In the rapidly evolving crypto ETF landscape of 2025, XRP has taken center stage, outperforming other altcoins in two crucial areas: the number of ETF filings and market liquidity. As institutional interest in digital assets continues to grow, XRP is gaining traction as a serious contender for the next spot ETF approval by the U.S. Securities and Exchange Commission (SEC).
📈 XRP Tops the List in ETF Filings
According to a recent report by Kaiko, a leading blockchain analytics firm, XRP currently leads with 10 active ETF proposals—more than any other altcoin on the market. This surge in filings comes from major financial institutions and asset managers who recognize XRP’s potential as a secure and highly liquid investment vehicle.
💼 Institutions Behind the Push
Among the most notable filings are those submitted by ProShares, Bitwise, and even Grayscale, which is already known for its Bitcoin and Ethereum investment products. These institutions are banking on XRP’s regulatory clarity following Ripple’s partial legal victory against the SEC, along with its longstanding presence in the global payments ecosystem.
“XRP’s legal clarity, combined with its strong liquidity profile, makes it one of the most suitable candidates for an ETF,” said a Kaiko analyst.
💧 XRP’s Market Liquidity Outshines Competitors
ETF approvals depend not only on market demand and institutional backing but also on a cryptocurrency’s liquidity—a measure of how easily an asset can be bought or sold without affecting its price. XRP currently ranks first in liquidity among altcoins, beating competitors like Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC).
Kaiko’s data shows XRP's bid-ask spreads are extremely tight, meaning traders can execute large transactions with minimal price slippage. This kind of liquidity is especially attractive to ETF issuers, as it ensures smooth operation of the fund and minimizes volatility for investors.
“The SEC has historically prioritized liquidity when evaluating ETF applications,” notes Kaiko. “XRP’s performance in this regard puts it in a very strong position.”
Right after I shared my thoughts on $XRP and a possible settlement unlocking the next big move...
— John Squire (@TheCryptoSquire) April 15, 2025
Boom. ProShares just filed for an XRP ETF, targeting April 30, 2025.
This isn’t speculation anymore. It’s momentum.
XRP isn’t waiting to be invited. It’s making its way to the main… pic.twitter.com/HwQlxg6qLg
⚖️ XRP ETF Approvals Could Be on the Horizon
Adding to the optimism, the SEC has formally acknowledged multiple XRP-related ETF filings, a significant regulatory step that signals progress toward potential approval. Industry insiders are now speculating that XRP may become the next altcoin to receive ETF approval after Bitcoin and Ethereum.
This would mark a major milestone for Ripple and the broader XRP community, which has long advocated for greater institutional adoption of the token. If approved, an XRP ETF could attract billions in capital from both retail and institutional investors looking for diversified exposure to digital assets.
📊 Why XRP Stands Out in the ETF Race
Several factors contribute to XRP’s leading position in the ETF race:
- Regulatory Clarity: Unlike many altcoins, XRP has achieved partial legal clarity in the U.S. following Ripple’s court victory in 2023.
- Global Utility: XRP is already used by global payment providers for cross-border transactions.
- Institutional Backing: Major asset managers are actively pursuing ETF listings for XRP.
- Superior Liquidity: XRP consistently ranks among the top in daily trading volume and tight bid-ask spreads.
📝 Final Thoughts
As crypto ETFs become a key gateway for mainstream and institutional adoption, XRP is well-positioned to benefit. Its unmatched liquidity and growing number of ETF filings suggest that it could soon join the elite ranks of digital assets offered in regulated investment vehicles. While the SEC’s decision remains pending, all signs point to XRP as the next logical candidate for a spot ETF in the U.S.