According to the source, institutions are eyeing XRP after Ripple’s legal win and talk of ETF proposals, stated in a public X post dated Oct 8, 2025, source: public X post on Oct 8, 2025. The legal clarity refers to the U.S. District Court for the Southern District of New York ruling on July 13, 2023 in SEC v. Ripple, which found that programmatic sales of XRP were not investment contracts, providing partial regulatory clarity for secondary-market trading, source: U.S. District Court SDNY, SEC v. Ripple Labs, Opinion and Order dated July 13, 2023. Following the ruling, Coinbase announced it relisted XRP for trading on July 13, 2023, improving access and on-exchange liquidity for U.S. traders, source: Coinbase official announcement on July 13, 2023. Gemini also added support for XRP in August 2023, expanding regulated venue coverage and spot market depth, source: Gemini official listing announcement in August 2023. As of October 2024, the SEC had approved spot ETFs for BTC and ETH but none for XRP, with no approved XRP spot ETF rule changes on SEC.gov, distinguishing XRP’s flows from ETF-driven institutional channels, source: SEC orders approving spot Bitcoin ETFs in January 2024 and spot Ethereum ETF rule changes in 2024, and absence of XRP ETF approvals on SEC.gov. Trading takeaway: the court ruling and subsequent U.S. relistings improved XRP’s tradability and liquidity, while the lack of an approved XRP ETF indicates ETF-specific institutional inflows were not a factor as of 2024, source: U.S. District Court SDNY ruling and SEC ETF approval records on SEC.gov.