Canary Capital has achieved a major milestone in the digital asset investment landscape by securing Nasdaq’s approval to list its Spot XRP Exchange-Traded Fund (ETF). This development is being hailed as a pivotal step toward mainstream adoption of Ripple’s XRP token by institutional investors, potentially marking the most significant advancement since Ripple’s partial court victory against the U.S. Securities and Exchange Commission (SEC).
On November 10, Canary Capital filed a Form 8-A with the SEC, triggering automatic approval for the ETF’s listing on Nasdaq. The ETF is set to trade under the ticker symbol “XRPC,” and its launch is expected later this week, pending the final Certificate of Effectiveness (CERT) filing. The ETF’s structural details and share descriptions were outlined in the Form S-1 registration, which was submitted to the SEC on October 24.
The newly approved ETF will offer direct exposure to XRP’s spot price by tracking the XRP-USD CCIXber Reference Rate Index. This index reflects real-time market data, giving investors a transparent and regulated way to gain XRP exposure without the need to directly hold the cryptocurrency.
Canary Capital’s Spot XRP ETF comes with a management fee of 0.50%, positioning it slightly higher than Bitwise’s competing XRP ETF, which recently announced a 0.34% fee. Despite the marginally higher cost, the ETF is expected to attract strong institutional interest due to its transparent structure and reputable partnerships.
Key service providers supporting the ETF include U.S. Bancorp Fund Services, which functions as the transfer agent and fund administrator. Paralel Distributors LLC is tasked with marketing responsibilities, while Gemini Trust and BitGo Trust serve as custodians for the underlying XRP assets. U.S. Bank, an affiliate of the transfer agent, will act as the ETF’s cash custodian.
The announcement of the ETF’s approval coincided with a significant uptick in XRP’s market performance. In the week following the news, XRP witnessed an 8.83% rally, reaching a high before retreating slightly by 2.87% to a price of $2.46, according to market data. This surge underscores the growing investor confidence in XRP as a legitimate financial asset.
Beyond Canary Capital, the XRP ETF ecosystem is gaining traction. Several other XRP-related ETFs—such as the Teucrium 2x Long Daily XRP ETF, Volatility Shares XRP ETF, Rex-Osprey, ProShares Ultra XRP ETF, and Purpose XRP ETF—have reported consistent capital inflows. This trend highlights a broader shift among institutional investors toward embracing XRP as a core component of diversified crypto portfolios.
The growing momentum behind spot XRP ETFs could catalyze a wider transformation in the cryptocurrency ETF sector. With nine XRP-linked products now listed on the Depository Trust & Clearing Corporation (DTCC), industry giants like Bitwise, Franklin Templeton, and Canary Capital are leading the way. Analysts predict that further ETF approvals may be announced by mid-November, potentially placing XRP alongside other ETF-recognized digital assets like Solana (SOL), Litecoin (LTC), and Hedera (HBAR).
This institutional acceptance is not just symbolic—it could fundamentally change XRP’s market dynamics. ETFs provide a regulated and easily accessible investment vehicle for professional and retail investors alike. The influx of institutional capital through ETFs has the potential to stabilize XRP’s price volatility, enhance liquidity, and elevate its reputation within the broader financial system.
Moreover, the approval of a spot-based XRP ETF—rather than a futures-based one—marks a significant development. Spot ETFs are considered more accurate reflections of an asset’s real-time performance, as they are backed by the physical (in this case, digital) asset itself. This reduces the risk of price manipulation and enhances transparency for investors.
The broader implications for Ripple Labs, the company behind XRP, are also notable. The ETF approval indirectly validates XRP’s regulatory standing, especially in light of the ongoing legal battles with the SEC. While the court has yet to definitively classify XRP as a non-security, the greenlighting of a spot ETF suggests growing institutional confidence in the asset’s legal clarity.
In addition, the ETF’s launch may signal a shift in how U.S. regulators perceive crypto-based financial products. The SEC’s willingness to allow such listings could open the door for a wave of similar approvals for other altcoins, moving the industry closer to parity with traditional financial markets.
For investors, the arrival of the XRPC ETF offers a new avenue to participate in the XRP ecosystem without having to manage private keys or navigate crypto exchanges. It also paves the way for XRP to be included in retirement accounts such as IRAs and 401(k)s, further broadening its appeal.
While the ETF’s management fee is higher than some competitors, the credibility and experience of Canary Capital and its partners may justify the premium for risk-averse investors seeking safe exposure to digital assets.
Looking forward, the performance of the XRPC ETF will likely serve as a bellwether for future crypto ETF products. Its success or failure could influence the SEC’s stance on other pending filings, including those tied to Ethereum (ETH), Cardano (ADA), and other major cryptocurrencies.
In conclusion, Canary Capital’s Nasdaq-approved Spot XRP ETF represents a watershed moment for the crypto industry. It bridges the gap between traditional finance and digital assets, potentially unlocking billions in institutional capital and accelerating XRP’s integration into mainstream financial portfolios. As the ETF goes live in the coming days, all eyes will be on its market reception and the ripple effects it may set off across the financial world.