According to multiple reliable news outlets, the SEC reviewed the REX‑Osprey Spot XRP ETF application on July 25, 2025. It was widely expected to be a major milestone in U.S. crypto regulation. However, no public decision or formal announcement has been made yet
While some internal updates or partial approvals may have occurred — such as approval and then a stay order on funds like Bitwise’s ETF, which includes XRP holdings — these remain paused and not yet tradable on major exchanges
What’s the current status?
The SEC has approved leveraged XRP futures-based ETFs, including ProShares’ Ultra XRP ETF (UXRP), which began trading in mid‑July 2025
Spot XRP ETFs like REX‑Osprey and Bitwise are still under review. Even though Bitwise’s conversion was approved, a regulatory stay prevents it from launching publicly, which has clouded outlook for spot XRP ETF approvals
Broad sentiment indicates approval odds are high—some estimate 85–95% probability by year‑end—but no official greenlight has been issued yet
Why similar confusion persists in the news?
The SEC's closed-door meeting on July 24 or 25 under the Sunshine Act wasn’t publicly detailed, so the outcome remains speculative
Several media outlets highlight that many XRP holders are unaware of the significance of those dates—movement is still buried in technical regulatory documents
Summary
SEC meeting on July 24–25 Closed meeting with no official public statement
REX‑Osprey Spot XRP ETF Under review; no final approval yet
Bitwise Crypto Index Fund Approved, but stay order prevents public listing
Futures-based XRP ETFs Approved and trading (e.g., ProShares UXRP)
Approval odds Analysts estimate 85–95% chance of spot ETF by year-end
What could happen next?
1. The SEC may formally drop its appeal in the Ripple lawsuit—a key legal obstacle for spot ETF approvals.
2. If that happens, spot XRP ETF applications may proceed, possibly triggering institutional inflows.
3. And if approved, it could lead to substantial demand shifts and price support for XRP, similar to previous BTC/ETH ETF rollouts.
Bottom line
No, there was no confirmed XRP ETF approval on July 25, 2025. The SEC is still reviewing major spot XRP ETF proposals, and while futures‑based funds are now available, spot-based ETFs are paused pending legal and regulatory clarity
Market sentiment remains optimistic, and analysts still see a strong chance of approvals later in 2025, but nothing is official until the SEC issues a public decision.
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