Canary Funds XRP ETF Set For Launch This Thursday After Final Filing

Canary Funds has finished the final step for the XRP ETF. The move comes when the firm filed a final filing that will pave the way for trading to start this Thursday.

Final Step Paves the Way for the Launch of XRP ETF

Canary Funds made its final filing with the U.S. SEC in advance of a projected launch date, according to journalist Eleanor Terrett. The filing becomes effective at 5:30 PM ET Wednesday pending Nasdaq certification. Assuming approved, the fund will begin trading first thing the following morning.

Nasdaq has already approved the listing of the fund under the ticker symbol “XRPC.” Details of the trust are specified in its Form S-1 registration statement filed with the SEC in late October.

Unlike the other XRP-based investment products available in the United States, Canary’s XRP ETF was filed under the Securities Act of 1933. It would therefore directly hold the token rather than getting exposure via offshore entities. That makes it a “pure-play” spot ETF, the first such for the asset.

Eleanor Terrett pointed this out shortly after clearing up comparisons to the REX Osprey XRP ETF. The fund falls under the Investment Company Act of 1940 and is only partially comprised of XRP. “Canary’s ETF will hold 100% XRP, nothing else.”

Several other issuers, including Bitwise, Franklin Templeton, and 21Shares recently filed amendments removing “delaying clauses” from their filings. This opens the way for more spot XRP ETFs to launch later this month. The version from Bitwise could follow shortly. It will depend on clearance by the SEC once government operations are fully open.

Canary Capital CEO Steven McClurg was rather upbeat about the launch of the fund, envisioning significant inflows from institutional investors. Speaking to the Paul Barron Network, McClurg reiterated his previous forecast, saying,

 “If we see even $5 billion in inflows during the first month, that could put it among the top 20 ETFs ever launched, possibly top 10 if momentum continues.”

Experts Turn Bullish on XRP Prospects

Given the hype over the launch of an ETF, crypto experts have been projecting upward momentum for the Ripple coin. According to chart experts like Levi Rietveld, the token could rally. He called the recent formation of XRP a “cup and handle” pattern targeting $5 by year’s end.

Meanwhile, veteran trader EGRAG Crypto urged investors to remain patient during the current consolidation. 

The broader crypto market is also on the rise amid speculation that the U.S. government shutdown might end this week. Traders on the prediction platform Polymarket are assigning an 86% probability to a funding resolution before November 14.