Canary Capital’s XRP exchange-traded fund received regulatory approval on November 12, 2025, when Nasdaq confirmed the listing on Wednesday. The product, listed under the ticker XRPC, is expected to begin trading on November 13, establishing the first spot XRP ETF on a U.S. exchange.
The development follows a wave of altcoin ETF launches and reflects growing institutional demand for regulated cryptocurrency investments, marking a shift in how traditional finance approaches digital assets.
automatic registration process takes effect
Canary Capital used the automatic registration process in effect under Section 8(a) of the Securities Act of 1933. By filing Form 8-A with the Securities and Exchange Commission (SEC) and eliminating the regulatory delay, the company triggered the 20-day window for automatic approval unless the SEC objects. This path has become standard for crypto ETF issuers looking to open the market quickly.
On November 12, Nasdaq Regulation filed a formal certificate with the SEC, confirming its approval for listing. The letter, signed by Eun Ah Choi, completes the final step to begin trading. Canary's timing coincides with the SEC's reduced operations during a government shutdown, which may have helped the approval process run smoothly.
Important Milestones for XRP
According to SEC documents, the registration went into effect as planned, allowing the fund to launch as planned. The event marks a major milestone for XRP as it becomes a recognized asset in traditional finance after years of regulatory uncertainty surrounding Ripple and its native Token .
Recent Altcoin ETF Boom
The launch of the XRP ETF extends the recent boom in altcoin-focused investment products. Spot ETFs for Solana , Litecoin , and Hedera have launched in recent months, each of which has seen institutional interest. Bitwise’s Solana ETF saw $56 million in volume on its first day, rising to $72 million on its second day, demonstrating strong demand for regulated exposure to altcoins.
Meanwhile, REX-Osprey’s XRP futures-based ETF, launched in September, had $24 million in volume in its first 90 minutes. By October, the fund had reached over $100 million in assets under management, underscoring the market’s appetite for XRP investment options before the advent of spot ETFs. However, historical precedent from XRPR launches suggests caution; XRP surged 18% before launch, then corrected as traders took profits.
As of November 13, there are eleven XRP ETF products listed on the Depository Trust & Clearing Corporation website, with filings from major firms such as Bitwise, Franklin Templeton, 21Shares, and CoinShares. This boom reflects growing institutional confidence after the SEC issued comprehensive guidance on Cryptoasset exchange-traded products (ETPs) in July 2025 .
| Trading symbols | ETF Security Description |
| GXRP | GRAYSCALE XRP TR SHS |
| TOXR | 21SHARES XRP ETF BENEFICIAL INT SH |
| UXRP | PROSHARES TR ULTRA XRP ETF |
| XRP | BITWISE XRP ETF BENEFICIAL INT (DE) |
| XRPC | CANARY XRP ETF BENEFICIAL INT |
| XRPI | VOLATILITY SHS TR XRP ETF |
| XRPL | COINSHARES XRP ETF COM |
| XRPM | AMPLIFY ETF TR AMPLIFY XRP 3% MONTHL |
| XRPR | ETF OPPORTUNITIES TR REX-OSPREY XRP |
| XRPT | VOLATILITY SHS TR 2X XRP ETF |
| XRPZ | FRANKLIN XRP TR FRANKLIN XRP ETF |
on- chain activity and market reaction
On- chain activity shows mixed sentiment as the ETF launch approaches. According to Glassnode,more than 216 million XRP (about $556 million) left exchanges in the week before the announcement. This reduction in supply typically indicates that investors are holding rather than trading, which is usually a positive sign.
Larger holders, however, acted differently. Whales reduced their holdings by 10 million XRP (about $25 million) in the two days leading up to the launch. Additionally, long-term investors sold135.8 million XRP as of November 10, marking a 32% increase in daily outflows since the start of November. This may have been profit-taking in anticipation of a “sell-on-the-news” event.
Active XRP addresses hit a three-month high, according to CryptoQuant, indicating increased network usage and renewed interest. Cumulative Volume Delta recently turned bullish, indicating more buying than selling. These trends indicate growing retail investor interest while institutions appear to be more cautious.
Open interest in XRP Futures Contract has fallen from an early November high to near a recent low on November 12. The decline in Derivative trading suggests traders are less willing to hold leveraged positions, which could reduce short-term volatility as the market consolidates.
market and price forecast
XRP traded near $2.39 in Asia on Thursday morning, down 0.4% following the certification news. Some analysts predict a potential price surge to $5 in the fourth quarter of 2025 , a 108% increase from current levels. This move will depend on strong institutional Capital and persistently low supply on exchanges.
Technical analysis shows a Falling Wedge pattern with $2.88 as the breakout point. A close above this level could signal renewed strength, while a loss of support at $2.31 could see a deeper decline to $2.06. With the current price near the 0.382 Fibonacci retracement level, the market is facing a crucial decision.
XRP 's market share has increased as Bitcoin's share of the total cryptocurrency market Capital has decreased, indicating an ongoing industry rotation. BlackRock's support for crypto investment products has supported institutional sentiment, although the direct impact on XRP remains unclear.
The launch’s impact on prices will depend on whether bullish expectations are priced in. Past ETF launches have shown that initial excitement can turn into profit-taking once trading begins, especially if regulatory uncertainty or government shutdowns persist.
