Canary Capital’s XRP ($2.41) exchange-traded fund received regulatory approval on November 12, 2025, as Nasdaq certified the listing on Wednesday. The product, listed under the ticker XRPC, is poised to begin trading on November 13, establishing the first spot XRP ETF on a US exchange.

This development follows a wave of altcoin ETF launches and reflects growing institutional demand for regulated cryptocurrency investment, signaling a shift in how traditional finance engages with digital assets.

Regulatory Pathway and Certification Timeline

Canary Capital utilized the auto-effective registration process under Section 8(a) of the Securities Act of 1933. By filing Form 8-A with the Securities and Exchange Commission and removing a delaying amendment, the firm triggered a 20-day window for automatic approval unless the SEC objected. This path has become the standard for crypto ETF issuers seeking swift market access.

On November 12, Nasdaq Regulation submitted a formal certification to the SEC, confirming the listing’s approval. The letter, signed by Eun Ah Choi, cleared the last regulatory step for trading to begin. Canary’s timing aligned with reduced SEC activity during a government shutdown, potentially supporting an unobstructed approval process.

According to SEC filings, the registration statement became effective as scheduled, allowing the fund to launch as planned. This event marks a key milestone for XRP as a recognized asset in traditional finance after years of regulatory uncertainty around Ripple and its native token.

Market Context and Altcoin ETF Momentum

The XRP ETF launch extends a recent surge in altcoin-focused investment products. In recent months, spot ETFs for Solana, Litecoin, and Hedera have debuted, each showing institutional interest. Bitwise’s Solana ETF saw $56 million in first-day trading volume, rising to $72 million on its second day, indicating strong demand for regulated exposure to the altcoin.

Meanwhile, REX-Osprey’s XRP futures-based ETF, launched in September, saw $24 million in volume in its first 90 minutes. By October, the fund reached over $100 million in assets under management, emphasizing market appetite for XRP investment options before a spot ETF arrived. However, historical precedent from the XRPR launch suggests caution—XRP rallied 18% ahead of launch, then corrected as traders took profits.

As of November 13, there are eleven XRP ETF products listed on the Depository Trust & Clearing Corporation website, with filings from major firms such as Bitwise, Franklin Templeton, 21Shares, and CoinShares. This surge reflects growing institutional confidence following the SEC’s comprehensive July 2025 guidance on crypto asset ETPs.

On-Chain Signals and Whale Behavior

On-chain activity shows mixed sentiment as the ETF launch approaches. According to Glassnode, more than 216 million XRP (about $556 million) left exchanges the week before the announcement. This supply reduction often signals investors are holding rather than trading, which is typically bullish.

However, larger holders acted differently. Whales reduced their holdings by 10 million XRP (around $25 million) in the two days before launch. Additionally, long-term holders sold 135.8 million XRP by November 10, marking a 32% rise in daily outflows since early November. This profit-taking may reflect expectations of a “sell the news” event.

Active XRP addresses reached three-month highs, according to CryptoQuant, suggesting rising network usage and renewed interest. The Cumulative Volume Delta has recently turned bullish, indicating more buying than selling. These trends show growing retail interest while institutions appear more cautious.

Open interest in XRP futures dropped from early November highs to near recent lows by November 12. This decline in derivatives trading suggests traders are less willing to hold leveraged positions, which may lower short-term volatility as the market consolidates.

Price Outlook and Technical Considerations

XRP traded near $2.39 during Thursday morning hours in Asia, down 0.4% after the certification news. Some analysts predict a potential rally toward $5 in Q4 2025, a 108% increase from current prices. Such a move would depend on strong institutional inflows and sustained low supply on exchanges.

Technical analysis shows a falling wedge pattern with $2.88 as the breakout level. Closing above this mark could signal renewed strength, while losing support at $2.31 risks triggering further declines to $2.06. With the price now near the 0.382 Fibonacci retracement, the market faces a pivotal decision.

XRP’s market dominance has grown as Bitcoin’s share of crypto market capitalization fell, pointing to ongoing sector rotation. BlackRock’s backing of crypto investment products supports institutional sentiment, though its direct impact on XRP remains unclear.

The launch’s effect on price will depend on whether bullish expectations are already priced in. Past ETF launches show initial excitement can shift to profit-taking once trading begins, especially if regulatory uncertainty or government shutdowns persist.

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