The race to capture XRP (CRYPTO: XRP) institutional demand intensifies as 21Shares launches its spot XRP ETF on December 1, 2025, marking the fifth major entry in what’s quickly becoming one of the hottest crypto ETF segments of the year.
Unlike Bitcoin (CRYPTO: BTC) ETFs, which launched simultaneously in January 2024, XRP ETFs are hitting the market in waves. The 21Shares XRP ETF will trade under the ticker TOXR on the Cboe BZX Exchange, following recent launches from Canary Capital, Franklin Templeton, Grayscale, and Bitwise. This staggered approach is creating a unique market dynamic that could benefit XRP’s price trajectory through the end of 2025.
The Canary XRP ETF (NASDAQ:XRPC) set the tone on November 13 with an impressive $58 million in first-day trading volume, making it the highest debut volume among this year’s ETF launches. Franklin Templeton’s XRPZ and Grayscale’s GXRP followed in late November, with the Franklin XRP ETF attracting $3 million in its first hour alone.
According to SEC filings dated November 28, 2025, TOXR will track the CME CF XRP Dollar Reference Rate, giving investors direct exposure to XRP’s spot price without the complexity of managing digital wallets. The ETF will hold physical XRP tokens in secure custody through Anchorage and BitGo.
XRP ETFs have already recorded $666.61 million in cumulative inflows since mid-November, helping drive XRP’s recent 12% weekly gain. These flows come despite broader market volatility, with XRP currently trading around $2.20 after briefly touching highs near $2.70 earlier this month.
21Shares brings unique credentials to the space. The Swiss-based firm manages over 40 crypto exchange-traded products worldwide and controls nearly 50% of Europe’s crypto ETP market. This makes TOXR the first XRP ETF from a European issuer to penetrate the competitive U.S. market.
The staggered launch creates what analysts call continuous catalysts. Each new ETF approval generates fresh media attention and potentially brings in new institutional buyers who might have been waiting for their preferred issuer. This differs dramatically from Bitcoin ETFs, where 11 products launched on the same day in January 2024, creating one massive catalyst followed by months of consolidation.
When Bitcoin ETFs debuted, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) eventually accumulated $40.8 billion in assets by year-end, demonstrating massive institutional appetite. While XRP’s total addressable market is smaller, the asset’s utility in cross-border payments and recent regulatory clarity following Ripple’s settlement with the SEC positions it uniquely among crypto assets.
Several factors will determine whether 21Shares’ entry can maintain momentum. First, exchange-held XRP has fallen 29% since February, with 6.5 billion tokens withdrawn from major platforms. This supply squeeze, combined with rising ETF demand, could pressure prices higher if institutional inflows accelerate.
Second, the pipeline remains robust with multiple firms including WisdomTree, Volatility Shares, and ProShares having XRP ETF applications pending with the SEC. If approved, these could bring billions more in assets under management.
However, risks remain. XRP is down about 40% from its July 2025 all-time high of $3.65, and the broader crypto market has shown volatility, with Bitcoin recently dropping 17% in November alone. The launch also comes as the Federal Reserve prepares for its next policy meeting, with CME FedWatch showing 85% odds of a 0.25% rate cut.
For investors considering XRP exposure, the ETF structure offers clear advantages over direct token ownership including regulated custody, daily price transparency, and the ability to hold the asset in standard brokerage accounts. The question is whether this launch marks the peak of near-term enthusiasm or just another step in XRP’s institutional adoption journey.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
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