XRP Price Lags Fundamentals; Canary ETF Eyes Nov 13 Date

Related: XRP’s Market Conflict: Long-Term Holders (LTHs) Are Selling, but $2.50 Support Won’t Break

Ripple Shows ‘Thoughtfulness’ to Enhance XRPL Adoption 

Ripple has made several strategic acquisitions, reinventing its value proposition along the way, valued at billions, year-to-date. These include the $1 billion acquisition of GTreasury, $1.25 billion for Hidden Road, and $200 million for Rail. 

Joe Naggar, CEO and CIO of crypto hedge fund Feynman Point Asset Management, noted:

“Ripple is showing thoughtfulness to the capital stack that they weren’t able to fully demonstrate because of regulatory overhang,” 

Notably, Wall Street analysts believe that Ripple’s shares in the private market are trading between $135 and $170, which is nearly 2-3x higher YTD. As such, Ripple is roughly valued between $22 billion and $30 billion, almost the same valuation as stablecoin issuer Circle.

ETFs and Treasuries: The New Pillars of XRP Mainstream Adoption

Canary Capital’s XRP ETF Sets Path for Auto-Listing

Momentum for a spot XRP ETF has gained significant traction. Canary Capital, one of the fund managers seeking to offer an XRP ETF, filed an updated S-1. This makes the Canary XRP ETF eligible for auto-listing on the NASDAQ exchange by November 13. 

According to Eleanor Terrett, the US government shutdown has delayed the approval process; however, the underlying support from SEC Chair Paul Atkins is a factor to consider.

Bitwise Investment also filed its fourth amendment on the Bitwise XRP ETF, whereby it included a 0.34% fee once listed on the NYSE exchange. The imminent listing of Bitwise and Canary Capital XRP ETFs will influence the remaining similar products to follow the auto-listing process approved by the Securities and Exchange Commission (SEC).

Already, the REX-Osprey XRP ETF has been offering investors a 60% exposure to spot XRP and 40% to physically backed non-U.S. XRP ETPs. 

Evernorth’s $1B Plan Validates XRP as Treasury Asset

The adoption of XRP by Digital Asset Treasuries (DATs) has gained significant traction YTD. Several publicly traded companies, led by Trident Digital and VivoPower, have been raising funds to purchase XRP for their respective treasury holdings.

However, it was the recent deal by Evernorth that blew up. Notably, Evernorth signed a business combination agreement with Armada Acquisition Corp II to acquire XRP valued at over $1 billion.

XRP Price vs. Fundamentals: The Technical Divergence

From a technical analysis perspective, the XRP/USD pair has been trapped in a falling trend since mid-July 2025. The large-cap altcoin, with a fully diluted valuation of about $250 billion, recently dropped below a crucial support range of between $2.7 and $3.

As such, crypto analyst alias DustyBC on X has argued that the XRP/USD pair, in the 8-hour time frame, has been establishing its base for the end-of-year bull rally.

Related: XRP Faces November Test With $2.70–$2.77 As Key Zone