All Eyes on May 22: Will SEC Approve the Spot XRP ETF?

As the XRP market experiences renewed interest and growing volumes, analysts and investors are watching one key date—May 22, 2025—when the U.S. Securities and Exchange Commission (SEC) is expected to respond to Grayscale’s spot XRP ETF application. With growing traction in both retail and institutional markets, XRP’s performance in the lead-up to the decision could be pivotal.

XRP Trading Surpasses Solana Futures

According to Bloomberg analysts, the recently launched 2x leveraged XRP product has already outpaced Solana-based futures ETFs in terms of trading volume. This is particularly notable given that XRP currently lacks a futures market presence in the U.S., unlike Solana and other altcoins.

Yet despite this absence, data suggests that XRP’s trading volume remains heavily concentrated in offshore markets—a detail that may complicate its approval prospects. Bloomberg’s report highlights the disparity, noting:

“The 2x leveraged XRP fund has outperformed Solana futures in volume. However, the lack of a robust futures market may create regulatory friction for spot approval.”

Market Sentiment Grows Amid Positive Metrics

Analytics platform Kaiko offers a slightly more optimistic view. Its analysts argue that increased spot trading activity—especially in U.S. exchanges—could mitigate the concerns over the absence of futures-based infrastructure. The successful rollout of the 2x XRP product has also added confidence to market dynamics.

In their own words:

“Evolving market dynamics and last week’s leveraged XRP product launch have positioned XRP ahead of many competing altcoins.”

In addition, XRP’s price recently climbed to $2.14, representing a 12.5% increase over the past week. This price strength, alongside macro uncertainty, is prompting many investors to explore structured investment products like ETPs and swaps to manage risk exposure.

European Markets May Help De-Risk the Proposal

Interestingly, European ETP (exchange-traded product) yields and swap structures are being cited as potential stabilizers for XRP’s ETF case. By reducing perceived risk around the spot product, these instruments could strengthen the argument for SEC approval—or weaken it, depending on regulatory interpretation.

Kaiko notes: “European swap agreements and ETP gains reduce spot product risk, which may paradoxically weaken the core arguments for an ETF approval.”

Nonetheless, the upcoming May 22 decision deadline remains the most significant milestone. As Dey There reports, the outcome could set the tone for altcoin-based ETFs across the broader crypto market.

References

1. Bloomberg – Crypto ETF Market Analysis (2025)
   https://www.bloomberg.com/crypto

2. Kaiko – XRP Liquidity and ETF Outlook Reports
   https://www.kaiko.com/research

3. Grayscale – Spot XRP ETF Application
   https://grayscale.com/products/