XRP community analyst Zack Rector has released a new breakdown of the updated XRP ETF rollout, outlining when each remaining issuer is likely to launch.
His review clarifies confusion around dates, filing requirements, and which issuers have properly triggered the SEC’s 20-day countdown rule.
Why Some XRP ETFs Can Launch Without SEC Sign-Off
Rector explained that U.S.-based spot ETFs no longer require explicit SEC approval if issuers remove the delay clause from their S-1 filings. Once that language is removed, a 20-day automatic countdown begins, allowing the product to go live even without the agency’s final sign-off.
This is how Canary Capital launched its Litecoin, XRP, Bitwise, and Grayscale Solana products during the U.S. government shutdown.
Canary’s XRP ETF already went live on November 13 after making amended filings on October 24.
Confirmed Launch Windows: Bitwise, Grayscale, Franklin Templeton
After reviewing the SEC’s EDGAR database, Rector shared the verified timeline:
Bitwise — Earliest Launch Date
The Bitwise XRP ETF has the earliest launch window of November 20, just two days away. Bitwise updated its S-1 on October 31 with the correct language, placing the earliest launch date on Friday.
Interestingly, in a tweet on Monday, Bitwise even teased an upcoming development without adding context:
“You will not believe what I just heard,” the statement read, accompanied by an anticipating emoji.
Members of the XRP community believe the firm is referring to its XRP ETF.
You will not believe what I just heard 👀
— Bitwise (@BitwiseInvest) November 17, 2025
Grayscale and Franklin Templeton Launch Dates
Meanwhile, the Grayscale XRP ETF has a launch date of November 24. Grayscale filed its updated S-1 on November 3. The 20-day mark falls on Sunday, November 23, making Monday, November 24 the expected launch date.
Likewise, the Franklin Templeton XRP ETF is set for November 24 after the issuer updated its S-1 on November 4 with the proper language.
Rector noted confusion online about Franklin allegedly launching on November 18, clarifying that no filing supports that date.
Issuers That Failed to Trigger the Countdown
Rector highlighted three issuers that have not updated their filings correctly and therefore have no active countdown:
- WisdomTree and CoinShares — Last Updated October 10
No updated S-1 has been filed since, and the required language is missing. - 21Shares — Updated November 7, but With Incorrect Language
Rector expressed disbelief at the oversight, noting that 21Shares’ updated S-1 still contains the delay clause, preventing the ETF from moving forward.
Unless the SEC decides to proactively approve all remaining spot XRP ETFs at once, these issuers will remain behind.
No Major Sell-the-News Event Expected
Rector said he does not expect another heavy sell-the-news reaction once the remaining ETFs go live. In his view, the recent pullback in XRP price after the Canary Capital ETF launch was the true sell-the-news moment.
He argued that historically, ETF-induced pullbacks have created major buying opportunities, pointing to Bitcoin’s correction to $48,000 before surging to $120,000, and Ethereum’s 40% drop before rallying 130%.
Rector added that he continues to increase his XRP long position at these levels.
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.
