As Thanksgiving approaches, the U.S. crypto ETF market is experiencing a wave of XRP ETF launches. Ripple CEO Brad Garlinghouse stated on X on Nov. 20: 'The pre-Thanksgiving rush (shall we say, ‘turkey trot’!?) for XRP ETFs starts now.' He also congratulated asset manager Bitwise on launching an XRP ETF (NYSE: XRP) last week, following the Canary Capital XRP ETF (Nasdaq: XRPC) that began trading on Nov. 13.
Bloomberg ETF analyst James Seyffart shared on X: 'Our base case is that Grayscale’s XRP ETF will go live on Monday the 24th. So will the Grayscale Dogecoin ETF. And I think the Franklin’s XRP ETF could go live on Monday the 24th as well. Lots happening next week.' The launches are clustered around Nov. 24 to capture accelerating institutional demand for regulated XRP exposure during a period of heightened market attention.
Grayscale and Franklin ETF Details
Grayscale’s recent SEC filing details the GXRP product structure, including continuous issuance, an arbitrage mechanism involving authorized participants, and pricing based on CoinDesk’s XRP CCIX Benchmark Rate. Custody is handled by Coinbase Custody Trust Company LLC, with cash-based creations and redemptions currently used until in-kind approval is considered. Franklin Holdings LLC submitted Amendment No. 3 to its Form S-1 for the Franklin XRP ETF, expected to list on NYSE Arca under ticker XRPZ. It will track the CME CF XRP-Dollar Reference Rate — New York Variant.
The 21shares XRP ETF, anticipated to list on Cboe BZX Exchange, also tracks the CME CF XRP-Dollar Reference Rate and allocates XRP across custodians such as Coinbase, Anchorage Digital Bank, and Bitgo. These products offer SEC-registered structures, recognized benchmark pricing, and trusted custodianship—key elements that institutions require for compliant, scalable digital-asset allocations.
Market Implications
The synchronized rollout of multiple XRP ETFs signals growing institutional confidence in XRP’s maturing market structure. Broader ETF availability could deepen liquidity for XRP, provide clearer pricing signals, and reduce operational friction for large investors seeking diversified crypto exposure. Supporters argue that regulated ETFs improve transparency, reduce friction compared with offshore venues, and expand institutional pathways into digital assets.
Ripple CEO Brad Garlinghouse views the current wave as a bullish signal. The simultaneous introductions from top issuers like Grayscale, Franklin, Bitwise, and 21shares indicate strong demand from traditional finance stakeholders. The pre-Thanksgiving rush marks a pivotal moment for XRP adoption, with multiple ETF launches paving the way for wider institutional participation.