XRP ETF Debuts with Strong Volume, SEC Rule Change Boosts Crypto ETFs

XRP's latest price was $3.07, down 0.468% in the last 24 hours. The REX-Osprey XRP ETF, with the ticker symbol XRPR, recorded substantial trading volume on its debut day, indicating strong investor interest in a regulated XRP product. The ETF, listed on the CBOE, provides spot exposure to XRP and is composed of reference-rate exposures and a CoinShares physical product. Approximately 59% of the ETF is allocated to the CME CF XRP-Dollar Reference Rate, and about 39% to CoinShares’ physical XRP product, with a small cash balance to manage liquidity and redemptions. This structure allows the ETF to trade in the $25–$26 range, reflecting its asset-backed nature rather than direct exchange custody pricing. The high opening volume of XRPR suggests both retail and professional traders were ready to use a regulated instrument for XRP exposure, highlighting the growing acceptance of diverse crypto ETFs beyond first-generation Bitcoin and Ethereum products.

The launch of the Osprey XRPR ETF is significant for mainstream adoption as it simplifies access to digital assets for brokers, retirement accounts, and traditional investors. By packaging XRP into an ETF format, investors gain a familiar vehicle for exposure without requiring direct crypto exchange custody. This development is part of a broader trend of expanding investor interest in crypto ETFs, as evidenced by the strong openings for both XRPR and the Dogecoin ETF (DOJE). The early success of these ETFs indicates a widening acceptance of regulated crypto products, which could further drive mainstream adoption.

In addition to the ETF launch, the SEC's adoption of Rule 6c-11 has streamlined the approval process for commodity-based crypto ETFs, including those referencing XRP. This new listing standard cuts ETF review timelines to as little as 75 days, enabling faster approvals for spot crypto funds. Major exchanges such as Nasdaq, NYSE Arca, and Cboe BZX can now list eligible crypto ETFs under the new standard, provided they meet surveillance and market criteria. This change is expected to increase market competition and investor choice for spot crypto ETFs, potentially leading to more diversified fund offerings and improved liquidity in secondary markets. The SEC's move is aimed at keeping U.S. capital markets competitive for digital asset innovation while preserving investor safeguards.

Ripple, in collaboration with DBS Bank and Franklin Templeton, has announced a significant partnership to provide tokenized money market fund (MMF) trading backed by RLUSD. This collaboration involves the development and launch of trading solutions backed by tokenized MMFs and stablecoins, leveraging key players in the banking system, investment management sector, enterprise blockchain, and related cryptocurrency solutions. The DBS Digital Exchange (DDEx) will list sgBENJI, the token of Franklin Templeton’s tokenized MMF, alongside Ripple USD (RLUSD). This setup will enable eligible clients to trade RLUSD for sgBENJI tokens, ensuring portfolio rebalancing within minutes while maintaining yield during volatile periods. The partnership underscores the growing institutional interest in digital assets and the expansion of tokenized assets globally.

The collaboration between Ripple, DBS Bank, and Franklin Templeton is part of a broader trend of institutional adoption of digital assets. The partnership aims to introduce cutting-edge trading and lending solutions for investors, leveraging blockchain technologies and digital assets. This development is expected to further drive the adoption of XRP and other digital assets, as more institutional investors seek to integrate digital assets into their portfolios. The growing retail demand for XRP, as evidenced by the increasing futures Open Interest (OI), indicates that more traders are betting on short-term price increases in XRP. This trend is supported by a higher risk-on sentiment, which favors a recovery in the XRP price.

Recent developments surrounding XRP primarily center on Ripple Labs' ongoing legal challenges and significant business expansions. The court ruling in the SEC lawsuit marked a pivotal step, with the United States District Court for the Southern District of New York denying the SEC’s request to prevent Ripple from using XRP in its On-Demand Liquidity (ODL) product for cross-border payments. This decision provides operational certainty for Ripple's key payment solution. Furthermore, Ripple successfully obtained the Dubai Financial Services Authority (DFSA) Virtual Assets Service Provider (VASP) licence for its Dubai subsidiary. This licence allows regulated firms within the Dubai International Financial Centre (DIFC) to utilize XRP within their digital asset service offerings, significantly bolstering Ripple's institutional adoption and operational framework in the crucial Middle East and North Africa region.

Ripple's global regulatory engagement continues to progress. Its Irish subsidiary applied for a Virtual Asset Service Provider licence with the Central Bank of Ireland, strategically targeting passporting capabilities across the broader European Economic Area to facilitate cross-border payments. Concurrently, Ripple announced the opening of a new office in Toronto, Ontario, Canada, as part of its ongoing investment in engineering talent worldwide. This expansion highlights the company's commitment to scaling its technical infrastructure and developing its blockchain solutions despite the ongoing regulatory landscape.

Integration into mainstream payment systems remains a strategic focus. Visa integrated XRP directly into its crypto infrastructure, enabling Ripple to leverage the global payment network for enhanced XRP-based transactions. Separately, BitPay merchants gained the capability to accept XRP for payments. Both integrations represent concrete steps towards broader real-world utility for the digital asset. The company also secured crucial registration as a Digital Asset Service Provider with the Bank of Lithuania, strengthening its compliance and operational foundation within the European Union.

Finally, the company addressed market confusion stemming from an unrelated token rebrand, explicitly clarifying that Ripple's XRP has no association with the newly rebranded Terra Luna Classic ($LUNC). Despite previous discussions involving Ripple Labs CEO Brad Garlinghouse about the potential for an XRP exchange-traded fund (ETF), the company has consistently denied having any imminent plans to launch such a product itself. Ripple continues to focus on its core objectives of enabling efficient global value transfer through its technology and the XRP ledger.