XRP ETF Approval Odds Surge 13%

According to prediction market platform Polymarket, expectations for an XRP spot ETF approval have increased sharply.

The probability of an exchange-traded fund (ETF) approval for XRP has risen by 13% this week, reaching 83% according to prediction market platform Polymarket.

Despite a recent delay from the U.S. Securities and Exchange Commission (SEC) on Polymarket, the odds have shot up significantly from 70% just days ago.

The installment of several XRP ETF applications from asset managers is still pending a final ruling by the US SEC. Among the contenders are Bitwise, CoinShares, Franklin Templeton, and Grayscale.

The latest batch of ETF filings has seen several setbacks, which were widely anticipated by the ETF community and saw several analysts setting October as the new timeframe for decisions.

The latest round of extensions follows similar actions by the SEC in May, when it extended the review period for several crypto ETF proposals. These include spot ETF filings tied to other digital assets beyond XRP.

In a recent episode of Ripple's podcast Crypto in One Minute, CEO Brad Garlinghouse discussed how ETFs are making cryptocurrency investment more accessible to institutional players.

"Wall Street and other institutional investors have struggled to directly access crypto markets," Garlinghouse said. He explained that ETFs enable them to gain exposure through regulated financial products rather than needing to use crypto exchanges or self-custody wallets.

Highlighting the rapid growth of Bitcoin ETFs, Garlinghouse noted, "The Bitcoin ETF was the fastest ever to hit $1 billion in assets. It passed $10 billion faster than any other ETF."

He anticipates that ongoing institutional interest will drive the launch of more products, including those linked to XRP.

The first-ever XRP futures ETF was launched on Friday by Volatility Shares on the Nasdaq exchange under the ticker XRPI.

This followed the May 19 launch of an XRP futures product on CME Group's platform.

XRP futures now provide investors with a regulated way to trade contracts based on the asset's future price. While futures products have long existed for Bitcoin and Ethereum, they've only recently become available for XRP.

In addition, legal and accounting software firm Tectrium also rolled out its 2x Long Daily XRP ETF, offering a leveraged product to multiply gains or losses on XRP's daily price changes.

This provides another option for traders seeking leveraged exposure to XRP, adding to the growing suite of institutional products linked to the token.