21Shares Initiates 20-Day SEC Review for XRP Spot ETF

21Shares has submitted a Form 8(a) to the U.S. SEC, officially starting a 20-day review for its proposed XRP spot ETF, as confirmed by Bloomberg’s Eric Balchunas.

The filing reflects increased institutional interest in regulated crypto products, with XRP’s price rising by 5% to $2.32, highlighting market optimism pending the SEC’s approval.

21Shares’ Spot ETF Filing: Implications and Timing

21Shares’ submission to the U.S. Securities and Exchange Commission (SEC) under Section 8(a) starts the required 20-day review for their spot XRP ETF application. Bloomberg’s Eric Balchunas confirmed the filing via social media on November 9, 2025. “21Shares had ‘dropped an 8(a),’ officially starting the approval clock,” confirming direct regulatory countdown commencement.

If approved by the SEC, the XRP spot ETF could trade publicly under the ticker TOXR on the Cboe BZX Exchange as early as late November. This would mark XRP’s entry into potential mainstream institutional portfolios, reflecting growing interest.

Market reactions were immediate, with XRP prices showing a 5-6% increase within hours of the announcement. Eric Balchunas remarked on social media about the potential significance of this approval, emphasizing its alignment with prior BTC and ETH ETF successes.

Historical Context and Potential Market Impact

Did you know? XRP’s anticipated ETF move mirrors substantial past reactions triggered by the SEC’s shift in stance toward BTC and ETH ETFs, which historically catalyzed increased institutional adoption and price surges.

CoinMarketCap reports XRP currently trades at $2.26, with a market cap of $135,877,051,766. Its 24-hour trading volume is $2,604,036,108, reflecting a decline of 55.87%. The circulating supply stands at 60,107,199,237 out of a maximum supply of 100 billion.

The Coincu research team highlights potential institutional momentum for XRP if the ETF goes live. Historical parallels with BTC and ETH ETF approvals suggest enhanced market access and possible increased XRP valuations, underpinned by stronger institutional frameworks.