NEW YORK / LONDON (IT BOLTWISE) – The launch of the first traditional XRP ETF in the USA is imminent. The Canary Funds ETF could automatically come into effect on November 13th, subject to approval from Nasdaq for trading. This could significantly impact the XRP market and increase the token’s liquidity.
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The world of cryptocurrencies is poised for a potential upheaval as the first traditional XRP ETF is about to launch in the US. Canary Funds recently filed an updated S-1 document with the SEC that includes a key change: the removal of a so-called “delaying amendment.” This change means the filing will automatically take effect after 20 days, marking November 13th as a possible launch date for the ETF.
The significance of this event can hardly be overestimated. Should Nasdaq approve Form 8-A, which allows ETF shares to be traded, the ETF could officially go live. This would be a significant step towards the acceptance of XRP as an investment product and would significantly increase the liquidity of the token. The market has been eagerly awaiting this moment as it could open up new investment opportunities.
Canary Funds’ XRP ETF would be the first of its kind in the US to be structured as a traditional spot ETF. Unlike other products, such as the REX Osprey XRP ETF, which is structured under the 1940 Act Regime and does not consist entirely of XRP tokens, this ETF would be based solely on XRP. Analysts such as Nate Geraci have already predicted that XRP ETFs could see higher than expected capital inflows following the successful launch of Bitwise’s spot Solana ETF.
The launch of an XRP ETF could also have a domino effect on other issuers. In addition to Canary Capital, Franklin Templeton and Bitwise are also in the running to launch their own XRP-focused ETF products. This development could intensify competition in the crypto ETF space and invigorate the cryptocurrency market as a whole.
Another aspect that should not be ignored is the regulatory landscape. The SEC has historically taken a cautious stance toward cryptocurrency ETFs, which has delayed the approval of such products. The fact that Canary Funds’ XRP ETF could potentially go live without further delays could be a sign of a changing attitude from regulators.
Overall, the launch of the first traditional XRP ETF in the US could mark a significant milestone for the cryptocurrency industry. It remains to be seen how the market will develop and whether other issuers will follow. The coming weeks could be crucial for the future of XRP and other cryptocurrencies.
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