Canary XRP ETF Wins Automatic Approval to Debut on Nasdaq

Canary Capital has received automatic approval from the U.S. Securities and Exchange Commission (SEC) to list its spot XRP Exchange-Traded Fund (ETF) on Nasdaq. 

This is a historic moment for XRP as it becomes more part of traditional finance. The ETF, with the ticker XRPC, is expected to start trading later this week

A Big Win for Ripple and XRP Investors

The launch of the Canary XRP ETF is a big milestone for Ripple. It is the first XRP-based ETF approved under the Securities Act of 1933. This shows that XRP is gaining more acceptance in traditional finance. It comes after years of regulatory battles involving Ripple, which ended in July. 

Nate Geraci, a well-known ETF expert, described the approval as “a big win for Ripple and crypto investors.” He noted that it comes amid improving sentiment in the U.S. regulatory environment.

In a recent X post, Canary Capital CEO Steven McClurg said the XRP ETF could probably double what Solana did in its first week. He highlighted the strong investor demand reflected in XRP’s rising market cap and trading volume.

Inside the Structure of the Canary XRP ETF

According to the filing, Nasdaq has officially approved the listing of Canary XRP ETF shares under the symbol XRPC. The ETF aims to track the spot price of XRP using the XRP-USD CCIXber Reference Rate Index. 

This is set to give investors direct exposure to the digital asset without having to hold it directly. The ETF will charge a 0.50% management fee, slightly higher than Bitwise’s proposed 0.34% fee for its own XRP fund. 

Key partners for the trust include U.S. Bancorp Fund Services as the transfer agent and administrator. Gemini Trust Company and BitGo Trust Company serve as custodians, while Paralel Distributors LLC acts as the marketing agent. 

Canary’s XRP ETF follows similar automatic approvals for its Litecoin (LTC) and HBAR ETFs last month. Both were approved using the same 8-A and CERT filing process.

XRP Price Rises Ahead of ETF Launch

The XRP market has already begun reacting to the announcement. In the past week, XRP’s price has risen nearly 10% as investors grow more confident and look forward to the ETF launch. 

The token is now trading around $2.48, with daily trading volume up 40% in the last 24 hours. Although XRP is still below its 50-day and 200-day moving averages, the ETF launch could change investor sentiment.

Data from CoinGlass shows rising activity in the derivatives market. XRP futures open interest climbed 3% on CME and 12% on Binance in the past day.

The Canary XRP ETF approval arrives at a time when optimism is returning to the crypto market. Analysts say the end of the potential U.S. government shutdown could improve market confidence. New crypto investment products may also boost overall liquidity.