Canary Asset Management is poised to launch the first spot XRP ETF on American soil, pending Nasdaq certification, with trading expected to start as early as Thursday.
This launch may spur increased XRP market activity and potentially influence similar altcoin ETF offerings.
First Pure XRP ETF Awaits Final Nasdaq Approval
The first spot XRP ETF by Canary Asset Management is at the final Nasdaq certification stage. This follows a series of SEC filings setting it apart as the first pure XRP ETF in the US.
Canary, primarily a traditional asset manager, is pioneering crypto ETFs following bitcoin and ether approvals. There has been a lack of public statements from Canary's leadership on social media, keeping focus on regulatory filings.
Institutional Feedback Anticipated for XRP ETF Launch
The ETF's launch is expected to draw substantial institutional interest, especially from Registered Investment Advisers. A surge in XRP trading and price volatility may occur following this significant market entry.
Past bitcoin ETF approvals led to institutional influxes of over $10 billion, pointing to potential similar trends for XRP. Polymarket sentiment suggests a positive outlook, with likely benefits for correlated altcoins like SOL and ADA.
Previous ETF Successes Hint at Ripple Effect for XRP
Previous ETF launches, such as those for BTC and ETH, resulted in significant market inflows and price gains, which could foreshadow the XRP ETF's impact. Eleanor Terret, Host of Crypto in America, stated, "This is the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing. When that happens, the last hurdle is cleared and the first $XRP spot ETF will be set to launch Thursday at market open."
Market responses to spot ETFs typically reflect increased on-chain activity and liquidity. Experts like Eleanor Terret suggest the ETF could catalyze further altcoin ETF introductions, affecting the overall crypto landscape.