Canary's XRP ETF Set for November Launch
- Canary Capital’s XRP ETF targets a November 13 launch date.
- Regulatory steps simplified by removing the SEC delay clause.
- Potentially boosts institutional interest in the XRP market.
Canary Capital targets a November 13 launch for a spot XRP ETF, following an updated S-1 filing and removing delay clauses, with Nasdaq approval pending.
The launch could elevate XRP’s market visibility, attract institutional investments, and potentially influence trends among top cryptocurrencies, reshaping dynamics.
The Launch Plan
Canary Capital has filed for a spot XRP ETF, adjusting its S-1 registration to eliminate the SEC delay clause. The launch is set for November 13, pending Nasdaq’s approval, marking a significant move in cryptocurrency markets.
“This sets Canary’s $XRP ETF up for a launch date of November 13, assuming the Nasdaq approves the 8-A filing.” — Eleanor Terrett, Fox Business source
This updated filing removes constraints, allowing Canary Capital to expedite proceedings. Gemini Trust Company and BitGo Trust Company will manage custody of the underlying XRP, reflecting established protocols from prior Solana and Hedera ETFs.
Market Implications
The XRP ETF launch is anticipated to influence market dynamics, enhancing liquidity and institutional participation. Similar past ETF launches have led to short-term spikes in demand and trading volumes in the respective assets.
The approval process employs the 20-day auto-effective rule, a legal provision exploited during government downscaling. This has paved the way for ETF issuers to sidestep traditional delays, bolstering market optimism around XRP.
Some analysts foresee the launch augmenting XRP’s market position, with positive implications for stakeholders. Financial experts suggest potential upticks in institutional investments, informed by previous trends following similar ETF approvals.
The ETF employs the CoinDesk XRP Reference Rate for tracking price movements. Historically, ETF listings have driven transactional activity, with the legal framework providing pathways for efficient regulatory navigation.
