In a significant development for the cryptocurrency market, Canary Capital is poised to launch the first US spot XRP exchange-traded fund (ETF) on Thursday, following a key filing with the Securities and Exchange Commission (SEC). This launch is generating considerable excitement, with analysts projecting an influx of up to $5 billion in investments within the fund’s initial month.
Eric Balchunas, a senior ETF analyst at Bloomberg, took to social media to announce that Canary Capital completed its 8-A filing for the XRP ETF, which signals readiness for trading. Eleanor Terret, a host of the Crypto in America podcast, elaborated on the process, indicating that after the Nasdaq certifies the listing, the ETF could officially start trading as early as market opening on Thursday.
This launch comes on the heels of recent market activity, where the Depository Trust & Clearing Corporation listed multiple XRP ETFs. In terms of performance, XRP, which ranks as the fourth largest cryptocurrency by market capitalization, has seen a remarkable 300% surge this year. Currently, XRP is trading around $2.40, while betting markets like Polymarket suggest there’s a 62% probability that the price could reach $2.60 by December.
Despite this positive outlook, XRP still remains about 30% lower than its all-time high of $3.65, achieved in July. However, optimism prevails among ETF issuers who believe that the new products could generate substantial sales in the near term. Steven McClurg, CEO of Canary Capital, has previously forecasted a robust adoption rate for XRP ETFs.
While Canary’s ETF marks a milestone, it is not the first investment vehicle for XRP. The REX-Osprey XRP ETF launched earlier in September under a different regulatory framework. This anticipated launch coincides with a broader political backdrop, as the US federal government prepares to reopen after an extended shutdown that had disrupted market oversight, including the SEC. A crucial vote in Congress is expected to pave the way for legislative measures endorsed by key political figures, including US President Donald Trump.
The momentum surrounding the ETF sector has sparked expectations of a renewed wave of crypto ETF filings, as companies aim to secure a first-mover advantage. Jürgen Blumberg, chief investment officer at Anemoy, noted that the conclusion of the government shutdown would likely lead to an increased number of crypto ETF applications.
In parallel, Ripple, the organization behind the XRP protocol, is making noteworthy strides in the industry. Following a substantial $500 million funding round on November 5 that elevated its valuation to $40 billion, Ripple is also enhancing its strategic partnerships with major players like Mastercard and crypto exchange Gemini to facilitate stablecoin payments for credit card transactions.
In a broader market context, Bitcoin is currently down by 0.7% over the past 24 hours, trading at $104,561, while Ethereum has seen a decrease of 2.2%, valued at $3,483.
