Key Developments for XRP ETF
Canary XRP ETF has secured automatic SEC approval for its Nasdaq listing, a significant development following the submission of Form 8-A on November 10. This marks the final procedural step before the ETF's launch. The ETF is expected to commence trading later this week, offering investors direct exposure to XRP's spot price without the need to hold the cryptocurrency itself. Nasdaq has already cleared the shares for listing, referencing the fund's registration statement filed with the SEC on October 24. The trust's primary objective is to mirror the performance of XRP's spot price.
Industry Reactions and Market Outlook
The approval is being hailed as a substantial symbolic victory for Ripple, particularly after navigating years of regulatory challenges. ETF specialists, such as Nate Geraci, have highlighted its importance. Steven McClurg, CEO of Canary Capital, anticipates strong investor inflows, suggesting that the XRP ETF's debut could surpass the initial trading activity seen with the Solana ETF. This news arrives amidst a broader wave of optimism in the cryptocurrency market, partly driven by progress in resolving the U.S. government shutdown and a general resurgence in digital asset prices. XRP has already begun to exhibit upward momentum as traders anticipate increased institutional demand.
Price Analysis and Future Implications
XRP is currently trading near the $2.45 mark, demonstrating signs of stabilization following a recent rally. Chart analysis indicates a period of short-term consolidation after a strong upward move. Technical indicators, including an RSI of 42.4, suggest a cooling phase after a period of being overbought. The MACD is positioned near a potential bullish crossover, hinting at renewed strength if buying pressure increases. Analysts predict that once the ETF officially begins trading, XRP could test the $2.70–$3.00 range in the short term. Further gains toward $3.50 are possible if broader market sentiment remains positive.
Canary’s Expanding ETF Lineup
This launch follows Canary Capital’s recent successful approvals for Litecoin and HBAR ETFs, both of which utilized a similar 8-A and CERT filing process to achieve swift clearance. The XRP ETF will feature a management fee of 0.50%, which is slightly higher than Bitwise's 0.34% fee. The fund will track the XRP-USD CCIXber Reference Rate Index. Key partners involved in the fund's operation include U.S. Bancorp Fund Services as the transfer agent, Gemini Trust and BitGo Trust serving as custodians, and Paralel Distributors LLC managing marketing operations. With these final filings now in progress, XRP is poised for a significant week that could reshape its standing within the ETF market.