The first spot US XRP ($2.43) exchange-traded fund is set to launch on Thursday.

That’s according to Eric Balchunas, senior ETF analyst at Bloomberg. On Tuesday, he tweeted that fund manager Canary Capital “filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday.” The 8-A filing with the SEC is usually the last step before trading begins.

“This is the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing,” Eleanor Terret, host of the Crypto in America podcast, said on X. “When that happens, the last hurdle is cleared and the first $XRP spot ETF will be set to launch Thursday at market open.”

Canary’s filing with the US Securities and Exchange Commission comes just days after investors noted that the Depository Trust & Clearing Corporation listed several spot XRP exchange-traded in an update.

The price of XRP, the fourth biggest crypto by market value, has surged 300% in 2025 on the anticipation of ETF approvals, and is trading around $2.40. On Polymarket, punters are giving the price a 62% chance of hitting $2.60 before December.

To be sure, XRP still trades about 30% below its $3.65 all-time high from July. But spot XRP ETF issuers are optimistic that the new products will generate billions in sales.

Steven McClurg, the CEO of Canary Capital, predicted in August that investors will deploy $5 billion into XRP ETFs within their first month of trading.

Canary’s spot ETF is not the first investment vehicle for the XRP crypto. The REX-Osprey XRP ETF was launched in September, but operates under the Investment Company Act of 1940, rather than the Securities Act of 1933, making it a different class of product.

Back in business

The expected launch comes as the US federal government is set to reopen after a record-long shutdown paralysed market oversight agencies like the SEC.

The House Rules Committee voted early on Wednesday to advance the Senate-passed package to end the shutdown, CNN reported.

The full House is expected to hold a procedural vote on Wednesday evening, paving the way for a final vote on the legislation, which US President Donald Trump has endorsed.

Jürgen Blumberg, chief investment officer at Anemoy, told DL News that he expects a “renewed wave” of crypto ETF filings as issuers race to “capture early market share and secure first-mover advantage.”

And Blumberg isn’t the only one expecting an investor stampede.

Nate Geraci, co-founder of the ETF Institute and President of the ETF Store, said on X on November 10 that “government shutdown ending [equals] spot crypto ETF floodgates opening.”

Ripple makes waves

Canary’s expected spot ETF launch comes as Ripple, the company that developed XRP, makes big moves to cement its position in the crypto industry.

On November 5, Ripple tripled its valuation to $40 billion following a $500 million strategic funding round, its largest capital injection since 2019. Investors included Citadel Securities, Fortress Investment Group, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.

That same day, Ripple announced a partnership with payments giant Mastercard and crypto exchange Gemini to bring stablecoin payments to credit card transactions.

Crypto market movers

• Bitcoin is down 0.7% over the past 24 hours, trading at $104,561.
• Ethereum is down 2.2% over the past 24 hours, trading at $3,483.

What we’re reading

• How the Stream Finance debacle affected the rest of DeFi — DL News
• What is LlamaAI? How does it unlock DeFi’s black box? — DL News
• Coinbase Launches Digital Token Sales Platform — Unchained
• We’re not in an AI bubble (yet) — Milk Road
• XRP surges 11% on the back of ETF filings as new funds seen to trigger a $5bn bonanza — DL News

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? lance@dlnews.com.