Remember when everyone said XRP would never get a spot ETF because of the SEC mess?
Yeah, about that.
Yesterday, December 10th, Cboe BZX Exchange quietly filed the paperwork that changes everything: the 21Shares Spot XRP ETF is officially approved for listing under the ticker TOXR. Trading could literally begin as early as next week.
I’ve been following Ripple and XRP since the early days, and honestly? This feels surreal to type those words.
The Approval Nobody Saw Coming This Fast
Let’s be real for a second. Most of us expected more delays, more back-and-forth, maybe another six months of regulatory limbo. Instead, three weeks after the SEC automatically approved 21Shares’ Form 8-A, Cboe just went ahead and certified the listing.
No drama. No last-minute objections. Just approval.
The fund will track the CME CF XRP-Dollar Reference Rate – New York Variant, the same institutional-grade benchmark used by the other XRP ETFs that launched last month. That’s not a coincidence. Regulators love familiarity, and using an existing, audited index removes one of the biggest hurdles.
What Actually Got Approved (The Important Details)
Here’s the breakdown that most headlines are glossing over:
- Ticker: TOXR on Cboe BZX Exchange
- Sponsor fee: 0.30% – paid weekly in XRP (yes, really)
- Seed capital: 100 million XRP ≈ $226 million at today’s prices
- Custodians: Coinbase Custody + Anchorage Digital + BitGo (multi-custody model)
- Creation/redemption: in-kind (actual XRP) or cash
- Expected launch window: as soon as final issuance notices are signed
The multi-custodian setup is particularly interesting. After the FTX disaster, no serious player wants all eggs in one basket. Spreading the keys across three of the most trusted names in the space is about as close to “bank-grade” as crypto currently gets.
How Big Is the XRP ETF Market Already?
Believe it or not, spot XRP ETFs have been live for barely three weeks and they’re already approaching $1 billion in combined assets.
Yes, you read that right. Four funds launched in late November have pulled in over $900 million in net inflows. That’s faster accumulation than we saw with the first Ethereum ETFs – and those had the advantage of coming second after Bitcoin.
In my view, there are two reasons for this speed:
- The SEC-Ripple settlement earlier this year removed the single largest overhang. When the judge ruled XRP is not a security in secondary markets, the path cleared overnight.
- Pent-up institutional demand. Many funds couldn’t touch XRP for compliance reasons during the lawsuit. Now they’re playing catch-up.
Add 21Shares’ product into the mix – with its substantial seed and brand recognition – and we’re easily looking at another $300-500 million within the first month. Maybe more if momentum keeps building.
Why the 0.3% Fee Actually Matters
On the surface, 30 basis points doesn’t sound revolutionary. Grayscale’s Bitcoin trust still charges 1.5%, after all.
But here’s the twist: the fee is paid in XRP itself, not cash. That means the sponsor is effectively dollar-cost-averaging into the asset every single week. It aligns their interests perfectly with holders.
“When the people managing the fund are forced to buy the underlying asset to cover their own expenses, you know the incentives are clean.”
I couldn’t have said it better myself.
What Happens to XRP Price Now?
Short answer: nobody knows for sure.
Long answer: history gives us some clues.
When spot Bitcoin ETFs launched in January 2024, BTC was around $43k. Ten months later it hit $108k. Ethereum ETFs triggered a 100%+ move from their summer lows.
XRP at $2.00 today with a $120 billion market cap is arguably in a similar position to where ETH was pre-ETF. The difference? XRP has actual banking partnerships, $10 billion+ in annual payment volume through RippleNet, and now regulatory clarity in the United States.
Do the math.
The Bear Case (Because Balance Matters)
Look, I’m excited, but let’s not drink the Kool-Aid without checking the ingredients.
- Some of the recent price strength might already be “buy the rumor, sell the news”
- Exchange reserves have dropped $1.3B recently – whales could be positioning to sell into ETF demand
- Broader crypto market looks exhausted after the post-election rally
- Bitcoin dominance is creeping up again
Perfectly valid concerns. I wouldn’t bet the farm on a straight line up from here.
That said, the structural setup has never been stronger than any previous XRP bull cycle. ETFs create persistent, structural buying pressure that doesn’t care about retail sentiment or Twitter hype.
What I’m Watching Next
Three things, specifically:
- First-week inflow numbers for TOXR – anything above $150 million would be extremely bullish
- Whether other major issuers (BlackRock, Fidelity, etc.) finally file their own XRP products
- If XRP can hold the $1.80–$1.90 zone on any pullback – that’s the new institutional floor
If those boxes get checked, I wouldn’t be shocked to see $5+ sometime in 2026. Maybe sooner if Bitcoin keeps marching toward $150k.
But that’s just one opinion in a market full of them.
Bottom line? The 21Shares XRP ETF approval isn’t just another product launch.
It’s the moment XRP stopped being the crypto world’s favorite punching bag and started being treated like the serious financial asset many of us always believed it could become.
Whether you’ve been holding since 2017 or just discovered XRP yesterday, this is one feels different.
And honestly? I can’t wait to see what happens next.
