XRP ETF Launch Imminent as Canary Capital Nears SEC Approval

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• Canary Capital’s XRP ETF could begin trading as early as Thursday.
  
• SEC filings indicate all major regulatory steps are complete.
  
• Institutional interest, including Franklin Templeton, is rising fast.

The XRP community may be on the brink of a milestone moment. After months of speculation, Canary Capital appears ready to debut the first U.S. spot XRP exchange-traded fund (ETF) — a move that could mark a turning point for both the asset and broader crypto markets.

Regulatory Signals Suggest an Imminent Launch

Momentum surged this week when Canary Capital filed its Form 8-A with the U.S. Securities and Exchange Commission (SEC), allowing the ETF’s shares to be listed and traded on a registered exchange. Bloomberg analyst Eric Balchunas noted that based on recent filings, trading could begin as soon as Thursday — or even earlier if final approvals clear in time.

Canary also withdrew a “delaying amendment” from its S-1 filing, effectively greenlighting the registration to take effect automatically. This procedural shift signals that the firm has completed nearly all regulatory steps required before market debut.

Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday (today is holiday). Thursday was the day we thought they'd be on track for but when they did the 8A for HBAR they launched the next day. Not done deal but all boxes being checked. Stay tuned.. pic.twitter.com/gVt9c3psmu

— Eric Balchunas (@EricBalchunas) November 11, 2025

From Application to Approval: A Long Road for XRP

Canary Capital initially filed its application for a spot XRP ETF in October 2024 through the Cboe BZX Exchange. While the SEC’s review process faced repeated delays, the recent filing activity suggests that those hurdles are now behind them.

The ETF would mark the first regulated investment product directly tied to XRP’s spot price — similar to the landmark Bitcoin and Ethereum ETFs that reshaped crypto markets earlier this year.

Institutional Interest Expands

Competition in the XRP ETF race is heating up. Franklin Templeton, one of the world’s largest asset managers, reportedly has its own XRP product listed by the Depository Trust & Clearing Corporation (DTCC). Such institutional involvement underscores growing confidence in XRP’s long-term role in global digital finance.

Also Read: First-Ever U.S. XRP Spot ETF Could Launch Thursday — Canary Capital Files Final SEC Paperwork

While XRP remains near $2.40 with limited price movement, analysts believe the approval of a spot ETF could spark renewed investor enthusiasm and open the door to substantial capital inflows.

With regulatory boxes nearly checked, the first spot XRP ETF could be just days away. If launched successfully, it would mark another milestone in crypto’s integration into mainstream finance — and potentially set the stage for XRP’s next market chapter.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.