US-based asset manager Canary Capital has updated its spot ETF application for XRP, setting the launch date to November 13. The company accelerated the process by removing a delay amendment that was preventing the registration from automatically taking effect.
Approval Process for XRP ETF Gains Momentum
Following the successful launch of Solana and HBAR ETFs last week, Canary Capital took a similar step for XRP. The amendments in the company’s S-1 filing allow for the application to take effect automatically. Bloomberg ETF strategist Eric Balchunas noted that the XRP ETF documentation involved less interaction with the SEC compared to the Solana ETF, calling it “an endeavor worth attempting.”
According to CNBC reporter Eleanor Terret, the ETF’s launch is contingent on Nasdaq’s approval of the 8-A filing. If the SEC completes its review without objections, the ETF could become active sooner than planned. It is suggested that SEC Chairman Paul S. Atkins favors the automatic activation approach during partial government shutdowns.
Rising Expectations for XRP ETFs
Six weeks after its launch by Rex-Osprey, the XRP ETF quickly exceeded $100 million, marking a robust start. Bitwise CIO Matt Hougan predicts that XRP ETFs could turn into billion-dollar funds in their early months. Hougan told DL News, “Despite the high skepticism towards XRP in the crypto market, the investor base is extremely dedicated and purchase-focused.”
There are currently about 20 pending XRP ETF applications awaiting SEC approval. Meanwhile, there are 23 applications for Bitcoin and Solana ETFs and 16 for Ethereum. Analysts are evaluating the potential for XRP coin to rally up to $10 if the approval process accelerates.