Canary Capital has taken a crucial step toward launching the first U.S. spot XRP exchange-traded fund (ETF) by filing a Form 8A with the SEC on Monday evening. This filing represents the final requirement before the fund can commence trading, which is anticipated to begin as early as Thursday.
The upcoming ETF is notable as it will be the first in the United States to directly hold XRP tokens, setting it apart from existing investment products. Analysts have pointed out that the filing could lead to trading starting as soon as Thursday morning, contingent upon certification from Nasdaq by 5:30 PM ET on Wednesday.
Bloomberg”s senior ETF analyst, Eric Balchunas, mentioned that previous Form 8A filings for other ETFs have led to launches in a very short timeframe, indicating a positive outlook for this development.
Canary Capital is not the only company preparing to enter the market with an XRP ETF. The Depository Trust and Clearing Corporation (DTCC) platform lists several other spot XRP ETFs from firms like Bitwise, CoinShares, and Franklin Templeton that are also in the pipeline. Industry expert Nate Geraci has suggested that these funds may launch within weeks.
The recent end of the government shutdown has removed a major regulatory barrier, paving the way for these ETFs to potentially enter the market without delay.
Current market conditions show XRP trading at $2.39. The token recently faced selling pressure after reaching $2.50. Technical analysis indicates that XRP may revisit support at $2.38 before attempting another upward movement. Should the ETF launch go as planned, analysts believe XRP could aim for a price target between $3 and $4.
Importantly, the introduction of these ETFs will provide both retail and institutional investors with a regulated avenue to gain exposure to XRP, offering an alternative to purchasing the token directly on cryptocurrency exchanges. The spot ETF structure allows these funds to hold actual XRP tokens, thereby differing from futures-based products, which only track contracts related to the asset.
Crypto reporter Eleanor Trent confirmed that the final steps for Canary”s ETF filing are in motion, pending the required certification from Nasdaq. The anticipated launch of several XRP ETFs signifies a new chapter for the token within U.S. markets, granting investors multiple regulated options to engage with XRP through traditional brokerage accounts.
