XRP will probably never be allowed by the SEC to enter an ETF. The risks held by Ripple are too high, the SEC does not want to take very high risks like that. Currently the SEC is still trying to give Ethereum the opportunity to enter the ETF but there is still no further information. Ethereum, which is the best altcoin, still takes a very long time to enter the ETF, while Ripple is unlikely to be accepted into the ETF
I don't think the approval of a Spot ETF for an asset depends on the distribution of that asset. BTC is held by Satoshi, governments, companies, and wealthy individuals, but a BTC Spot ETF has still been approved. Some of the issues that the SEC is concerned about are: the commodity nature of the asset, price transparency and independence, and investor trading demand.
So far, XRP only meets the first condition because XRP is not a security. The remaining 2 conditions are still unclear because no company has filed an application for XRP Spot ETFs. For now, we are still focusing on ETH Spot ETFs. I hope that after May 23, whatever the outcome foe ETH Spot ETFs, we will start talking about Spot ETFs for other tokens, including XRP Spot ETFs.