Nasdaq Approves First US Spot XRP ETF

Canary Capital’s first US spot XRP ETF has received approval for Nasdaq listing under the ticker $XRPC, marking a significant moment for digital asset ETFs.

This announcement potentially opens pathways for similar crypto ETFs and impacts XRP’s market valuation positively.

Nasdaq Approves First-Ever US Spot XRP ETF

Canary Capital, led by CEO Steven McClurg, successfully gained Nasdaq approval for its XRP ETF. This product marks the first US spot ETF for XRP, with McClurg commenting on potential investor interest. The CEO famously stated, “The XRP ETF could double what Solana did in its first week.” This emphasizes the strong investor confidence and potential for significant market engagement (Form 8-A12B for Canary XRP).

The ETF’s launch follows secured regulatory approval, highlighted by Nasdaq confirming the listing under ticker $XRPC. Canary Capital expects this move to capture substantial institutional attention.

XRP Price Surges from $0.85 to $2.29 Post-Approval

Approval has pushed the XRP price from $0.85 to $2.29 over six months, with a positive outlook. Institutional stakeholders like Grayscale and Bitwise are active in ETF preparations, suggesting buoyant market sentiment.

Experts predict that this ETF could drive similar offerings in altcoin markets. Analysts are watching for notable XRP rallies, enhancing institutional access to digital assets, especially considering the CryptoSlate Announcement.

Historical XRP ETF Launch May Trigger New Bullish Trends

Historically, similar ETF launches have triggered price rallies in assets like BTC and ETH. The impact has extended to altcoins, suggesting that XRP could follow this bullish trajectory. This aligns with industry perspectives, such as Nate Geraci, Founder of ETF Institute, who noted, “The ETF’s debut under the 1933 Securities Act… could ‘open the floodgates’ for many spot crypto ETFs.”

Future trends may include a wider acceptance of crypto ETFs, supported by comparative analysis from past BTC and ETH spot ETF outcomes. Observers expect further spot commodity ETP listings to maintain momentum in the sector, as seen in the recent SEC Approves Generic Listing Standards for Commodity-Based Trust Shares.