The U.S. Securities and Exchange Commission (SEC) on September 10 announced an extension of the review period for the Franklin XRP exchange-traded fund (ETF), setting a new deadline of November 14, 2025. The decision comes amid a wave of institutional filings and mounting market optimism for spot XRP ETFs.
The proposal, submitted by Cboe BZX Exchange on March 13, 2025, seeks approval under BZX Rule 14.11(e)(4), which governs commodity-based trust shares. The SEC had already delayed a decision once in April and initiated formal proceedings in June, with an original deadline of September 15. Under current regulations, the Commission must act within 180 days of publication in the Federal Register. In its latest notice, the regulator stated that a longer period is appropriate “so that it has sufficient time to consider the proposed rule change, and the issues raised therein.”
Growing List of XRP ETF Applicants
Several major asset managers have filed with the SEC to launch XRP exchange-traded products (ETPs), aiming to provide investors direct exposure to XRP through regulated vehicles. Filers include Grayscale, which seeks to convert its existing XRP Trust into an ETF, along with 21Shares, Bitwise, Franklin Templeton, WisdomTree, Canary Capital, CoinShares, and REX & Osprey. These filings reflect surging institutional demand for XRP, following the successful approval of spot Bitcoin and Ethereum ETFs.
The Franklin XRP ETF is among the most closely watched, given Franklin Templeton’s status as a traditional asset manager with over $1.5 trillion in assets under management. The SEC’s decision to extend the review suggests a cautious approach, but industry participants interpret the continued engagement as a positive sign.
Market Sentiment and Expert Forecasts
Despite the regulatory delay, market optimism remains sky-high. As of September 10, data from Polymarket indicated a 92% implied probability of approval for a spot XRP ETF. Frequent amendments to filings by asset managers point to active dialogue with SEC staff, often seen as a precursor to approval.
Industry experts are reinforcing this bullish outlook. Nate Geraci, president of Novadius Wealth Management, wrote on social media platform X: “Personally think closer to 100% … People are severely underestimating investor demand for spot XRP & SOL ETFs. Just like they did w/ spot BTC & ETH ETFs.” Bloomberg ETF analysts James Seyffart and Eric Balchunas maintained their approval forecast at 95%, reflecting growing confidence that regulatory engagement is progressing.
With Bitcoin and Ethereum ETFs already trading, many analysts argue that an XRP product represents the next logical step in expanding regulated crypto investment opportunities. XRP’s status as one of the largest cryptocurrencies by market capitalization, combined with its regulatory clarity following the Ripple lawsuit resolution, makes it a strong candidate for institutional adoption.