Key Insights
- •XRP News: Leading institutional investors including Hurley Capital, Clearstead Advisors, and MAI Capital Management have revealed their XRP holdings.
- •This institutional interest signals significant anticipated demand for spot XRP ETFs.
- •The Canary XRP ETF is slated to be the first to launch, with trading commencing on Thursday.
- •XRP's price may experience a breakout above a descending channel, potentially leading to a rally towards $3.
Institutional Investors Disclose XRP Holdings and Interest in Spot XRP ETF
In significant XRP news, prominent Wall Street firms, leading financial advisory firms, and financial planners have disclosed their holdings in XRP. This development underscores substantial institutional interest in Ripple's cryptocurrency in the lead-up to the launch of spot XRP ETFs this week.
The Canary XRP ETF is set to be the first of its kind to be listed and traded on Wall Street, with trading scheduled to begin this Thursday. The spot XRP ETF received automatic approval for listing on Nasdaq earlier this week, under the ticker symbol XRPC.
New York City-based registered investment advisory firm Hurley Capital revealed its XRP holdings, according to an SEC filing on November 12. Hurley Capital holds investments in both the Teucrium 2x Long Daily XRP ETF (XXRP) and the Volatility Shares Trust XRP ETF (XRPI). The firm's 7,785 shares in XRPI demonstrate its engagement with XRP.
Additionally, Clearstead Advisors, a financial advisory firm that serves affluent families and leading institutions, has also disclosed sole investments in the Volatility Shares Trust XRP ETF.
MAI Capital Management has reported holdings valued at $22,458 in the recently launched REX-Osprey XRP ETF, operating under the 1940 Act.
This collective disclosure from institutional investors suggests a growing interest in XRP, particularly following the resolution of the Ripple vs. SEC lawsuit. It also points to the anticipated demand for spot XRP ETFs. As previously reported, CoinShares noted consistent inflows into Ripple's XRP coin for another week, with $28.2 million in inflows recorded last week in anticipation of XRP ETF approval.
Canary XRP ETF Set to Begin Trading on Thursday
The Canary XRP ETF became auto-effective through an 8-A filing with the U.S. SEC on Monday. It has also secured approval from Nasdaq to list its shares under the ticker symbol “XRPC.”
ETC expert Nate Geraci stated that the first spot XRP ETF under the 1933 Act is scheduled to launch on Thursday. He commented on the rapid development, noting, “Just over one year ago, SEC was appealing court decision that XRP did not meet legal definition of a security.”
Steven McClurg, CEO of Canary Capital, expressed his belief that XRP ETFs would attract double the inflows seen by Solana ETFs in their first week. He reasoned that XRP possesses a larger market capitalization and exhibits greater trading volume across both spot and derivatives markets.
Investors may opt for the Bitwise XRP ETF due to its comparatively lower management fee of 0.34%. In contrast, Canary Capital has set its management fee at 0.50%, with no waiver announced at this time.
XRP Price Nears Potential Breakout
Market sentiment among large holders, often referred to as whales, has shown mixed signals. Santiment data indicates that approximately 90 million XRP were sold by whales over the past three days, a trend that occurred in response to the formation of a death cross pattern on the daily chart.
Despite this, analysts are presenting bullish predictions, citing the approaching breakout of a descending channel that could propel XRP towards $3, further bolstered by the launch of spot XRP ETFs this week.
XRP's price has seen an increase in the last few hours, although it remains 1% lower over the past 24 hours. The cryptocurrency was trading at $2.42, with a 24-hour low and high recorded at $2.37 and $2.46, respectively.
Furthermore, a 22% decrease in trading volume over the last 24 hours suggests a decline in trader interest during this period.