XRP ETFs XRPR and XRPI Rally as SEC 20-Day Countdown Begins for 21Shares and Franklin Templeton Approval

Ripple’s XRP ETFs (XRPR & XRPI) Ignite Institutional Momentum as Franklin Templeton and 21Shares Trigger Countdown to U.S. Approval

The surge in institutional momentum surrounding Ripple’s XRP ETFs reached a turning point this week as both the REX Osprey XRP ETF (XRPR) and NASDAQ-listed XRP ETF (XRPI) extended their rally amid historic regulatory progress. XRPR closed at $19.46, up 7.45% (+$1.35), after trading in a wide range of $17.87–$19.55, while XRPI advanced 8.04% to $13.98, before a modest 1.36% pullback to $13.79 in after-hours trading. The move coincided with a flurry of filings from top global asset managers—Franklin Templeton, 21Shares, Canary Capital, Bitwise, and CoinShares—each racing to bring spot XRP ETFs to U.S. markets under the new streamlined Section 8(a) process that could activate automatic SEC approval within 20 days.

Regulatory Breakthrough: 21Shares Triggers the 20-Day Clock While Franklin Templeton Appears on DTCC

On November 8, 21Shares filed Amendment No. 3 to its S-1 registration statement with the U.S. Securities and Exchange Commission, officially triggering a 20-day countdown for its spot XRP ETF to go effective. The Zurich-based issuer removed its “delaying amendment,” effectively starting the timer for automatic approval by November 27, if the SEC does not intervene. Meanwhile, Franklin Templeton’s Franklin XRP Trust (ticker: XRPZ) was spotted on the DTCC website, confirming that the product has entered the final clearing phase before trading eligibility. The DTCC—responsible for settlement of U.S. securities—now lists at least five XRP ETFs, including XRPZ (Franklin), TOXR (21Shares), XRPC (Canary Capital), XRPL (CoinShares), and XRP (Bitwise). This coordinated appearance represents a historic alignment between traditional finance and blockchain assets, echoing Bitcoin’s pre-launch phase in early 2024.

Institutional Expansion: Canary Capital and CoinShares Join the Race

Canary Capital’s XRP ETF (XRPC), slated for NASDAQ, entered its own 20-day window earlier this week, confirming Gemini Trust and BitGo Trust as dual custodians. The ETF will benchmark the CoinDesk XRP CCIX New York Rate and replicate XRP spot prices through direct token holdings, a first-of-its-kind structure for the exchange. CEO Steven McClurg, speaking at Ripple Swell 2025, confirmed the firm aims to launch next week, marking the fastest turnaround for a crypto ETF in history. CoinShares, already active in Europe’s XRP derivatives market, has expanded its U.S. footprint with XRPL, joining the DTCC list with over $100 million in pre-launch seed capital commitments.

Franklin Templeton and Institutional Capital: From Amendment to Activation

Franklin Templeton’s filing momentum underscores Wall Street’s rapid pivot toward regulated XRP exposure. Following its Amendment No. 3 submission on November 4, the firm refined Section 8(a) language and disclosed Coinbase Custody as the official trustee for on-chain holdings. Insiders report that the filing has passed all administrative checks, with internal trading infrastructure prepared for go-live within days of SEC clearance. The inclusion of Franklin Templeton, Bitwise, 21Shares, and Canary Capital signals that institutional capital exceeding $5 billion could flow into XRP within the first 30 trading days, should approval synchronize across issuers—potentially marking the largest multi-ETF digital asset debut in U.S. history.

XRP Market Reaction: ETFs Drive Liquidity Surge as XRPR and XRPI Extend Weekly Gains

The ETF rush has ignited significant secondary market activity. XRPR, traded on BATS, posted its strongest one-day volume in two months at 42,770 shares, with prices rebounding from a year-to-date low of $17.33 toward the $19.55 intraday high. XRPI, the NASDAQ-listed ETF, maintained heavy liquidity with 613,590 shares traded, its 52-week range tightening between $12.40 and $23.53. Analysts tracking the XRPI order book observed consistent institutional block trades above $13.80, aligning with the growing probability of near-term approval for 21Shares’ product. Meanwhile, XRP-USD itself trades near $2.29, down 2.44% daily but up over 90% year-to-date, underscoring the resilience of the underlying asset even amid volatile global crypto conditions.

Macro Context: SEC Reform, Trump Administration Policy, and the Post-Gensler Shift

Regulatory sentiment toward digital assets has shifted dramatically since Chair Paul Atkins took over the SEC following the prior administration’s reshuffle. The introduction of generic listing standards in September 2025 compressed review windows for spot crypto ETFs from 240 days to 75 days, establishing a new era of accelerated approvals. These changes follow Gary Gensler’s exit and align with the pro-innovation agenda of the Trump administration, which has called for expanding digital asset market access. Ripple’s long-standing legal clarity—following its 2023 partial court victory—positions XRP as the first non-Bitcoin, non-Ethereum token to achieve full-scale ETF readiness under these reformed frameworks.

Ripple’s Expanding Ecosystem: RLUSD, Mastercard Partnerships, and Ledger Milestones

The broader Ripple ecosystem continues to evolve alongside the ETF story. Ripple’s new stablecoin, RLUSD, surpassed $1 billion in circulation this week, supported by strategic partnerships with Mastercard and WebBank for cross-border settlement infrastructure. The XRP Ledger (XRPL) itself hit a historic milestone, surpassing 100 million ledgers processed, confirming network durability for institutional-grade settlement. The integration of RLUSD within RippleNet’s banking partnerships strengthens the ecosystem’s institutional narrative—bridging stablecoin utility with XRP liquidity mechanisms that ETFs will soon formalize on regulated exchanges.

Supply Compression and Price Projections: From $2.29 to Potential $16.85 Scenarios

Institutional research now models dramatic supply-side effects once ETFs launch. Analysts estimate that if 5% of circulating XRP (≈4.95 billion tokens) were withdrawn into ETF custody, market capitalization could surge from $150 billion to over $1 trillion, pushing XRP’s implied price toward $16.85—a 574% upside from current levels. Even conservative forecasts projecting $5 billion in ETF inflows would drive a price floor between $4.50–$6.00, according to liquidity elasticity models based on Bitcoin ETF flow elasticity ratios. This setup mirrors early 2024 BTC inflows, which lifted Bitcoin from $43,000 to $73,000 in 90 days post-approval, suggesting XRP could experience a similar liquidity shock event.

Derivatives and Secondary Market Confirmation: CME XRP Futures and Leveraged ETFs

The CME’s XRP futures open interest exceeding $3 billion highlights that derivatives markets have already priced in institutional XRP exposure. Teucrium’s 2x Long XRP ETF (XXRP) and ProShares Ultra XRP ETF (UXRP) collectively amassed $306 million in net assets within a year, demonstrating appetite for leveraged products even before spot approvals. Their liquidity success parallels Solana’s CME debut, confirming the trend of secondary markets front-running institutional inflows. As of early November, Solana and XRP futures remain the fastest-growing crypto derivatives on CME, cementing XRP’s emergence as a mainstream asset class.

Market Psychology and Whale Accumulation Patterns

Blockchain analytics reveal renewed whale activity, with on-chain data showing 8,000 new addresses holding over 1 million XRP each since mid-October. The MVRV ratio (Market Value to Realized Value) suggests accumulation, with XRP’s average cost basis converging near $1.85, signaling that long-term holders are positioning for ETF-driven appreciation. Retail sentiment has also turned decisively bullish, reflected in a 72% increase in Google search traffic for “XRP ETF” and record Telegram group engagement across XRP trading communities.

Verdict: Strong Buy — XRPR & XRPI ETFs Poised to Redefine XRP’s Institutional Era

The alignment of multiple ETF issuers, regulatory fast-tracking, and Ripple’s maturing infrastructure marks an inflection point for XRP’s institutional adoption curve. With XRPR trading at $19.46 and XRPI near $13.98, both funds remain undervalued relative to their underlying trajectory if ETF approvals synchronize within the 20-day Section 8(a) window. The ecosystem’s combination of on-chain strength, institutional custody readiness, and regulatory clarity positions XRP for repricing beyond speculative narratives. Given the catalysts—Franklin Templeton’s DTCC listing, 21Shares’ SEC countdown, and macro pro-crypto policy reform—the data supports a Buy rating across both XRPR and XRPI, with a medium-term target range of $25–$30 post-ETF approval, representing the beginning of XRP’s next institutional cycle.

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