XRP is currently the leading candidate among altcoins for approval of a spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC), according to market research firm Kaiko. Nearly 10 active applications for XRP ETFs have been filed, outpacing those for other cryptocurrencies such as Solana, Litecoin, and Dogecoin. Asset managers including ProShares, Bitwise, Grayscale, 21Shares, CoinShares, and Canary Capital are among those seeking approval. ProShares has announced plans to launch three XRP futures-based ETFs—the ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF—on April 30. These funds will use futures contracts and swap agreements rather than holding XRP directly. This follows the recent debut of the Teucrium 2x Long Daily XRP ETF, which experienced the strongest first-day trading activity among similar funds. XRP's prospects for spot ETF approval are supported by high liquidity and a recent surge in U.S. spot trading volumes. The SEC's prior approval of leveraged XRP ETFs, such as the Teucrium 2x Long Daily XRP ETF, is cited by Kaiko as a factor making it difficult to deny a spot ETF. Prediction markets like Polymarket estimate a 75% chance of spot XRP ETF approval before the end of the year, with potential capital inflows projected to reach up to $8 billion. XRP was recently trading at $2.12, up more than 15% over the past week, though still below its all-time high of $3.40. Ripple, the fintech company behind XRP, has acquired prime brokerage firm Hidden Road for $1.25 billion. Hidden Road has secured a broker-dealer license from the Financial Industry Regulatory Authority (FINRA), enabling it to expand fixed-income prime brokerage services and offer regulatory-compliant clearing and financing to institutional clients. Ripple has also obtained money transmitter licenses in Texas and New York. The SEC has previously approved Bitcoin and Ethereum ETFs, with Bitcoin ETFs generating over $39 billion in net inflows. The regulatory environment for crypto ETFs has become more favorable, particularly following Ripple's partial legal victory over the SEC, including a judge's 2023 ruling that programmatic sales of XRP on exchanges to retail investors did not qualify as securities and the conclusion of the agency's investigation with a $50 million settlement.