From what I can tell, they were trying to get it adopted as RFC, but then a couple more things popped up on the CFRG, so they're planning a new version[1]. It's been adopted by the CFRG officially[2]. I haven't seen any sign of when the next version may be out (which will be draft-irtf-cfrg-ristretto-00[3]), however.
I kind of hope they'll also add ristretto448 since RFC 7748 and 8032 include X448/Ed448, so that the draft has feature parity (and covers the h = 4 case properly).