- Canary Capital withdrew an approval-delaying XRP ETF application amendment, thereby accelerating the approval process.
- This should therefore take place around the same time as the approval of further crypto ETFs from other asset managers in mid-November.
There has been notable progress this year as a wave of crypto exchange-traded funds floods the US market. Now the long-awaited XRP Spot ETF could finally see the light of day on November 13th. Following the historic debut of Bitcoin and ETH spot ETFs last year, Bitwise, Canary Capital and Grayscale have found their way into the history books.
This comes after the aforementioned asset managers launched what most would call the next generation of US-listed crypto ETFs.
As CNF reported, the first spot ETFs for Solana (SOL), Litecoin (LTC) and Hedera (HBAR) were launched this week. Of particular note is Solana’s BSOL ETF with record sales of $55.4 million on his first day started.
Canary Capital paves the way for XRP ETF
The biggest surprise, however, came when Canary Capital quietly made a delaying change in its application for a proposed XRP spot ETF took back paving the way for a possible launch on November 13th.
Market analysts suspect the removal is consistent with the SEC’s new generic listing standards for exchange-traded products, which allow certain applications to automatically take effect 20 days after filing. This means that even during the ongoing US government shutdown, ETF approvals can occur without direct intervention from the SEC.
“The timing is remarkable, Terrett noted on X. We see altcoin ETFs moving forward even without manual SEC approval, a sign of how far the regulatory framework has evolved.”
The launch of the ETF comes after months of intense tensions between issuers and regulators. The problem was compounded by the fact that XRP was already embroiled in a protracted four-year legal battle with the SEC. This legal battle meant that the asset was under intense scrutiny, making the new development more serious than it otherwise would have been.
ETF launch schedules
However, the government’s recent reopening of the process creates uncertainty regarding the timing of the upcoming launch of ETFs. If the required paperwork is complete and the SEC is satisfied, reopening could potentially advance the launch date. Conversely, the schedule could be pushed back if staff suggest additional comments.
Still, SEC Chairman Paul S. Atkins welcomed companies using the law’s 20-day waiting period to go public during the shutdown. He praised this approach, noting that he was pleased to see companies like MapLight taking advantage of the 20-day regulatory waiting period to go public during the shutdown, and praised Bitwise and Canary for launching their SOL, HBAR and LTC ETFs this week.
Analysts expect the coming wave of ETFs and a possible XRP fund to inject new liquidity into crypto markets. Institutional investors previously limited to Bitcoin and Ethereum ETFs can now diversify their exposure across leading altcoins.
However, some warn that the launch could trigger short-term volatility as market participants rebalance their portfolios and test demand for these new instruments.
XRP price prediction
XRP is currently trading in a downtrend, but the recovery is already visible. The price is at $2.48 at the time of writing, despite some selling pressure.
The recent bounce from strong support at $2.20 shows that investors are starting to buy heavily again after weeks of selling.
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