Grayscale Investments has taken another major step toward launching a spot XRP exchange-traded fund (ETF) in the United States. The digital asset management firm filed Amendment No. 2 to its registration statement for the Grayscale XRP Trust, outlining new details on the fund’s structure, operations, and management.

This updated filing highlights Grayscale’s continued commitment to expanding institutional access to XRP, the fifth-largest cryptocurrency by market capitalization. With the amendment now under review by the U.S. Securities and Exchange Commission (SEC), anticipation is growing across the crypto community about whether this move will finally pave the way for the first XRP ETF in the U.S.

Details of the Updated XRP ETF Filing

According to the submission, the Grayscale XRP Trust will operate as a passive investment vehicle, designed to closely track the market price of XRP. Unlike actively managed funds, the trust will not attempt to outperform the cryptocurrency’s performance. Instead, its goal is for each share’s value to mirror the underlying XRP held by the trust, adjusted for expenses and liabilities.

The filing reveals that the fund will issue shares in blocks of 10,000 units, referred to as “Baskets.” Authorized participants will be able to create or redeem these baskets in exchange for either XRP or cash, depending on market conditions.

The trust is organized under Delaware law and plans to list its shares on NYSE Arca under the ticker GXRP, pending regulatory approval. Coinbase Custody has been appointed as the custodian, responsible for securely holding the XRP assets, while The Bank of New York Mellon will act as the administrator and transfer agent, overseeing fund operations and share transactions.

This structure mirrors the setup of other recently approved digital asset ETFs, providing institutional investors with a familiar and compliant framework for gaining exposure to XRP.

XRP’s Current Market Standing

As of October 30, 2025, XRP remains one of the most actively traded digital assets, ranking fifth by market capitalization at approximately $170 billion. The cryptocurrency has experienced notable volatility over the past year, with its price ranging from $0.50 to $3.55, and an average trading price around $2.25.

Data from September 30, 2025, shows a 24-hour trading volume of $2.9 billion, reflecting continued investor interest and liquidity.

XRP’s primary function lies in its transactional utility within the XRP Ledger (XRPL) — a blockchain network known for enabling fast, low-cost cross-border transfers. Unlike Bitcoin, XRP was pre-mined at inception, with 100 billion tokens created. Currently, around 59.8 billion tokens are in circulation, with the remainder held in escrow or by institutional entities such as Ripple.

This combination of liquidity, scalability, and established infrastructure makes XRP an attractive candidate for institutional investment products like ETFs, which aim to simplify exposure to crypto assets for traditional investors.

Institutional Interest in Altcoin-Based ETFs

Grayscale’s move comes amid a broader wave of institutional activity surrounding altcoin-based ETFs. Following the approval of Solana (SOL), Litecoin (LTC), and Hedera (HBAR) exchange-traded products earlier this year, the market has seen growing appetite for diversified digital asset exposure beyond Bitcoin and Ethereum.

Industry analysts view Grayscale’s XRP ETF amendment as a strategic signal that the company is in active dialogue with regulators. The filing suggests Grayscale is working closely with the SEC to refine the structure and compliance framework needed to bring XRP to institutional markets in a regulated format.

If approved, the Grayscale XRP Trust could join a new generation of crypto ETFs offering mainstream investors access to blockchain-based assets without the need for direct custody or on-chain management.

What Comes Next for the XRP ETF Approval

The SEC’s review process for the XRP ETF is ongoing and is expected to continue through the final quarter of 2025. Market observers anticipate that a final decision could arrive before the end of the year, coinciding with broader regulatory evaluations of digital asset products.

Approval of the XRP ETF would mark a major milestone for both Grayscale and the XRP ecosystem, signaling growing regulatory confidence in digital assets with strong use cases and established market demand. It would also reinforce XRP’s position as a leading blockchain asset for payments and institutional adoption.

Even if the SEC requests additional revisions, the filing of Amendment No. 2 represents a meaningful step forward. It demonstrates Grayscale’s intent to align its ETF structure with evolving regulatory standards while maintaining transparency for investors.

A Step Toward Mainstream Adoption

The latest amendment underscores how far the crypto market has come in its journey toward mainstream financial integration. XRP, once viewed primarily as a remittance token, is now positioned as a serious contender for institutional investment through regulated ETF channels.

Should the Grayscale XRP Trust gain approval, it would likely pave the way for broader participation from asset managers, financial institutions, and retail investors seeking secure exposure to XRP’s long-term growth potential.

For now, all eyes remain on the SEC’s next move — one that could redefine how alternative digital assets like XRP are accessed and traded in the U.S. financial landscape.