Canary XRP ETF Cleared for Nasdaq Listing – Here’s What We Know

Introduction of the XRP ETF

Canary Capital’s spot XRP ETF has been cleared for a Nasdaq listing, marking a historic milestone for the cryptocurrency market. The approval of this ETF has generated considerable excitement within the XRP community as it sets the stage for the first-ever XRP ETF to be traded in the United States.

The ETF, which will be listed under the ticker $XRPC, is expected to begin trading this week, offering investors a direct way to gain exposure to XRP’s price movements.

The approval process advanced quickly after Canary Capital filed its Form 8-A with the U.S. Securities and Exchange Commission (SEC) on November 10. This filing made the ETF effective without further delays, with only a CERT filing pending to confirm its trading date.

Nasdaq has already approved the listing, making this the first XRP-focused ETF available on a major U.S. exchange.

Market Impact and Predictions

This approval could have significant implications for both XRP and the wider cryptocurrency industry. According to Nate Geraci, the founder of the ETF Institute, this move might lead to the approval of more spot crypto ETFs in the near future.

With the U.S. government shutdown behind us, and the ETF listing under the 1933 Securities Act, this could open the floodgates for other digital assets to gain similar recognition.

As institutional interest in cryptocurrencies grows, this approval could bring more attention to XRP and pave the way for increased investment in the digital asset.

Canary Capital’s CEO, Steven McClurg, expressed confidence in the ETF’s potential, suggesting it could outperform Solana’s ETF in its first week. This is significant as it highlights growing investor interest in XRP and its potential to draw substantial capital into the ETF.

The debut of the Canary XRP ETF signals the increasing mainstream acceptance of digital assets. It makes it easier for traditional investors to add cryptocurrencies like XRP to their portfolios, without the complexities of direct cryptocurrency ownership.

McClurg's Bold Prediction for XRP's ETF Success

McClurg suggested that XRP’s ETF could “double what Solana did,” implying it could see significantly higher inflows and trading volumes compared to Solana’s ETF debut.

Despite XRP’s market cap being roughly 50% larger than Solana’s, McClurg pointed out that XRP attracts a different kind of investor. While Solana is predominantly a retail-focused token, XRP has gained substantial institutional interest. This institutional appeal could be a key driver for larger inflows into the XRP ETF, positioning it for a successful launch.