The first U.S. spot XRP exchange-traded fund (ETF) may begin trading as soon as Thursday. Canary Funds has completed its Form 8-A filing with the Securities and Exchange Commission, which signals readiness for listing. The final step is Nasdaq certification, expected by 5:30 PM Eastern today. If approved, the ETF will go live at market open tomorrow under the ticker “XRPC”.
This would mark the first fully backed spot XRP ETF in the U.S., offering 100% exposure to XRP. Unlike previous products that relied on futures or blended structures, Canary’s fund holds XRP directly. This format allows traditional investors to gain exposure without interacting with crypto exchanges or wallets.
Read also: Hedera and Litecoin ETFs Approved Despite U.S. Government Shutdown
Price Continues to Fall Ahead of Launch
Despite the upcoming ETF launch, XRP’s price has declined. It fell 3% today and is down more than 9% over the past month. Currently trading at around $2.35, XRP has lost over 30% from its yearly high near $3.60.
The decline has continued throughout November, even as ETF expectations increased. While some observers suggest this could be a case of investors “selling the news”, there has not been a strong rally ahead of the event to begin with.
Read also: Did XRP Hit a New All-Time High in July? It’s Complicated
What the ETF Could Change
While the short-term price reaction has been muted, the ETF approval is expected to make XRP more accessible to institutional and regulated investors. The fund is structured under the Securities Act of 1933, offering direct exposure and simpler tax treatment compared to alternative products.
Read also our vision for the future of crypto ETFs: Will We See a Crypto Index Fund Soon?
