XRP Today's News: DTCC lists five spot ETFs, approval expectations for November increase

On November 9, 2025, the U.S. Securities Depository and Clearing Corporation (DTCC) officially listed five XRP spot ETFs under the “Active and Pre-Listing Funds” category, involving issuers such as Bitwise (XRP), Franklin Templeton (XRPZ), 21Shares (TOXR), Canary (XRPC), and CoinShares (XRPL).

This significant development occurred as Canary CEO Steven McClurg publicly stated that they are ready to launch next week, coinciding with the U.S. Senate reaching a preliminary agreement to end the government shutdown. While DTCC listing does not equate to final SEC approval, combined with new regulations allowing issuers to revise S-1 filings to avoid procedural delays, market expectations suggest that the first batch of XRP spot ETFs could potentially begin trading in mid to late November.

Analysis of DTCC Mechanism and Listing Process

DTCC plays a crucial role in the U.S. financial infrastructure. As a core institution providing post-trade clearing, settlement, custody, and information services, its pre-listing roster is often viewed as one of the final preparatory steps before ETF approval. Historical data shows that since 2023, 87% of ETFs entering this list have successfully launched within 30 days, with Canary’s Litecoin spot ETF being a typical example—listed on DTCC in February and officially trading in October.

The simultaneous listing of five XRP ETFs reflects high confidence among issuers. Bitwise and Grayscale disclosed their fee structures earlier this month; Bitwise set a management fee of 0.24%, lower than its Bitcoin spot ETF at 0.25%, aiming to attract early capital with competitive pricing. Bloomberg ETF analyst James Seyffart noted, “Issuers wouldn’t pay DTCC fees without informal regulatory approval; this coordinated action suggests SEC has tacitly approved the process.”

The resolution of the government shutdown cleared regulatory hurdles. The Senate’s temporary funding agreement on November 8 allowed SEC staff to end unpaid leave and resume backlog review of applications. Notably, according to the Congressional Budget Act, the regulatory clock paused during the shutdown will not automatically be extended, meaning the approval timeline for XRP ETFs has returned to normal.

Market Structure and Capital Flow Expectations

The potential scale of XRP spot ETFs has sparked widespread speculation. Based on the historical performance of Bitcoin and Ethereum spot ETFs, analysts predict initial inflows of $1.5 to $3 billion for the first XRP products. This expectation is reflected in recent market behavior, with XRP rising 12% in the first week of November, outperforming Bitcoin, which declined 5%.

Market maker position adjustments support listing anticipation. Open interest in CME XRP futures surged 40% following the DTCC announcement, while the put/call ratio in options markets decreased from 0.65 to 0.43. These derivatives market movements often lead spot price changes, indicating institutional investors are positioning for potential volatility expansion.

Global regulatory attitudes are diverging. While the U.S. prepares to open XRP spot ETFs, the European Securities and Markets Authority (ESMA) issued a statement on November 7 classifying XRP as a “specific crypto asset,” requiring additional disclosures. This regulatory asymmetry may lead issuers to prioritize the U.S. market and delay international expansion plans.

Issuer Strategies and Competitive Landscape

Issuer strategies are becoming increasingly differentiated. Bitwise, leveraging its comprehensive crypto index product lineup, plans to bundle XRP ETFs with existing Bitcoin and Ethereum products as a “core crypto asset portfolio.” Franklin Templeton targets institutional clients, emphasizing its 70 years of traditional asset management experience. Canary, as a digital-native institution, highlights its technological infrastructure, promising real-time on-chain verification services.

Grayscale’s absence is noteworthy. Despite managing the largest Bitcoin trust (GBTC), it is not among the initial XRP ETF applicants. Analysts suggest this may relate to ongoing restructuring at its parent company, Digital Currency Group, or a wait for clearer regulatory guidance. This absence creates a rare market gap for other issuers.

Backend technical preparations are largely complete. DTCC filings show all five ETFs use physical creation/redemption mechanisms, with authorized participants (APs) able to directly transfer XRP on-chain for subscription and redemption. This approach differs from early Bitcoin ETFs’ cash-based models, allowing for more precise tracking of the spot price and reducing tracking errors.

Long-term Impact on the XRP Ecosystem

Ripple’s corporate strategy synergizes with ETF listing. At Swell 2025, the company announced $500 million in funding, partnerships with Mastercard on stablecoins, and plans to apply for banking licenses—building infrastructure for institutional adoption. The ETF listing will provide liquidity outlets for these initiatives, creating a full cycle from technological development to capital markets.

On-chain data indicates positive trends. Daily new addresses on the XRP Ledger surpassed 21,000 in November, reaching an 8-month high, with large transactions (over $1 million) accounting for 35%. These on-chain improvements suggest that not only retail investors but also institutions are positioning ahead of potential product launches.

Fundamental valuation support is emerging. XRP’s market cap is approximately $120 billion. If ETFs attract an additional $20 billion—about 17% of circulating supply—it could push prices above the 2024 high of $3.84. Options markets show active trading of $4.00 call options expiring in March 2026, reflecting optimistic medium- to long-term outlooks.

Investment Strategies and Risk Considerations

Strategies based on approval timelines include: if ETFs are approved before November 15, consider reducing 30% of holdings on the first day to lock in profits; if delayed until December, accumulate positions in the $2.10–$2.30 range during volatility contractions. Historical data suggests that implied volatility peaks about five days before official trading begins.

Risks should be carefully evaluated. The worst-case scenario involves the SEC requiring last-minute modifications, delaying listing until 2026. While this probability is below 20%, such an event could cause prices to retreat to support levels around $1.80. Although Ripple’s lawsuit with the SEC has concluded, related legal uncertainties could be exploited by opposition groups.

Investment tool recommendations include: conservative investors might gain exposure via CME futures to avoid custody risks; aggressive traders could consider out-of-the-money call options to leverage potential volatility; long-term holders should monitor staking yields, which currently offer about 4.2% annualized return on XRP Ledger, attractive in a low-interest environment.

Conclusion

The listing of XRP spot ETFs on DTCC marks a new phase in the institutionalization of cryptocurrencies. From Bitcoin and Ethereum to XRP, regulatory agencies and traditional financial infrastructure are increasingly accepting digital assets. While approval timelines remain uncertain, issuers’ preparations and marginal regulatory improvements create favorable conditions for a November launch. Successful first launches could bring substantial capital inflows to XRP and set a precedent for ETFs on other altcoins like Solana and Cardano, further integrating digital assets into mainstream finance.