Canary Capital has officially secured automatic approval from the U.S. Securities and Exchange Commission (SEC) for its XRP Exchange-Traded Fund (ETF). The ETF, which will be listed under the ticker symbol “XRPC,” is set to begin trading later this week on the Nasdaq. This marks a significant milestone for the cryptocurrency sector, particularly for Ripple, as it moves forward with the first spot XRP ETF under the 1933 Act.
On November 10, Canary filed Form 8-A with the SEC, making the XRP ETF automatically effective. The move follows months of waiting for approval and signals that the ETF is ready for market debut. In the filing, the SEC confirmed that Nasdaq had approved the listing of the shares. The trust’s filing on Form S-1, dated October 24, 2025, outlines the details of the ETF, including its investment objective to provide direct exposure to XRP.
XRP ETF Expected to Gain Market Momentum
The launch of the Canary XRP ETF comes amid growing interest in XRP, as the digital asset has started to gain upward momentum. Experts are optimistic about its performance, with the CEO of Canary Capital, Steven McClurg, suggesting that the ETF could see gains similar to what Solana’s ETF experienced in its first week. The market has responded positively to the ETF approval, reflected in XRP’s surge in price and trading volume. Over the past week, XRP’s value has increased by nearly 10%, trading at $2.48.
CEO Steven McClurg at Canary Capital on XRPETF.. #XRP pic.twitter.com/2UnDKdvc4R
— RIZ.. 🇺🇸 🇵🇷 (@RizXRP) November 10, 2025
The Canary XRP ETF comes with a management fee of 0.50%, slightly higher than Bitwise’s XRP ETF, which has a 0.34% fee. The ETF will track the spot price based on the XRP-USD CCIXber Reference Rate Index. U.S. Bancorp Fund Services will serve as the transfer agent and administrator, while Gemini Trust and BitGo Trust will act as custodians. Notably, U.S. Bank, an affiliate of the transfer agent, will manage the cash custody.
Market Response and Future Expectations
XRP’s price has been volatile in the past few days, with a noticeable spike in trading volumes and futures open interest, particularly as anticipation grows for the ETF’s launch. Investors have shown increased interest, as evidenced by a 40% surge in trading volume in just 24 hours. The launch of the Canary XRP ETF could offer an additional catalyst for XRP’s price, despite concerns over technical indicators such as the death cross. Futures contracts for XRP are also seeing increased participation, with open interest climbing on platforms like CME and Binance.