Securities and Exchanges Commission (SEC) has set a deadline for a decision on whether it will provide a stock exchange fund (ETF) that tracks the price of XRP (XRP).

SEC recognized a 19B-4 archiving of New York Stock Exchange (NYSE) and Asset Manager Grayscale, which is the first time it has responded to an archiving for the crypto asset. This means that the Commission now has up to 240 days to make a decision on the archiving.

While the regulator has previously recognized several other uses to cryptophocused ETFs, including for Solana (SOL), Litecoin (LTC) and Dogecoin (DOGE), this latest recognition is considerable considering SEC’s ongoing lawsuit against Ripple, the issuer of XRP.

SEC defendant Ripple in December 2020 for allegedly violating US securities laws by selling XRP as an unregistered security to raise funds. Ripple won the court case partly in August 2023, and XRP was considered a non-security when he was sold in secondary markets by a federal judge.

SEC filed an appeal in the case on January 15 – five days before Donald Trump took over as US President – argued that Ripple’s approach to selling XRP fulfilled the principles of the Howy Test, a Supreme Court’s precedent used as a common standard to identify securities.

“They could have easily rejected this filing,” said Nate Geraci, president of the ETF store in a post on X. “Huge message [in my opinion.]”

Last week, Bloomberg Etf Analysts predicted James Seyffart and Eric Balchunas a 65% chance of an XRP ETF to be approved by the end of 2025. The two analysts gave the highest chances to an LTC ETF (90%) followed by DOGE (75%) and SOL (65%).

All the current outstanding ETF applications for these assets will receive a decision in October.