XRP Price: Why Bitwise Thinks This ETF Will Hit $1 Billion Fast

TLDR

• Canary Capital has submitted an updated S-1 filing for its XRP ETF, removing the delaying amendment to allow auto-effective status with a potential launch date of November 13.
• The Rex-Osprey XRP ETF launched six weeks ago has crossed $100 million in assets under management.
• Bitwise CIO Matt Hougan predicts XRP ETFs could reach billion-dollar inflows within the first few months of launch.
• XRP is trading around $2.50-$2.70 and analysts see technical patterns similar to its 2017 bull run, with some targeting double-digit prices.
• Approximately 20 XRP ETF applications are currently pending with the U.S. SEC, with institutional interest driving accumulation strategies.

XRP is gaining attention as asset manager Canary Capital moves forward with plans to launch a spot XRP ETF. The firm submitted an updated S-1 filing that removes the delaying amendment from its application.

This change allows the registration to go auto-effective. Crypto journalist Eleanor Terrett reports the ETF could launch on November 13 if Nasdaq approves the accompanying 8-A filing.

The timeline depends partly on the U.S. government’s reopening. If the SEC completes its review without objections, the launch could happen sooner. Additional staff comments could push the date back.

SEC Commissioner Paul S. Atkins recently indicated openness to companies using the auto-effective route during the government shutdown. Bloomberg ETF strategist Eric Balchunas noted that XRP filings lacked the same back-and-forth with the SEC that Solana had.

Canary Capital previously launched Solana and HBAR ETFs this week using similar 8-A filings. These filings allow ETFs to become effective within 20 days of application automatically.

The Rex-Osprey XRP ETF launched six weeks ago and recently crossed $100 million in assets. It operates under the ’40 Act structure, classifying it as an investment company rather than a standard commodity trust.

Bitwise Predicts Strong Inflows

Bitwise Chief Investment Officer Matt Hougan believes an XRP ETF could become a billion-dollar fund within its first few months. He told DL News that XRP’s dedicated investor base could drive large inflows.

Hougan said many people underestimate XRP because the crypto community is bearish on it. He pointed to the XRP Army as a group that loves the asset and could drive flows.

Around 20 XRP ETF applications are pending with the U.S. SEC. Bitcoin and Solana each have 23 filings, while Ethereum has 16 pending applications.

Technical Setup and Institutional Interest

XRP is currently trading in the $2.50 to $2.70 range. Analysts tracking Elliott Wave counts suggest XRP may be in the early phase of Wave 3, which historically triggers major price moves.

One recently launched XRP vehicle has pulled in over $115 million in assets. Trading volumes in related futures markets have reached billions.

A firm is planning to raise over $1 billion for a publicly-traded entity focused on XRP accumulation. This type of buying could lock up supply and create scarcity dynamics.

Support near the $2.50 to $2.60 band remains intact. If XRP breaks and holds above $2.67 to $2.70, momentum could accelerate.

Some analysts see divergence between price and momentum indicators. Elevated selling pressure from large holders suggests short-term pullbacks are possible unless volume picks up.

Market watchers are monitoring two key levels. A sustained breakout above $2.70 could open a path to $3 and higher. A breakdown below $2.50 might signal consolidation.

Headlines around ETF approvals and corporate treasury purchases will likely influence XRP’s next moves. Real-world asset activity on the XRP Ledger also remains a focus.

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