XRP is emerging as Wall Street’s “dark horse,” according to Cambridge analyst Bradley Peak, who says many funds are considering it the next Bitcoin.
Indeed, Bitcoin and Ethereum ETFs have already brought in billions in institutional inflows, but now all eyes are shifting to XRP.
Seven XRP ETF applications are currently under SEC review, with decisions scheduled for mid-October. The list includes Wall Street behemoths Bitwise, Grayscale, 21Shares, WisdomTree, Canary Capital, Franklin Templeton, and CoinShares. Collectively, these firms manage over $1.7 trillion.
Beyond the weight of ETFs, Ripple’s application for a U.S. national bank charter is also awaiting a decision during the same October window. Notably, approval on both fronts could give XRP a dual boost—legitimizing it as an investable product and a regulated financial utility.
The Case for XRP as Wall Street’s “Dark Horse”
Amid these factors, analyst Bradley Peak argues that XRP is shaping up to be Wall Street’s dark horse. He suggested the asset could surprise skeptics just as Bitcoin and Ethereum once did.
He cited Nate Geraci of The ETF Store as echoing this view. For context, Geraci noted in September that early doubts about Bitcoin and Ethereum ETFs quickly vanished once billions of dollars poured in.
For XRP, the momentum is already strengthening this case. CoinGlass data shows CME XRP futures have topped $1.25 billion in open interest.
CME first reported in August that its XRP futures reached the $1 billion mark faster than any other crypto derivatives contract.
Now, market watchers like Peak see the momentum spilling into spot ETFs. Canary Capital has already projected $5 billion in demand in the early weeks, while JPMorgan estimates as much as $8 billion annually.
Meanwhile, not all issuers are sticking to plain price-tracking ETFs. Asset manager Amplify has filed for a fund that mixes XRP with income-generating strategies like covered calls. Other firms are testing leveraged and derivative-based products.
This shows that asset managers see a chance to attract more advanced investors with customized XRP offerings.
BlackRock Still Not Interested
Despite the optimism, there is still skepticism. BlackRock has explicitly ruled out immediate plans to pursue an XRP ETF, citing limited client interest. According to Robbie Mitchnick, Head of Digital Assets at BlackRock, any new crypto ETF must align with customer demand.
Other considerations include the asset’s market cap, liquidity, maturity, and how the ETF fits into broader client strategies. However, Mitchnick emphasized that the evaluation is ongoing.
Institutional Accumulation Ahead of ETF News
Meanwhile, institutional wallets have accumulated close to $1 billion worth of XRP in the last two weeks. Santiment data shows wallets typically holding between 10 million and 100 million tokens added 340 million tokens during that period.
This suggests that strategic players are positioning themselves ahead of this month’s regulatory rulings. Their collective holdings are now approaching 8 billion XRP, worth over $20 billion.
Whales have bought 340 million $XRP in the last two weeks! pic.twitter.com/dQDLq1vkVW
— Ali (@ali_charts) August 31, 2025
Essentially, October could be a turning point for XRP. If it gets approved for both an ETF and a bank charter, it could become a major player in global finance.
However, if both are denied, XRP’s price trajectory might stagnate, leading to slower growth.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
