On Oct. 8, ETF issuer Canary Capital filed with the US Securities and Exchange Commission for an exchange-traded product for Ripple\u2019s XRP.<\/p>\n
It is the second filing for an XRP-based fund in a fortnight, following Bitwise\u2019s application for the Bitwise XRP ETF trust on Sept. 30.<\/p>\n
The firm stated that the product would track XRP\u2019s price using the Chicago Mercantile Exchange (CME) CF Ripple index.<\/p>\n
Bloomberg ETF analyst Eric Balchunas said<\/a> he wasn\u2019t familiar with this issuer, who \u201clooks like a first-timer.\u201d<\/p>\n ETF Store President Nate Geraci opined<\/a> that approval was a matter of when, not if, adding that a change in administration would accelerate the process.<\/p>\n \u201cBut that \u201cwhen\u201d will be *much* further out in the future unless there\u2019s a change in administration.\u201d<\/p>\n This week, CryptoPotato<\/em> reported<\/a> that Robinhood executive Dan Gallagher was the lead candidate to head the SEC should Donald Trump become president again in November. He is pro-crypto and far more likely to be favorable to such products than the incumbent chair, Gary Gansler, who has simply procrastinated on approving them.<\/p>\n A spokesperson for Canary Finance told<\/a> Fox Business:<\/p>\n \u201cWe\u2019re seeing encouraging signs of a more progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum \u2013 specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP,\u201d<\/p>\n In September, Grayscale announced<\/a> a dedicated XRP trust that will track the price of the asset and could be a precursor for conversion to a spot XRP ETF, as it has done with BTC and ETH funds.<\/p>\n Ripple CEO Brad Garlinghouse has been confident<\/a> that XRP will inevitably see its own ETF despite the firm\u2019s ongoing legal battle with the SEC.<\/p>\n There was no reaction on spot XRP markets, with the asset remaining flat on the day at $0.532 at the time of writing.<\/p>\n Additionally, the Ripple cross-border transaction token has slumped 11% over the past week.<\/p>\n XRP topped $0.70 during the 2024 market peak in mid-March but has fallen back to its current levels, which are 84% down from its January 2018 all-time high of $3.40.<\/p>\n It appears that only an outright victory against the SEC will be the catalyst for moving this asset higher.<\/p>\n The post Ripple (XRP) ETF Underway? Canary Capital Files an Application with the US SEC<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" On Oct. 8, ETF issuer Canary Capital filed with the US Securities and Exchange Commission for an exchange-traded product for Ripple\u2019s XRP. It is the second filing for an XRP-based fund in a fortnight, following Bitwise\u2019s application for the Bitwise XRP ETF trust on Sept. 30. The firm stated that the product would track XRP\u2019s […]<\/p>\n","protected":false},"author":0,"featured_media":12520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12519"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12519"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12520"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}XRP ETF Likely?<\/h2>\n
XRP Price Outlook<\/h2>\n