Spot XRP ETF to Launch on November 13? Here’s the Latest Big Update
Popular asset manager Canary Capital has updated its spot XRP ETF S-1 filing with the US Securities and Exchange Commission and removed the “delayment amendment,” which could guarantee an imminent launch of the fund in 20 days.
It’s worth noting that Canary updated its SOL ETF application similarly weeks ago, and the product went live for trading earlier this week.
Save the Date?
The delaying amendment essentially says to the regulator that the issuer is postponing the activation of the ETF until it explicitly confirms to the SEC that it’s ready to go live. Removing it from the filing means that Canary is prepared with all necessary structural points and expects no further objections from the watchdog.
Consequently, the updated application has a 20-day period and a launch date of November 13, after which the ETF can legally start trading unless the SEC stops it from doing so or the Nasdaq fails to approve the 8-A filing.
As Eleanor Terrett explained, SEC Chair Paul Atkins is reportedly supporting such filings, as companies are trying to take advantage of the auto-effective method, which could be even more beneficial during the current government shutdown. As mentioned above, Canary, as well as Bitwise, already used this approach with their SOL, HBAR, and LTC ETF filings.
Bitwise’s CIO, Matt Hougan, recently claimed that the XRP Army will “smash-buy the ETF” if the financial vehicle sees the light of day. He also predicted that spot XRP ETFs will “easily” become a billion-dollar fund within the first few months of launching. The statement was echoed by Nate Geraci, the President of Nova Dius Wealth.
Major XRP Sell Walls
XRP had a good week in terms of price action, at least until the correction after the Fed cut the interest rates. It’s still one of the few larger-cap cryptocurrencies in the green weekly, and sits close to $2.50.
Analyst CW claimed that the asset has two major selling walls on its way north. If it can manage to pass through them, it will open the door for the coveted $3 price tag.
The post Spot XRP ETF to Launch on November 13? Here’s the Latest Big Update appeared first on CryptoPotato.
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