Community Anticipates Launch of First US Spot XRP ETF

The cryptocurrency community is eagerly awaiting the debut of the first spot XRP exchange-traded fund (ETF) following Nasdaq's approval of the Canary Capital’s XRP ETF listing.

Key Takeaways

The Nasdaq has approved the listing of the Canary XRP ETF, marking a significant step toward its launch.
Canary's XRP ETF will be the sixth single crypto asset ETF introduced, following Bitcoin, Ether, Solana, Litecoin, and Hedera.
Although optimism surrounds the launch, the SEC still needs to provide official trading approval.
The launch comes after a lengthy speculation period and is timed closely with recent political developments.

Community anticipates launch of first US spot XRP ETF

On Wednesday, the Nasdaq Stock Market formally informed the US Securities and Exchange Commission (SEC) that it has accepted the Form 8‑A filing for the Canary XRP ETF (XRPC). While ETF specialists are optimistic about Canary’s spot XRP ETF launching on Thursday, the SEC has yet to finalize its approval for trading, leaving the timing uncertain.

Anticipation Around the Launch of the Canary XRP ETF

Nate Geraci, the president of NovaDius Wealth Management, shared on social media that Canary has launched its website for the Canary XRP ETF, suggesting a trading launch is imminent. He noted, “Canary Capital will be first to market,” emphasizing that this XRP ETF will be the sixth single crypto asset in the ETF format, following Bitcoin, Ether, Solana, Litecoin, and Hedera.

Source: Eric Balchunas

Other industry watchers, such as Eleanor Terrett from Crypto America, expressed confidence on social media, indicating that Nasdaq had “cleared XRPC for launch at market open.” However, some cautioned that the exchange’s notification was merely procedural and did not signify that trading was officially approved.

One industry expert noted, “The Nasdaq letter itself does not say the ETF is effective — it only states Nasdaq approved the listing and supported the registrant's request for SEC effectiveness.” This highlights the nature of the communication as a “routine procedural letter” and not a guarantee that trading will commence according to schedule.

Canary's development comes after a period filled with speculation regarding its launch timeline, with experts like Geraci predicting two weeks ago that it would debut soon. This potential launch occurs shortly after US President Donald Trump signed a bill on Wednesday that brings an end to the longest government shutdown in history.

In contrast to previous scenarios where Bitcoin and Ether ETFs began trading immediately after SEC approval, more recent ETFs such as Solana, Litecoin, and Hedera were able to launch the day following their exchange listings due to the SEC's newly adopted procedures.

Given that trading is set to commence on October 28, observers suggest that these new crypto funds may have benefited from the “automatic effectiveness” provisions that were in place during the government shutdown.

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