The world's third-largest cryptocurrency could gain mainstream investment access as Grayscale seeks SEC approval for first-ever XRP ETF product.

Ripple Labs president Monica Long remarked an XRP ETF could “soon be a reality” under the new Trump administration.

The NYSE Arca moved Thursday to convert Grayscale's $XRP Trust into an $XRP ETF, effectively adding the crypto-focused asset manager into the list of institutions seeking to offer regulated exposure to the XRP Ledger's native cryptocurrency.

Grayscale has filed with the SEC to list an XRP ETF on the NYSE Arca, following last week’s Solana and Litecoin ETF filings.

NYSE Arca, a New York Stock Exchange subsidiary, filed the paperwork to transform Grayscale’s $16.1 million XRP Trust into a spot exchange-traded fund (ETF). According to the filing, Coinbase Custody Trust Company,