XRP Price: Wall Street Access Arrives as First Spot ETF Launches This Week

TLDR

• Canary Capital filed a Form 8A with the SEC on Monday night, the final step before launching a spot XRP ETF
• The fund could begin trading as early as Thursday, making it the first US-based ETF to directly hold XRP
• Several other companies including Bitwise, CoinShares, and Franklin Templeton have XRP ETFs listed on the DTCC platform awaiting launch
• XRP is currently trading around $2.39 and could target $3 to $4 if the ETF launches proceed as planned
• The ending of the government shutdown has cleared the way for these ETFs to potentially hit the market

Canary Capital has filed the final paperwork needed to launch the first US spot XRP exchange-traded fund. The company submitted a Form 8A to the Securities and Exchange Commission on Monday night.

Bloomberg senior ETF analyst Eric Balchunas said the filing points to a launch on Wednesday or Thursday. Form 8A filings for Hedera ETFs resulted in those funds launching the next day.

The Nasdaq needs to certify the listing by 5:30 PM ET on Wednesday. Once that happens, the ETF could start trading Thursday morning.

Canary’s ETF differs from other XRP investment products already available in the US. The fund was filed under the Securities Act of 1933. This allows it to directly hold XRP tokens rather than investing through an offshore company.

Multiple XRP ETFs Preparing to Launch

Canary Capital is not alone in seeking to launch an XRP ETF. The Depository Trust and Clearing Corporation platform shows several other spot XRP ETFs in the pre-launch phase.

Companies including Bitwise, CoinShares, and Franklin Templeton have XRP ETFs listed on the DTCC. ETF expert Nate Geraci estimates these funds could launch within a couple of weeks.

The end of the government shutdown has cleared regulatory hurdles. This has created a path for multiple XRP ETFs to enter the market.

Price Movement and Market Expectations

XRP is currently trading at $2.39. The token faced selling pressure when it reached $2.50 recently.

Technical analysis shows XRP may retest support at $2.38 before attempting another move higher. The Relative Strength Index is approaching overbought levels on lower time frames.

Analysts believe XRP could push toward $3 if the ETF launches proceed as expected. A breakout above $3 could open the door to $4.

The combined assets under management of these ETFs could quickly surpass $1 billion. This follows a similar pattern to what happened when Bitwise’s spot Solana ETF entered the market.

Institutional Access Opens

The new ETFs will provide regulated access to XRP for both retail and institutional investors. These funds offer an alternative to buying XRP directly on crypto exchanges.

The spot ETF structure allows funds to hold actual XRP tokens. This differs from futures-based products that track contracts rather than the underlying asset.

Crypto reporter Eleanor Trent confirmed that Canary’s filing represents the final step before the ETF goes effective. The company is waiting for Nasdaq certification to complete the process.

The launch of multiple XRP ETFs represents a new phase for the token in US markets. Investors will have several regulated options to gain exposure to XRP through traditional brokerage accounts.

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