BREAKING: SEC Greenlights Canary XRP ETF – XRP Price Jumps 10% in Minutes

The crypto market just got its first taste of regulatory validation for XRP. The SEC's surprise approval of the Canary XRP ETF sent shockwaves through trading desks, triggering an instant 10% price surge.

Wall Street's latest ETF gold rush meets crypto's most controversial asset. Traders are scrambling while purists sneer – because nothing says 'adoption' like letting institutional money bet on the very asset the SEC tried to kill.

This isn't just a win for XRP holders. It's a backdoor victory for every altcoin that's ever been in the SEC's crosshairs. The question now: Will the ETF inflows sustain the rally, or is this another case of 'buy the rumor, sell the news'?

TLDR

• The Canary XRP ETF has received approval from the U.S. Securities and Exchange Commission.
• The ETF will be available for trading on Nasdaq under the ticker symbol XRPC starting this week.
• The Canary XRP ETF is designed to track the XRP-USD CCIXber Reference Rate Index.
• The fund will charge a management fee of 0.50%, higher than the Bitwise XRP ETF’s 0.34%.
• Gemini Trust Company and BitGo Trust Company will serve as the fund’s custodians.
• U.S. Bank will hold the fund’s cash assets, while U.S. Bancorp Fund Services will handle the fund’s administration.

The Canary XRP ETF has officially received approval from the U.S. Securities and Exchange Commission (SEC) on November 10th. The fund will trade under the ticker symbol XRPC on Nasdaq, with trading expected to begin later this week. This marks a key moment for the XRP market as the ETF opens up new investment opportunities.

Key Features of the Canary XRP ETF

The Canary XRP ETF is designed to offer investors direct exposure to XRP, tracking the XRP-USD CCIXber Reference Rate Index. The fund charges a management fee of 0.50%, which is slightly higher than the 0.34% fee of the Bitwise XRP ETF. Gemini Trust Company and BitGo Trust Company will manage the fund, while U.S. Bank will handle custodial services.

The ETF also plans to rely on U.S. Bancorp Fund Services for administration and Paralel Distributors LLC for marketing efforts. This infrastructure aims to provide a streamlined and secure investment vehicle for those interested in XRP. Canary Capital has positioned the fund as a straightforward way to invest in the digital asset, which has recently gained momentum in the market.

Rising XRP Price and Trading Activity

The announcement of the Canary XRP ETF has had an immediate impact on the XRP market. The price of XRP surged nearly 10% over the past week as anticipation for the ETF grew. This increase follows a period of heightened trading activity, with a 40% rise in 24-hour trading volume.

XRP’s price has fluctuated between $2.46 and $2.58, reflecting strong investor interest. Futures market activity has also picked up, with open interest rising by 12% in Ethereum futures. The boost in market interest is linked to both the ETF launch and Optimism surrounding the end of the U.S. government shutdown.

The launch of the Canary XRP ETF is a significant regulatory victory for Ripple. The approval marks a key achievement for the company, especially after its past legal challenges. Canary Capital’s CEO, Steven McClurg, expressed confidence in the ETF’s potential, stating, “The XRP ETF could even double the initial success of Solana’s debut ETF.”

Canary Capital has recently received approval for other ETFs, including Litecoin and HBAR, showing its growing presence in the digital asset market. The company is now positioning itself as a leader in digital asset investment products. With the launch of the Canary XRP ETF, the company aims to attract both retail and institutional investors to the space.