The prospect of exchange-traded funds tied to XRP is stirring fierce debate in the crypto world. While some believe such products could unlock billions in inflows, others argue they may expose a lack of genuine institutional appetite for the token.
Adriano Feria, a market analyst known for his contrarian takes, went as far as calling spot ETFs the “beginning of the end” for XRP. He argues that once the funds hit the market, it will become clear whether institutions truly want exposure — and he doubts they do.
Not everyone agrees. Canary Capital’s CEO, Steven McClurg, painted the opposite picture in a recent interview, suggesting XRP ETFs could rake in as much as $5 billion in their first month. He claimed the token remains one of the best-recognized names on Wall Street after Bitcoin, and that this familiarity could drive early demand.
For now, the biggest names in asset management are sitting out. BlackRock has confirmed it has no plans to pursue an XRP product, and Fidelity, which already backs ETFs for Bitcoin, Ethereum, and Solana, has avoided the token entirely. Their absence is viewed by some traders as a red flag, raising questions about whether XRP will be able to attract the same level of credibility or capital as BTC and ETH.
Despite that, momentum is building among smaller issuers. At least 15 applications for XRP-linked ETFs are currently under review by the U.S. Securities and Exchange Commission, setting the stage for a potentially crowded launch if any are approved.
XRP already has a track record in the derivatives market. Futures contracts tied to the token became one of the fastest products on CME Group to surpass $1 billion in open interest, a sign that there is measurable demand in certain corners of the market. Whether that enthusiasm will translate to ETFs, however, remains an open question.
For now, XRP sits in limbo — awaiting a regulatory green light that could either cement its role as a mainstream financial asset or expose just how thin its institutional support really is.
