TL;DR
- The first U.S. spot XRP ETF, managed by Canary Capital, is set to begin trading on Nasdaq, pending final SEC approval.
- The ETF would be the sixth single-crypto asset fund, following Bitcoin, Ether, Solana, Litecoin, and Hedera.
- Market participants are closely watching XRPC’s launch, with industry analysts noting that Nasdaq has completed its procedural certification while trading effectiveness remains formally pending.
Canary Capital’s spot XRP ETF (XRPC) is expected to launch on Thursday after Nasdaq confirmed its listing, sending a notice to the U.S. Securities and Exchange Commission (SEC).
Bloomberg analyst Eric Balchunas highlighted the listing notice, indicating the ETF could begin trading imminently. Despite the listing, the SEC has not formally approved trading, leaving some uncertainty as market participants prepare for opening.
Spot XRP ETF Prepares for Nasdaq Trading
Analysts note that this fund would mark the sixth single crypto asset ETF in the U.S., following Bitcoin, Ether, Solana, Litecoin, and Hedera. Nate Geraci, president of NovaDius Wealth Management, confirmed that Canary launched a dedicated website for XRPC, signaling readiness for trading. Additional market observers have mentioned that interest from both retail and institutional investors has been steadily growing, highlighting potential strong demand for XRP exposure in regulated markets. This ETF could also pave the way for more U.S.-based spot crypto ETFs in the near term.
Regulatory Steps And Market Implications
While Nasdaq’s certification confirms the exchange has approved the listing, experts caution it does not automatically authorize trading. Crypto observer Eleanor Terrett noted that Nasdaq’s procedural letter is standard, meaning investors should still await the SEC’s final effectiveness notice.
The ETF’s potential debut comes after weeks of speculation, as the U.S. market observes growing interest in spot-based crypto ETFs. Historical patterns suggest new crypto ETFs, including Solana, Litecoin, and Hedera, often launched immediately after exchange certification under recent SEC procedures.
The timing of XRPC coincides with broader market events, including the resolution of the U.S. government’s recent shutdown. Some analysts point out that previous ETFs benefited from “automatic effectiveness” rules during periods when the SEC was not fully operational.
Market Outlook And Future Prospects
Investors are monitoring XRPC closely, viewing it as a benchmark for spot-based crypto ETFs in the U.S. If launched, Canary’s XRP ETF could attract significant inflows, particularly from retail and institutional investors seeking direct exposure to XRP. Market watchers expect heightened trading activity on Nasdaq, with the fund’s performance potentially influencing broader crypto market sentiment.
