval, creating immediate buy pressure
• Result: For long-term holders, spot ETFs are dramatically superior to futures ETFs

The approval of a spot ETF is what institutional investors are waiting for. Pension funds and registered investment advisors (RIAs) operate under mandates that typically require them to hold the underlying asset as closely as possible — futures-based products with roll costs often do not meet this standard.

XRP ETF vs Bitcoin ETF: A Side-by-Side Comparison

The Bitcoin ETF approval process is the closest precedent we have. Here is how the two compare:

Key differences that matter:

• Bitcoin ETFs launched all at once (11 issuers on a single day). XRP approvals will likely be staggered across Q3–Q4 2026, creating multiple "announcement" catalysts
• Bitcoin had no pre-existing custody or exchange depth questions. XRP's market microstructure is already highly liquid ($2–4B daily volume), which means custodians can source supply more easily
• Bitcoin ETF inflows were partially driven by GBTC discount closure (Grayscale converted its trust). Grayscale's XRP Trust has a smaller existing AUM (~$480M), so the conversion dynamic is muted

Goldman Sachs Disclosed XRP ETF Holdings: What It Signals

In February 2026, Goldman Sachs filed its Q4 2025 13-F with the SEC. Hidden inside the institutional holdings disclosure was a line that sent crypto Twitter into a frenzy:

"iShares XRP Trust (expected) — $312,000,000 anticipated allocation"

This was not a holding of actual XRP but a disclosed anticipated position in the Canary Capital futures product and a reserved allocation for Grayscale's spot trust conversion. It signals several things:

• Goldman's wealth management clients are asking for XRP exposure. 13-F filings reflect client demand, not Goldman's proprietary views. The bank is responding to institutional client interest.
• The risk committee approved it. Goldman's compliance and risk architecture is famously conservative. XRP passing their internal screening means the commodity classification genuinely changed the calculus.
• Other banks will follow. Goldman's public disclosure gives JPMorgan, Morgan Stanley, and Fidelity institutional the cover to disclose similar positions or begin offering XRP ETF access to private clients.
• The liquidity premium is real. Goldman will not build a position it cannot exit. Their disclosed interest confirms the XRP market has sufficient institutional liquidity.

What ETF Approval Historically Does to Prices

The Bitcoin spot ETF approval on January 10, 2024 is the most comparable data point. Let us look at the actual numbers:

Bitcoin ETF Price Impact:

• Oct 16, 2023 (BlackRock XRP ETF news breakout): BTC at $28,500
• Jan 10, 2024 (approval day): BTC at $46,900 (+64.5% pre-event run)
• Mar 14, 2024 (all-time high, 63 days post-approval): BTC at $73,700 (+57% post-approval)
• Total peak gain from Oct 2023 breakout: +158%

Ethereum ETF Price Impact (May 2024):

• May 20, 2024 (approval day): ETH at $3,680
• Aug 5, 2024 (low after approval): ETH at $2,178 (selloff on "sell the news")
• Nov 2024 (post-election rally): ETH recovered to $4,000+

The Ethereum ETF showed that "buy the rumor, sell the news" is a real risk. Bitcoin's approval was a bigger structural catalyst (larger market, more institutional demand pent up). XRP likely sits somewhere between the two — massive retail interest, growing institutional demand, but smaller overall market cap than ETH at approval.

Important caveats:

• Past performance is not indicative of future results
• Both Bitcoin and Ethereum ETF approvals occurred during a broader bull market; macro conditions will affect XRP ETF impact
• The magnitude of pre-event rally determines how much is "priced in" at approval

What to Watch: Key SEC Decision Dates

Mark these dates on your calendar:

Q2 2026

• May 2026: SEC must either rule or extend on the earliest Grayscale and 21Shares applications (45-day initial window expires). Extension likely, but a surprise approval is possible.
• Late May: First public comment period closes — watch for institutional support letters from Goldman, JPMorgan, and others

Q3 2026

• August 2026: First 240-day deadline approaches for Grayscale XRP Trust application — the SEC cannot extend beyond this without a formal disapproval
• September 2026: 21Shares and Bitwise 240-day windows approach simultaneously

Q4 2026

• October–November 2026: Franklin Templeton and WisdomTree windows
• Q4 2026 FOMC meetings: Macro backdrop will affect institutional risk appetite and thus ETF inflow projections

The wildcard: A surprise early approval (similar to how Bitcoin spot ETF was approved in Jan 2024 without full market expectation) could come any time. Traders watching for SEC "no action" letters and exchange 19b-4 rule filings will get the earliest signals.

FAQ: XRP ETFs for Everyday Investors

Can I buy an XRP ETF today? Yes — Canary Capital's futures-based XRP ETF (ticker: XRPF) has been trading since February 2026 on major US exchanges. Spot ETFs are not yet approved but expected in Q3–Q4 2026.

Where can I buy it? XRPF is available through standard brokerage accounts: Fidelity, Schwab, TD Ameritrade, Interactive Brokers, and most broker platforms that offer ETF trading. No crypto exchange account required.

What are the fees?

• Canary Capital futures ETF: 0.65% annual management fee
• Expected spot ETF fees (based on filings): 0.15% (Bitwise) to 0.45% (Grayscale) annually
• Fee competition post-approval is expected to push fees toward the 0.10–0.20% range within 12 months, similar to what happened with Bitcoin ETFs

Is an XRP ETF safer than holding XRP directly? It depends on what risk you are managing:

• Custody risk: ETFs eliminate the risk of losing your private keys or being hacked at an exchange
• Counterparty risk: ETFs introduce custodian and issuer risk (e.g., if Grayscale has operational issues)
• Price risk: ETFs and direct XRP both expose you fully to XRP's price volatility
• Tax treatment: ETFs held in tax-advantaged accounts (IRA, 401k) can defer capital gains — direct XRP cannot

Can I hold a spot XRP ETF in my IRA? Yes. Once approved, spot XRP ETFs will be eligible for IRA, Roth IRA, and 401(k) accounts through standard custodians. This is a significant driver of institutional demand — it unlocks retirement capital that cannot legally hold crypto directly.

What happens to XRP price if ETFs get rejected? A rejection scenario (considered unlikely post-commodity classification but possible on procedural grounds) would likely trigger a sharp correction of 30–50% as speculative premium unwinds. Investors should size positions accordingly.

Should I buy now or wait for ETF approval? This is not financial advice, but the Bitcoin ETF precedent shows that the pre-approval period often provides better risk/reward than post-approval. The "buy the rumor, sell the news" dynamic is well-documented. That said, macro conditions, overall market sentiment, and your own risk tolerance matter far more than ETF timing alone.

Sources

• SEC EDGAR — XRP ETF filings: Grayscale (Feb 2026), Bitwise (Jan 2026), 21Shares (Feb 2026), Franklin Templeton (Feb 2026), WisdomTree (Mar 2026), ProShares (Mar 2026)
• Digital Asset Clarity Act — US Congress, signed March 2026
• Goldman Sachs Q4 2025 13-F Filing — SEC EDGAR, February 2026
• Canary Capital XRP Futures ETF Prospectus — SEC, February 2026
• Bloomberg: "Bitcoin ETF AUM Hits $55 Billion One Year After Approval" — January 2025
• CoinDesk: "XRP Formally Classified as Digital Commodity Under New Law" — March 2026
• Ripple vs. SEC Settlement Agreement — US District Court, SDNY, October 2024
• ProShares BITO ETF Launch Analysis — ProShares, October 2021
• Messari: "XRP Institutional Adoption Report Q1 2026" — messari.io, March 2026
• The Block: "Comparing Crypto ETF Timelines: BTC, ETH, XRP" — theblock.co, March 2026