The crypto market is gearing up for an influx of new exchange-traded fund launches, but XRP (XRP-USD) investors are once again stuck waiting.
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Canary Funds’ spot HBAR (HBAR-USD) and Litecoin (LTC-USD) ETFs are set to begin trading on the Nasdaq tomorrow, while the NYSE has certified 8-A filings for the Bitwise Solana ETF, launching Tuesday. Grayscale’s Solana Trust (GSOL) will follow a day later as it converts to an ETF.
This expansion marks another step forward for crypto-linked products in the U.S. market. Yet despite nearly 20 pending ETF filings, the XRP spot ETF remains unapproved, with no clear explanation from regulators.
Analysts Say SEC Guidance Opened the Door
Bloomberg ETF analyst James Seyffart said this week’s ETF progress likely stems from new language in a guidance letter from the SEC’s Division of Corporate Finance.
The letter, written in a Q&A format, includes a section that “appears to outline conditions for certain securities offerings,” Seyffart noted. He added that question 11 of 22 may have provided the key opening.
According to Seyffart, while that section technically applies to IPOs, ETFs are also classified as securities, which could have given confidence to the legal teams at Canary Funds, Bitwise, Grayscale, NASDAQ, and NYSE to move forward.
Still, the lack of clarity has left the XRP community asking why their asset has not received the same green light.
Bill Morgan Weighs In
Attorney Bill Morgan, a long-time observer of Ripple’s legal case, shared his thoughts on the delay in a Coinpedia interview. When asked why XRP’s ETF is still pending, Morgan said, “At least we know now it’s not because of the lockdown given the other approvals today. The reason is not yet public but there seems to always be unexpected delays with XRP.”
He pointed out that this pattern fits XRP’s history with regulators. “Remember the SEC lawsuits. The one against Ripple was the last one to be resolved. The litigation itself lasted four and a half years,”
he added.
Ripple’s Legal Fight Finally Ends
Ripple’s five-year battle with the SEC officially ended in August 2025, when both sides jointly moved to close the case. The decision marked the conclusion of one of the crypto industry’s longest and most-watched legal disputes.
Following the news, XRP’s price jumped more than 9% in a single day, as investors celebrated long-awaited clarity. Ripple executives called the outcome a “turning point” that allows the company to focus on expanding its payments network and global partnerships.
Given that backdrop, many expected XRP’s spot ETF to move forward quickly, yet approval has not arrived, and the SEC has provided no timeline or explanation.
To sum up, XRP’s absence from the latest influx of ETF approvals is stirring new debate across the market. Now that Ripple’s legal cloud has finally lifted and peers like Solana (SOL-USD) and Litecoin are gaining traction, investors are growing frustrated by another unexplained delay.
At the time of writing, XRP is sitting at $2.6336.
