XRP Update: Bulls Aim for $3.66 with Hopes of ETF and Market Structure Improvements

September 17, 2025

Legal Approval and XRP ETF Developments

The US Court of Appeals has approved a joint provision regarding the firing of Ripple and the SEC, which effectively concludes a lengthy legal dispute. This decision signifies that the SEC has officially dropped its appeal concerning the XRP ruling made by Judge Torres regarding program sales.

In 2023, Judge Torres ruled that the program sales of XRP did not satisfy the third condition of the Howie Test, classifying XRP as a non-security asset.

John E. Deaton, a lawyer for Amicus Curiae, commented on the significance of the ruling for ETF issuers, saying:

“Today: The XRP Spot ETF is advancing toward approval. The judge intervened, confirming that ‘XRP itself is not a security.’ Without that ruling, these spot ETFs likely wouldn’t materialize.”

At present, eleven entities have filed XRP ETF applications. Among these, seven have submitted SPOT ETF filings awaiting an SEC decision. The list includes firms like 21Shares, Bitwise, Canary Capital, Coinshares, Franklin Templeton, Grayscale, and WisdomTree. The SEC is expected to reach a final verdict between October 18 and 25, with Franklin Templeton’s deadline set for November 14.

The approval and potential launch of XRP Spot ETFs could serve as a catalyst for price increases, possibly leading to new highs for the tokens.

Nate Geraci, president of Novadius Wealth Management, shared his thoughts on the underestimated demand for XRP Spot ETFs, stating:

“I think people are underestimating investor demand for Spot XRP & Sol ETFs, just like they did with Spot BTC & ETH ETFs.”

Launch of Rex-Soprey XRP ETF

On Thursday, September 18, the first US XRP ETF launched, providing traders a chance to gauge the XRP Spot ETF market. The Rex-Soprey XRP ETF (XRPR) employs a hybrid investment strategy, investing in XRP, XRP ETFs, and XRP derivatives.

The introduction of the GLS and Rex-Soprey XRP ETF signifies a shift, marking a departure from the Biden administration and Chairman Gensler’s prior anti-cryptocurrency stance.

Price Movement and Technical Analysis

Support: $3, $2.8, $2.5.
Resistance: $3.2, $3.335, and the record high of $3.66.

Several upcoming events could influence price action moving forward.

Demand and release of the Rex-Soprey XRP ETF.
Potential approval or delay of the XRP Spot ETF, particularly the BlackRock (BLK) iShares XRP Trust application.
The stance of blue-chip companies as reserve assets concerning XRP.
Key regulatory milestones, including Ripple’s US banking license application, developments related to the Market Structure Bill, and news from Swift could further impact demand.

Potential Catalysts and Scenarios

The outlook will hinge on corporate, macroeconomic, and regulatory developments. Here are the possible pricing scenarios:

Bearish Scenario

The Rex-Soprey XRP ETF reports low demand.
SEC declines XRP Spot ETF applications.
Legislative setbacks, such as Democratic members opposing the market structure bill and encountering obstacles to crypto-friendly regulations.
Blue-chip companies shy away from using XRP as a financial reserve.
The OCC delays or denies Ripple’s banking license application in the US.
Swift maintains its market dominance, restricting Ripple’s access.

Such bearish developments could push XRP below $3, revealing its next major support level at $2.8, and possibly as low as $2.5.

Bullish Scenario

The Rex-Soprey XRP ETF shows strong demand.
The SEC approves the XRP Spot ETF alongside BlackRock’s iShares XRP Trust application.
Blue-chip companies embrace XRP as a financial reserve asset, with more payment platforms integrating Ripple technology.
Ripple secures US banking licenses and the Senate passes the Market Structure Bill.
Swift loses ground in global remittances to Ripple.

These favorable events could elevate XRP to $3.2. A sustained movement above that could lead to $3.335, while breaking above $3.335 might set the stage for a new record high of $3.66 (according to Binance).