The Securities and Exchange Commission (SEC) has acknowledged the registration of the Canary XRP exchange-traded fund (ETF), marking the final regulatory step before what could become the first-ever spot XRP ETF in the United States.
According to the SEC’s Form 8-A filing, the fund will trade on Nasdaq under the ticker XRPC, pending certification from the exchange. Once approved, the ETF could go live as early as Thursday at market open.
Notably, several spot XRP ETFs were initially set for approval in late October but were delayed due to the government shutdown, which is projected to end this week.
The registration caps months of regulatory review following the fund’s initial Form S-1 submission on October 24.
Once effective, the Canary XRP ETF will allow investors to gain exposure to XRP through a regulated, exchange-listed product backed by custodial holdings, a structure designed to attract traditional investors seeking secure access to digital assets.
Market analysts view the move as a potential bullish catalyst for XRP’s price. The launch of spot Bitcoin and Ethereum ETFs in 2024 triggered sharp inflows from institutional investors, lifting both assets to new highs.
However, short-term volatility is likely as traders position ahead of the launch, considering the asset is already struggling with bearish sentiment stemming from the broader market downturn.
XRP fragile support under threat
Meanwhile, XRP’s grip on the fragile $2 support zone seems under threat as whales appear to be losing confidence in the asset.
On-chain insights indicate that whales offloaded about 90 million XRP tokens within just 72 hours, according to data from Santiment shared by crypto analyst Ali Martinez in an X post on November 11.
The data shows that wallets holding between 1 million and 10 million XRP have sharply reduced their balances since the start of November. Notably, there has been a strong correlation between this whale selloff and XRP’s downward price movement, reinforcing the view that large holders are driving the latest correction.
Over the past few weeks, XRP’s price has been on a persistent slide, falling from late September highs as whale accumulation turned into distribution. Each reduction in whale holdings has coincided with intensified downward momentum, further weighed down by broader market sentiment.
As of press time, XRP was trading at $2.42, having plunged over 5% in the past 24 hours, while on the weekly timeline, the asset remains up almost 9%.
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