Ripple said in a market insight published on April 17 that spot XRP ETFs have become one of the fastest-adopted digital assets in the regulated U.S. market, putting XRP into portfolio discussions alongside bitcoin and ethereum. The company described late 2025 as the point when institutional access to XRP changed materially, driven by clearer regulation, a maturing futures market, and a quicker route for crypto exchange-traded product listings.
No net outflow days in month one
According to Ripple, U.S. spot XRP ETFs recorded zero net outflow days during their first month of trading. The products then passed $1 billion in cumulative inflows by Dec. 16, 2025. By early March, inflows had moved beyond $1.50 billion, while the combined products held more than 769 million XRP in custody. Ripple used those figures to argue that the market was assessing XRP alongside bitcoin and ethereum rather than treating it as a secondary allocation.
CME XRP futures hit $1 billion open interest quickly
Ripple also pointed to activity in listed derivatives. The firm said CME XRP futures reached $1 billion in open interest faster than any previous CME crypto futures contract. That, in Ripple’s view, showed institutional demand was building before spot ETFs even reached the market. The insight linked that trend to product launches from Canary Capital, Bitwise, Grayscale, Franklin Templeton, 21Shares, and REX-Osprey.
JPMorgan sees first-year inflows at $4 billion to $8.4 billion
On the outlook for fund flows, Ripple cited a JPMorgan estimate calling for $4 billion to $8.4 billion in first-year inflows. The company added that the eventual result will still depend on broader market conditions. Ripple wrote that the market response to XRP ETFs was “swift” and in some respects “surprising,” especially for observers who expected institutional adoption of XRP to trail bitcoin and ethereum.
Goldman Sachs disclosed a $153.8 million position
Institutional ownership disclosures were another part of Ripple’s case. The company said Goldman Sachs reported a $153.8 million position in spot XRP ETFs through a Q4 2025 13F filing, which Ripple described as the largest known U.S. institutional stake in the category at that time. It also referenced holdings by firms including Millennium and Citadel.
Beyond fund ownership, Ripple pointed to the XRP Ledger as infrastructure used in payments, liquidity, tokenized assets, and stablecoin-linked settlement. In that framing, XRP is being treated not only as a tradable crypto asset, but also as part of a broader on-chain financial system.