XRP ETF activity is intensifying as top asset managers updated their filings following a decisive legal development in the Ripple case. On August 22, multiple firms submitted revised applications to the U.S. Securities and Exchange Commission (SEC), signaling renewed momentum for potential XRP exchange-traded fund (ETF) approvals.

Major Asset Managers Revise XRP ETF Proposals

Prominent financial institutions including CoinShares, Grayscale, Canary, Franklin, WisdomTree, Bitwise, and 21Shares filed updated S-1 forms with the SEC for their proposed spot XRP ETFs. These synchronized regulatory amendments suggest a coordinated strategy as the issuers look to align their proposals with the SEC’s preferences.

The revised applications include provisions to allow the creation of fund shares using either XRP or cash, while also enabling redemptions in both cash and kind. This flexible structure mirrors the format employed by several Bitcoin ETFs, and it may improve the chances of regulatory approval.

Analysts Interpret Moves as Positive SEC Signal

Bloomberg ETF analyst James Seyffart noted that the wave of simultaneous updates indicates the issuers are reacting to recent SEC feedback. He called the move expected, but nonetheless a constructive step forward for the XRP ETF process.

Echoing this optimism, Nate Geraci, President of NovaDius Wealth Management, described the filings as a “very good sign.” According to Geraci, synchronized updates like these usually point to ongoing engagement and progress in the SEC review process.

Legal Clarity Spurs Application Surge

Crucially, these updates coincided with a pivotal legal ruling. On the same day, the U.S. Second Circuit Court approved the dismissal of appeals in the ongoing Ripple vs. SEC lawsuit. This legal conclusion effectively removed the ambiguity surrounding XRP’s regulatory classification.

A trusted figure within the XRP community, known as “All Things XRP,” remarked that this court decision solidifies XRP’s standing alongside Bitcoin and Ethereum. He also believes the timing of the application updates indicates that asset managers waited for legal clarity before taking further action.

Per his assessment, the likelihood of an XRP ETF approval could now be as high as 95%, dramatically improving prospects for investor access to this digital asset via regulated markets.

Asset managers swiftly move following legal clarity on XRP’s regulatory status.

Strong Market Reaction to Legal Resolution

The Ripple court outcome triggered a swift and pronounced reaction in the XRP market. Within hours of the court’s decision and the ETF applications, XRP surged to $3.08, reflecting investor enthusiasm. Whale accumulation spiked as trading volume climbed significantly, suggesting growing institutional interest.

Parallels to Bitcoin’s ETF History

“All Things XRP” compared XRP’s current legal and regulatory position to Bitcoin’s trajectory just before its spot ETF was approved. Bitcoin also faced early resistance before receiving regulatory clarity, which led to a wave of ETF applications and a major price rally.

He predicts a similar outcome for XRP, with October 2025 positioned as a critical month. The SEC faces a final deadline in October to make a decision on multiple spot XRP ETFs, including applications by Grayscale, 21Shares, and Bitwise.

While financial giants like BlackRock haven’t joined the XRP ETF movement yet, analysts estimate that institutional fund inflows could exceed $5 billion if ETFs managed by established firms such as Franklin and Bitwise gain approval.

Related: XRP Price: $12M Max Pain for Bears

The recent surge in application updates, coupled with the conclusion of Ripple’s legal battle, may catapult XRP into the regulated ETF arena, potentially mirroring Bitcoin’s successful ETF integration.