Messari experts confirm that XRP has met the requirements for listing a spot ETF in the United States.
In the second quarter, XRP took a decisive step towards institutionalization with the futures quote on the Chicago Mercantile Exchange (CME), meeting key regulatory requirements for approval of a cash ETF in the United States.
According to the report “State of XRP Ledger Q2 2025”, Published by Messari recently, this milestone positions XRP as the first digital asset outside of Bitcoin and Ethereum with a clear path to a regulated ETF.
The market expectation is that the approval of this new financial instrument arrived in autumn, which could trigger a new wave of institutional investment.
Ripple and the SEC, for their part, have withdrawn their respective appeals, consolidating the ruling that exempted retail sales of XRP from regulatory violations and ending years of litigation and legal uncertainty. This clearer regulatory environment, coupled with the sustained growth of XRP's market cap through 2025, reinforces its narrative as a bridge asset between crypto and traditional finance.
CME opened the door to the XRP spot ETF
The listing of XRP futures on CME, one of the world's largest derivatives exchanges, not only represents an expansion of financial products, but also meets the technical and regulatory requirements set by the SEC to be considered a spot ETF.
According to Messari analysts, Listing on regulated markets such as CME is a prerequisite for the approval of spot ETFs, as evidenced in the cases of Bitcoin and Ethereum.Analysts have highlighted that the SEC's listing standards for cryptocurrency ETPs, which encompass spot ETFs, require more than six months of futures tracking for a crypto asset before an ETP listing. Thus, considering that XRP futures have been listed on Coinbase Derivatives since April 21 and on the CME since May 18, the market is likely to see a spot ETF for this cryptocurrency in the fall.
El report points out that the presence of XRP on platforms such as CME reinforces its legitimacy to traditional investors, allowing indirect exposure to the digital asset without the need to hold it directly. In addition, the liquidity y transparency The futures offerings offered by these regulated markets are key factors for the SEC when evaluating the viability of a spot ETF. In this context, futures listing not only anticipates the ETF, but also enhances the perception of XRP as a mature financial asset.
Messari highlighted that there are eight active S-1 filings to launch a spot XRP ETF in the United States, while three spot XRP ETFs were launched in Canada in June, and Hashdex launched the world's first spot XRP ETF in Brazil in April. In addition, fund managers seeking approval from the U.S. regulator have updated their presentations to integrate the creations and redemptions in kind in these exchange-traded funds.
This move coincides with a broader trend of integration between crypto and traditional finance. Ripple has ramped up its efforts in institutional infrastructure, with acquisitions like Hidden Road and partnerships with players like BNY. All of this reinforces the theory that XRP is building an ecosystem suitable for regulated financial products, with the spot ETF as its next big milestone.
Ripple withdraws SEC appeal: regulatory dispute ends
Another key element that has strengthened the narrative of the XRP spot ETF is the decision by Ripple and the SEC to reject their appeals, consolidating the 2023 court ruling that found retail sales of XRP do not constitute securities and formalizing the end of the legal conflict that has plagued XRP since December 2020.
According to Messari, this move not only clears the legal path for the XRP ETF, but also sends a signal of institutional maturity. By closing the judicial chapter, Ripple positions itself as a player willing to collaborate with regulators and build on a clear legal foundation. This is especially relevant for the SEC, which has shown reluctance to approve ETFs for assets with ongoing legal disputes.
The withdrawal of the appeal also has reputational implications. XRP, which for years was perceived as an asset in a regulatory gray area, is now presented as a legitimate candidate for regulated financial productsThis could attract fund managers, banks, and investment platforms that previously avoided the digital asset due to its legal uncertainty.
Combined with the futures listing, this legal action reinforces the theory that XRP is poised to enter the next phase of institutional adoption. According to analysts, the ETF seems not only viable, but inevitable, in an environment where regulatory clarity has become a competitive advantage.
XRP climbs positions in the crypto market
XRP is gaining ground and weight within the crypto world, positioning itself with authority in an increasingly competitive market. In the second quarter, its market value reached $140.000 billion, and since then it has continued to rise, consolidating itself as a the third most important cryptocurrencyThis progress, which exceeds 8,5% growth in just a few months, reflects not only the confidence it has generated among investors, but also a growing institutional narrative.
One of the reasons behind this surge in interest is the expectation surrounding a potential XRP-linked spot ETF. The potential approval of this financial instrument is attracting investors looking for a regulated and accessible way to access digital assets, which has generated a growing movement in derivatives products and OTC trading. According to Messari experts, this indicates that institutions are already strategically positioning themselves to take advantage of the opportunity.
On the other hand, Ripple has been strengthening its infrastructure with strategic acquisitions and partnerships with recognized entities that allow it to operate more reliably in regulated environments.
Overall, analysts emphasize that what's happening with XRP isn't just another development, but rather a reflection of a transformation in the relationship between digital assets and the traditional financial system. The potential approval of the XRP ETF represents a turning point, where the cryptocurrency emerges as a real and tangible bridge between both worlds, ready to take a leading role in the next phase of financial adoption.
