XRP ETF Delayed Until October—Is the Bull Train Slipping Away?

The path toward an XRP exchange-traded fund (ETF) has hit another roadblock. The U.S. Securities and Exchange Commission (SEC) has postponed its decision on several spot XRP ETF applications until October 2025. This delay has created uncertainty in the market, with some investors worried that momentum for XRP could slow down just when optimism was growing.

In the days following the announcement, XRP’s price dropped 11% in a week, trading around $2.82. For those new to crypto, ETFs are seen as a bridge between digital assets and traditional finance. A spot ETF, in particular, would allow everyday and institutional investors to gain direct exposure to XRP through regular stock exchanges, without needing to buy and store the cryptocurrency themselves. Because of this, many had hoped that an approval in 2025 would spark a fresh bull run for XRP.

Why Did the SEC Delay the Decision?

The SEC explained that it needs more time to review whether the proposed ETFs meet existing securities laws. This includes ensuring that investors are protected and that risks like market manipulation are minimized.

Several big financial firms are waiting on approval, WisdomTree, Bitwise, CoinShares, Grayscale, 21Shares, and Canary. Each application now has new deadlines between October 18 and October 24, 2025.

• Grayscale’s XRP Trust, filed on the NYSE Arca exchange, is due for a decision by October 18.
• WisdomTree’s filing, one of the most closely watched, has been pushed back to October 24.

These delays aren’t unusual. The SEC has taken similar steps with Bitcoin and Ethereum ETFs in the past, often asking for more time to evaluate the potential impact. The postponement also lines up with ongoing policy discussions, including the CLARITY Act, a proposed law that could officially define the status of utility tokens like XRP by the end of the year.

How Has the Market Reacted?

The short-term impact was clear. XRP dropped by nearly 4% in 24 hours after the delay, reaching $2.7 before stabilizing near $2.82. At the same time, trading data shows that institutional investors purchased around $3.8 billion worth of XRP during the dip, helping prevent a larger fall.

Still, signs of caution emerged. Blockchain analytics recorded a 15% increase in whale outflows, meaning some of the biggest holders moved large amounts of XRP out of their wallets. This often signals either profit-taking or reduced confidence in the near term.

Currently, investors can still access futures-based XRP ETFs, such as those from ProShares, but these products don’t provide the same kind of direct exposure as a spot ETF. Analysts argue that a spot product would attract far greater institutional money and provide stability to the market.

What Could Happen in October?

Analysts remain divided about the outcome and its potential impact:

• Optimistic view: If even one spot XRP ETF is approved, analysts predict XRP could rise to $4–$6 by December 2025, fueled by new institutional inflows.
• Cautious view: If applications are rejected again, XRP could fall further, potentially to around $2.50.

Interestingly, the delay comes as the global payments industry undergoes a major change. In July 2025, the U.S. Federal Reserve rolled out the ISO 20022 messaging standard for international banking and payments. XRP is already designed for fast and cheap cross-border transfers, so many experts believe this new system could boost its relevance if ETFs eventually receive approval.

Timeline of Key Events

To understand how XRP reached this stage, it helps to look at the bigger picture:

• July 2023 — Ripple wins a partial victory against the SEC, with courts clarifying that XRP itself is not a security when traded on exchanges.
• January 2025 — The first spot XRP ETF applications are officially filed.
• August 2025 — The SEC extends review deadlines into October, citing regulatory reviews and ISO 20022 preparations.
• October 2025 — Final deadlines for decisions on WisdomTree, Grayscale, and other applicants.

XRP’s Fundamentals Remain Strong

Despite the price volatility, XRP’s core network continues to grow. Ripple’s On-Demand Liquidity (ODL) network, which uses XRP for international payments, processed more than $30 billion in transactions last quarter. This shows that the cryptocurrency is being used for real-world purposes, not just speculation.

However, the wait for ETFs is testing investor patience. The delay highlights a common theme in cryptocurrency markets, regulatory timelines don’t always match market expectations. While many hoped for quick approval, the SEC’s cautious approach is aimed at ensuring that ETFs are safe and well-regulated.

History shows that patience can pay off. In 2024, Bitcoin ETFs faced multiple delays before finally receiving approval, which then triggered significant inflows and a major price rally. If the same pattern holds for XRP, October could be a turning point.

For now, investors need to watch closely:

• Will the SEC use this extra time to set clear rules for crypto ETFs?
• Will XRP’s strong payment use case give regulators more confidence in approving it?
• Or will another round of delays push expectations into 2026?

Final Outlook

The SEC’s decision to delay XRP ETF approvals until October may feel like a setback, but it could also be a strategic pause before a breakthrough. XRP’s price has wobbled in the short term, but its underlying network activity and role in global payments remain solid.

The next two months will be crucial. If approval comes, XRP could see billions in institutional inflows and a significant price boost. If not, the cryptocurrency may face another test of patience. Either way, this period marks an important chapter in XRP’s journey from a utility token to a potential mainstream investment asset.