As the sun rises on November 24, 2025, the cryptocurrency world is buzzing with a milestone that’s been years in the making. Franklin Templeton, the venerable asset management giant with over $1.7 trillion under its belt, has officially launched its spot XRP Exchange-Traded Fund (ETF) on the New York Stock Exchange Arca under the ticker XRPZ. This isn’t just another fund hitting the market—it’s a seismic shift, bridging the gap between Ripple’s battle-tested digital asset and the everyday investor’s portfolio. And timing? Perfect. With Thanksgiving just days away, Ripple CEO Brad Garlinghouse couldn’t resist a cheeky nod to the festivities, declaring on X that the “pre-Thanksgiving rush (shall we say, ‘turkey trot’!) for XRP ETFs starts now.” His words, posted in celebration of an earlier launch, capture the giddy sprint now underway as more XRP products flood the exchanges.
For the uninitiated, XRP isn’t your average meme coin or speculative token. Born from the Ripple Labs ecosystem in 2012, it’s designed for speed and efficiency in cross-border payments—a real-world utility that’s powered billions in transactions for banks and financial institutions worldwide. But regulatory clouds, particularly the long-running SEC lawsuit against Ripple, kept it sidelined from the ETF frenzy that Bitcoin and Ethereum enjoyed earlier this year. Fast-forward to August 2025: A landmark settlement cleared the air, affirming that secondary-market XRP sales aren’t securities. Suddenly, the floodgates opened. Bitwise kicked things off with the first U.S. spot XRP ETF on November 20, trading as XRP, followed swiftly by Canary Capital’s XRPC. Now, Franklin Templeton’s entry feels like the heavyweight contender stepping into the ring, promising to drag institutional dollars into the fray.
What makes Franklin Templeton’s XRP ETF stand out? Let’s break it down. The fund aims to mirror the price of XRP by holding the actual cryptocurrency in custody—think cold storage vaults guarded like Fort Knox, with Coinbase as the custodian for that extra layer of trust. The expense ratio clocks in at a razor-thin 0.19% annually, but here’s the kicker: Franklin is waiving fees entirely on the first $5 billion in assets until May 31, 2026. That’s not pocket change; it’s a siren call to advisors and high-net-worth folks who’ve been eyeing crypto but balked at the hassle of direct ownership. Analysts are already salivating over the potential. Crypto research firm Kaiko projects up to $30 million in trading volume on day one alone, fueled by Franklin’s vast network of over 13,000 advisory firms that manage trillions in client assets. If that holds, XRPZ could eclipse the debut volumes of its predecessors, signaling that legacy finance isn’t just dipping a toe—it’s diving headfirst.
This launch comes hot on the heels of Garlinghouse’s viral “turkey trot” quip, which he dropped while congratulating Bitwise on their ETF debut. In a post that racked up thousands of likes and retweets, the Ripple chief painted a vivid picture: a frantic, festive dash toward XRP exposure, much like turkeys scurrying before the holiday feast. It’s classic Garlinghouse—part hype man, part historian—reminding everyone that XRP’s journey from courtroom drama to Wall Street darling has been anything but a straight line. “The race for spot XRP ETFs is officially underway,” he wrote, underscoring how this wave of products could finally unlock the token’s pent-up demand. And he’s not wrong. With XRP trading around $2.06 this morning—a modest 1.55% uptick amid broader market jitters—the ETF buzz is already nudging prices higher, hinting at the liquidity boost to come.
To understand why this matters, rewind to the ETF gold rush of 2024 and early 2025. Bitcoin spot ETFs pulled in $60 billion in their first year, Ethereum followed suit with $10 billion, and suddenly, every asset manager worth their salt was filing S-1 forms with the SEC. XRP, however, languished in limbo. The SEC’s 2020 lawsuit alleged Ripple sold XRP as an unregistered security, freezing institutional appetite and capping the token’s price below $1 for much of the decade. But the tide turned dramatically. The July 2023 court ruling in Ripple’s favor—deeming programmatic sales non-securities—paved the way, and the full settlement this summer sealed it. Enter the “auto-effective” S-1 framework, a streamlined SEC process that lets funds go live 20 days after filing, sans full approval drama. Bitwise and Canary pounced first, but Franklin Templeton’s March 11 filing (updated November 4) positioned it as the blue-chip bet.
Digging deeper, Franklin’s ETF isn’t a fly-by-night operation. The firm, founded in 1947, has a storied history in fixed income and equities, but its crypto pivot started with a Bitcoin ETF in January 2024. XRPZ builds on that, offering shares that trade like stocks—buyable in your 401(k), IRA, or brokerage app without the wallet woes or tax headaches of spot trading. Creation and redemption happen in “baskets” of 50,000 shares, backed by actual XRP transfers via the XRP Ledger’s lightning-fast network (settlements in 3-5 seconds, fees under a penny). Risks? Sure—volatility, custody hacks, or ledger congestion could widen premiums to net asset value (NAV). But Franklin’s prospectus spells it out transparently: In a pinch, they can suspend creations/redemptions to protect holders. It’s this blend of innovation and prudence that could lure the skeptics.
Garlinghouse’s enthusiasm isn’t mere cheerleading; it’s rooted in Ripple’s vision. XRP was built for the “internet of value,” enabling seamless global remittances where traditional systems like SWIFT take days and dollars. Today, RippleNet spans 100+ countries, processing $30 billion annually for partners like Santander and American Express. ETFs amplify that. By packaging XRP into familiar wrappers, they democratize access, potentially swelling on-chain volume and burn rates (XRP’s deflationary mechanic). Post-Bitwise launch, XRP’s open interest on derivatives exchanges spiked 15%, per Coinglass data, as traders bet on ETF inflows. Franklin’s entry could double down, especially with Grayscale’s GXRP ETF eyeing a Monday debut after NYSE Arca’s November 21 nod. Bloomberg’s James Seyffart calls it a “major moment,” predicting a cluster of launches that could mirror Solana’s ETF surge earlier this year.
Market watchers are split on the immediate price pop. Optimists point to Bitcoin’s 20% ETF-fueled rally; if XRP captures even half that sentiment, $3 by year-end isn’t wild. Pessimists? They flag macro headwinds—rising Treasury yields, election-year volatility—and XRP’s historical underperformance. Yet, volume forecasts paint a brighter picture. Bitwise’s XRP ETF clocked $15 million on day one; Canary’s hit $8 million. Franklin, with its advisor muscle, could shatter records, injecting fresh capital and tightening spreads. On X, the hype is palpable: Posts from influencers like @Steph_iscrypto hail the NYSE approval as a “major milestone,” while @thecryptobasic shares visuals of the green light. Community sentiment? Bullish, with #XRPETF trending and memes of Garlinghouse as a pilgrim leading the trot.
Beyond the numbers, this launch whispers of broader transformation. Crypto’s maturation means less Wild West, more Main Street. Franklin Templeton isn’t chasing trends; it’s curating them, blending XRP’s utility with ETF simplicity. For Ripple, it’s validation after a decade of scrutiny—proof that cross-border tech can coexist with regulators. Garlinghouse, ever the optimist, sees it as the start of a “new chapter,” where XRP isn’t just surviving but thriving in a multi-asset ETF era. Imagine: Pension funds allocating 1% to XRP, remittance apps integrating ETF yields, or DeFi protocols bridging with ETF liquidity. The turkey trot? It’s not a sprint; it’s a marathon toward mainstream adoption.
Of course, challenges loom. The SEC’s crypto stance remains a tightrope—while secondary XRP is safe, primary sales linger in gray areas. Network scalability, though robust, could strain under ETF-scale inflows. And competition? With Dogecoin ETFs in the pipeline and Solana’s funds thriving, XRP must tout its payments edge. Yet, Franklin’s pedigree tips the scales. Their waiver strategy echoes BlackRock’s Bitcoin playbook, subsidizing growth to dominate market share. By mid-2026, if AUM hits $1 billion (a conservative $150-250 million opening estimate), XRPZ could redefine altcoin investing.
As trading bells ring today, one can’t help but grin at Garlinghouse’s trot. It’s a reminder that in crypto, timing is everything—post-settlement clarity, pre-holiday optimism, and institutional FOMO colliding like Thanksgiving sides. For investors, it’s a chance to own a slice of the future without the feast’s indigestion. XRP’s story isn’t over; with Franklin leading the charge, the trot is just warming up. Whether you’re a grizzled HODLer or a curious newcomer, this ETF isn’t just a product—it’s a portal. Step through, and who knows? Your portfolio might just give thanks come December.