Ripple ETF (XRP) on the way? Canary Capital files an application with the US SEC

On October 8, ETF issuer Canary Capital filed an exchange-traded product for Ripple’s XRP with the US Securities and Exchange Commission.

It is the second filing of an XRP-based fund in a fortnight, following Bitwise’s application for the Bitwise XRP ETF Trust on 30 September.

The company stated that the product would track the price of XRP using the Chicago Mercantile Exchange (CME) CF Ripple index.

Eric Balchunas, Bloomberg ETF analyst he said was not familiar with this broadcaster, which “looks like a first time”.

XRP ETF Likely?

ETF Store President Nate Geraci opined that approval was a matter of when, not if, adding that a change in administration would speed up the process.

“But that ‘when’ will be *much farther in the future unless there is a change in administration.”

This week, CryptoPotato reported that Robinhood executive Dan Gallagher was the leading candidate to lead the SEC if Donald Trump were to become president again in November. He is pro-crypto and much more likely to be supportive of these products than the incumbent, Gary Gansler, who has simply procrastinated on endorsing them.

A spokesperson for Canary Finance told Fox Business:

“We are seeing encouraging signs of a more progressive regulatory environment coupled with growing investor demand for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum, specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP”.

In September, Grayscale announced a dedicated XRP trust that will track the price of the asset and could be a precursor to a conversion to a one-time XRP ETF, just as it has done with BTC and ETH funds.

Ripple CEO Brad Garlinghouse has been confident that XRP will inevitably see its own ETF despite the company’s legal battle with the SEC.

XRP Price Outlook

There was no reaction in spot XRP markets, with the asset flat on the day at $0.532 at the time of writing.

Additionally, the cross-border transaction token Ripple has fallen 11% over the past week.

XRP topped $0.70 during the 2024 market peak in mid-March, but has returned to its current levels, which are 84% below its January 2018 all-time high of $3.40.

It looks like only a straight win against the SEC will be the catalyst to push this asset higher.

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