In a remarkable development, several asset managers submitted amended filings with the U.S. SEC, updating their spot XRP ETF applications on the same day.
On August 22, CoinShares, Grayscale, Canary, Franklin, WisdomTree, Bitwise, and 21Shares updated their S-1 applications with the SEC for spot-based XRP exchange-traded funds (ETFs).
The updated filings allow more flexible structures in the proposed XRP funds. According to the filings, the asset managers want the funds to permit XRP or cash creations as well as cash or in-kind redemptions.
This update possibly aligns with the SEC’s preference and could improve the approval chances of the XRP ETFs.
Experts Say It’s a Good Sign
Prominent Bloomberg analyst James Seyffart noted that the simultaneous updates from multiple prospective XRP ETF issuers strongly indicate they are responding to SEC feedback. Notably, he referred to the move as a good sign, emphasizing that the update is “mostly expected.”
Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected pic.twitter.com/GiSL1kc6lt
— James Seyffart (@JSeyff) August 22, 2025
Interestingly, Nate Geraci, the President of NovaDius Wealth Management, also viewed the cluster of amendments as a “very good sign.” Such updates typically indicate that the spot XRP ETF applications are progressing in the SEC’s review process.
Notably, the issuers updated their applications on the same day the Second Circuit approved the SEC and Ripple’s request to withdraw their appeals.
Court Clears Legal Fog Around XRP
Renowned community figure “All Things XRP” claimed the Second Circuit’s decision cleared the legal fog around XRP, putting the token in the same regulatory class as Bitcoin and Ethereum.
The user suggested that the coordinated timing of the update and the legal decision shows the issuers were waiting for that exact legal clarity to proceed with their spot XRP ETF applications. With the SEC case resolved, he speculated that the XRP ETF approval odds had spiked to 95%. This implies that the community figure believes the SEC will likely approve the launch of the products.
The developments had an immediate impact on XRP, with its price soaring to $3.08 within hours. Notably, XRP’s volume also skyrocketed, with whales accumulating huge amounts of the token, according to All Things XRP.
XRP Mirrors Bitcoin ETF Journey
Furthermore, he indicated that the sequence mirrors Bitcoin’s ETF journey. First, Bitcoin gained regulatory clarity, followed by the SEC easing its stance on the asset, which triggered a wave of BTC ETF applications and ultimately a major price rally.
The expert claims XRP is currently in the exact position Bitcoin was before its ETF approval. He expects a favorable decision by October 2025. It bears mentioning that the SEC has a final deadline of October to decide the fate of several XRP ETFs, including the proposed funds from Grayscale, Bitwise, and 21Shares.
Although major players like BlackRock have yet to file for a spot XRP ETF, analysts estimate that institutional inflows into existing XRP ETFs from Grayscale, Franklin, and Bitwise could exceed $5 billion.
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