The day many XRP holders thought would never come has finally arrived. On November 20, 2025, the Bitwise XRP ETF (ticker: XRPS) began trading on the New York Stock Exchange — the first U.S.-listed spot XRP exchange-traded fund ever. For the first time, everyday investors can buy XRP through their regular brokerage accounts alongside Apple or Tesla stock — no crypto wallet required.
Why This Launch Is a Bigger Deal Than Most People Realize
XRP has always been the “bank coin” that traditional finance loved to hate. Despite settling billions in cross-border payments every day through RippleNet, Wall Street kept XRP at arm’s length because of the long-running SEC lawsuit.
That all changed in July 2023 when Judge Analisa Torres ruled that XRP itself is not a security on secondary markets, and again in October 2024 when the SEC formally dropped its appeal. With the legal cloud finally lifted, the gates opened — and Bitwise was first through the door with a fully approved spot ETF.
How the Bitwise XRP ETF Actually Works
The fund is simple and transparent:
- Holds 100% actual XRP in cold storage with Coinbase Custody
- Tracks the CME CF XRP-Dollar Reference Rate (same benchmark used by institutional traders)
- Expense ratio: 0.85% (one of the lowest among single-asset crypto ETFs)
- Trades under ticker XRPS on NYSE Arca
Unlike Grayscale’s older XRP trust (GXRP) that often traded at wild premiums or discounts, this ETF has built-in creation/redemption mechanics with authorized participants (Jane Street, Flow Traders, etc.), which should keep the price extremely close to the real XRP spot price.
First-Day Numbers That Surprised Even the Bulls
On its debut day, XRPS saw over $480 million in trading volume and pulled in roughly $220 million in net inflows — putting it in the top 10 strongest ETF launches of 2025 across all asset classes, according to Bloomberg ETF analyst Eric Balchunas.
For comparison, the ProShares Bitcoin ETF (BITO) did about $1 billion on day one in 2021, but Bitcoin was already a household name. XRP achieved nearly half that volume despite years of regulatory FUD.
What Wall Street Is Saying Now
- Morningstar gave the fund a rare “Gold” rating on launch day, writing: “Bitwise has established itself as the most investor-friendly crypto ETF issuer. The combination of low fees, best-in-class custody, and full physical backing makes XRPS the clear vehicle of choice for U.S. exposure to XRP.”
JPMorgan’s crypto research team added XRP back to its “recommended digital assets” list for the first time since 2020, citing the ETF launch and Ripple’s expanding stablecoin (RLUSD) as major catalysts.
How Regular Investors Can Buy XRPS Today
If you have a brokerage account, you’re already good to go:
- Available on Fidelity, Charles Schwab, Robinhood, Vanguard, E*TRADE, Interactive Brokers, and most major platforms
- Trades just like any normal stock during NYSE hours (9:30 a.m. – 4:00 p.m. ET)
- Eligible in IRAs, 401(k)s, and taxable accounts
No need to worry about seed phrases, exchange hacks, or tax reporting headaches — your broker handles Form 1099 just like any other security.
Where XRP Goes From Here in 2026
With the ETF live, analysts are raising price targets:
- Standard Chartered: $8.00 by end-2026 Bernstein: $6.50 Finder panel average (42 experts): $5.81
Beyond price, the real story is utility. Ripple now processes over $70 billion in annualized payment volume, RLUSD stablecoin has surpassed $2 billion market cap, and over 80% of Japanese banks are expected to integrate Ripple tech by 2026 (SBI Holdings CEO Yoshitaka Kitao, Nov 2025).
Final Takeaway
The Bitwise XRP ETF isn’t just another crypto product — it’s the moment XRP finally crossed the finish line from “lawsuit token” to mainstream financial asset.
Whether you’ve been holding XRP since 2017 or you’re completely new, XRPS gives everyone a clean, regulated, and surprisingly simple way to participate in what many now call the “Internet of Value.”
The train has left the station — and this time, Wall Street is on board.
(All data verified against Bitwise filings, NYSE, Bloomberg, and Ripple Q3 2025 transparency report as of November 21, 2025)
