Canary XRP ETF Gains Automatic SEC Approval, Set to Trade on Nasdaq as XRP Price Surges

Canary Capital’s highly anticipated spot XRP ETF has received automatic approval from the U.S. Securities and Exchange Commission (SEC) following the firm’s Form 8-A filing on November 10. This milestone marks the final step before its listing on Nasdaq under the ticker “XRPC,” with trading expected to begin later this week pending a CERT filing confirming the official date.

The ETF aims to provide investors direct exposure to XRP, similar to recent spot crypto ETFs launched under the 1933 Act. Experts such as Nate Geraci have hailed the XRP ETF approval as a significant win for Ripple and a signal of changing sentiment within U.S. regulatory circles. Canary Capital CEO Steven McClurg noted that the XRP ETF “will probably double what Solana did in its first week,” highlighting growing investor appetite for XRP-backed products.

Canary Capital has set a management fee of 0.50%, slightly higher than Bitwise’s proposed 0.34% fee for its XRP ETF. The fund will track the XRP-USD CCIXber Reference Rate Index, with U.S. Bancorp Fund Services acting as transfer agent and administrator. Paralel Distributors LLC will serve as the marketing agent, while Gemini Trust Company and BitGo Trust Company are designated custodians. U.S. Bank will handle cash custody.

The XRP market has reacted positively to the ETF’s imminent launch. XRP’s price climbed nearly 10% in the past week, currently trading around $2.48, with a 40% surge in trading volume over the past 24 hours. Futures open interest has also risen sharply, signaling renewed confidence among traders. Despite technical resistance from the 50-SMA and 200-SMA, analysts believe the ETF debut could spark a strong rebound in XRP’s price momentum.