Key Insights:
- XRP News: Leading institutional investors such as Hurley Capital, Clearstead Advisors, and MAI Capital Management reveal holdings.
- The institutional interest signals massive demand expected by spot XRP ETFs.
- Canary XRP ETF is first in line to launch on Thursday.
- XRP price could see a breakout above a descending channel for a run towards $3.
In major XRP news today, Wall Street firms, leading financial advisory firms, and financial planners have revealed holdings in XRP.
This indicates massive institutional interest in Ripple coin ahead of spot, XRP ETF launch this week.
Canary XRP ETF is the first to get listed and trade on Wall Street this Thursday. The spot XRP ETF got automatic approval for listing on Nasdaq under the ticker symbol XRPC earlier this week.
Institutions Disclose XRP Holdings and Interest in Spot XRP ETF
New York City-based registered investment advisory firm Hurley Capital revealed XRP holdings, according to an SEC filing on November 12.
Hurley Capital has holdings in Teucrium 2x Long Daily XRP ETF (XXRP) and Volatility Shares Trust XRP ETF (XRPI). The 7,785 shares in XRPI show the firm’s interest in XRP.
In addition, Clearstead Advisors, a financial advisory firm serving wealthy families and leading institutions, has also disclosed “sole” investments in Volatility Shares Trust XRP ETF.
MAI Capital Management has revealed holdings worth $22,458 in the newly launched REX-Osprey XRP ETF under the 1940 Act.
This signals growing interest among institutional investors in XRP after the Ripple vs SEC lawsuit ended. Also, it hints at the expected demand for spot XRP ETFs.
As The Coin Republic reported earlier this week, CoinShares noted continuing inflows into Ripple’s XRP coin for another week. It saw $28.2 million in inflows last week in anticipation of XRP ETF approval.
Canary XRP ETF to Start Trading on Thursday
Canary XRP ETF becomes auto-effective via an 8-A filing with the U.S. SEC on Monday. It also received approval from Nasdaq to list shares under the ticker symbol “XRPC.
ETC expert Nate Geraci said the first spot XRP ETF under the 1933 Act will launch on Thursday. He added,
“Just over one year ago, SEC was appealing court decision that XRP did not meet legal definition of a security.”
Canary Capital CEO Steven McClurg believes XRP ETFs would see double the Solana inflows in the first week.
He asserted that XRP has a higher market cap and more trading volumes on spot and derivatives markets.
Investors would likely prefer trading Bitwise XRP ETF due to a comparatively lower management fee of 0.34%. In contrast, Canary Capital set a management fee of 0.50%, with no waiver announced yet.
XRP Price Nears Breakout
Sentiment among whales remained mixed as 90 million XPR were sold by whales in the last three days, according to Santiment data. It happened in response to a death cross pattern formation in the daily chart.
Meanwhile, analysts shared bullish predictions citing an approaching descending channel breakout to $3 and the spot XRP ETFs launch this week.
XRP price has jumped in the last few hours, but is still 1% lower over the past 24 hours. The price was trading at $2.42, with a 24-hour low and high of $2.37 and $2.46, respectively.
Furthermore, a 22% drop in trading volume indicates trader interest has dropped over the last 24 hours.