Tech

XRP News: Canary XRP ETF Receives Approval, Files for Nasdaq

4 hours ago
Bitcoin Ethereum News

Canary Funds’ XRP ETF set to launch this Thursday after final SEC filing, offering the first pure-play spot XRP ETF in the U.S.

 

Canary Funds has made a major move toward launching its XRP ETF. 

After submitting the final filing with the U.S. SEC, the fund is expected to begin trading this Thursday, pending Nasdaq approval. This marks the first pure-play spot XRP ETF in the U.S., setting it apart from other crypto investment products.

Canary XRP ETF Receives Final Approval for Launch

Canary Funds has completed its last filing with the U.S. SEC, allowing its XRP ETF to move forward. 

The filing becomes effective at 5:30 PM ET on Wednesday, setting the stage for trading to begin Thursday morning. This ETF will be the first to offer direct exposure to XRP, as it will hold 100% of the token, unlike other XRP-based products available in the U.S.

According to journalist Eleanor Terrett, the ETF has already received Nasdaq’s approval to list under the ticker symbol “XRPC.” 

The fund’s details were outlined in its Form S-1 registration statement, which was filed with the SEC in late October. The Canary XRP ETF is unique because it is a pure-play spot ETF, which directly holds XRP rather than relying on offshore entities for exposure.

Eleanor Terrett also clarified the differences between Canary’s ETF and the REX Osprey XRP ETF, which falls under the Investment Company Act of 1940. 

The REX Osprey fund is only partially comprised of XRP. As Terrett pointed out, “Canary’s ETF will hold 100% XRP, nothing else,” making it a distinct offering for investors seeking direct exposure to the cryptocurrency.

Institutional Interest Expected for Canary XRP ETF

Steven McClurg, CEO of Canary Capital, has expressed strong optimism about the potential success of the XRP ETF. 

He predicts that the fund could see up to $5 billion in inflows within its first month. If this happens, the ETF could rank among the top 20 ETFs ever launched, potentially even reaching the top 10 if momentum continues.

This forecast reflects growing institutional interest in cryptocurrencies, especially as more regulated products become available. 

The Canary XRP ETF offers large-scale investors a simple, secure way to gain exposure to XRP, without the need for direct token purchases. The fund’s launch could accelerate XRP’s market adoption, increasing both its trading volume and value.

The direct backing of XRP within the ETF may further appeal to institutional investors looking for more straightforward access to the cryptocurrency. As the ETF opens up a regulated pathway for these investors, it could have long-term effects on the broader adoption of XRP.

XRP’s Market Outlook and Potential Rally

The upcoming launch of the Canary XRP ETF has led many analysts to turn bullish on the token’s future. 

Chart expert Levi Rietveld has noted a “cup and handle” pattern in XRP’s price, which often signals upward momentum. Rietveld has set a target of $5 for XRP by the end of the year, as market conditions appear favorable for growth.

While some analysts are optimistic, others, such as veteran trader EGRAG Crypto, advise caution. EGRAG Crypto suggests that investors should remain patient during the current market consolidation phase. As with any asset, volatility and fluctuations are part of the process.

The broader crypto market is also experiencing positive momentum, partly due to speculation that the U.S. government shutdown will soon end. 

According to Polymarket, traders are assigning an 86% chance that a funding resolution will be in place before November 14. If this happens, the broader market, along with the Canary ETF, could see further growth as the environment becomes more favorable for investment.

Source: https://www.livebitcoinnews.com/xrp-news-canary-xrp-etf-receives-approval-files-for-nasdaq/