First U.S. Spot XRP ETF Could Launch Today, Analysts Expect

The cryptocurrency sector is closely watching the potential debut of the first spot XRP exchange-traded fund (ETF) following Nasdaq’s approval of Canary Capital’s XRP ETF listing. Analysts are anticipating that the ETF could begin trading as early as today, highlighting growing institutional interest and the prospect of broader market participation.

Nasdaq Confirms ETF Listing

Speculation around the XRP ETF increased on Wednesday when Nasdaq informed the U.S. Securities and Exchange Commission (SEC) that it had received a Form 8-A 12(b) application for Canary’s XRP ETF (XRPC). Alongside this filing, the exchange confirmed that the ETF had been approved for listing and registration, pending the official issuance notice.

Analysts reacted to the news, with Eric Balchunas, Senior ETF Analyst at Bloomberg, noting on X that the official listing notice for XRPC indicated a potential launch as early as today. Financial commentator Nate Geraci also pointed out that Canary had activated the ETF’s website, signaling that trading could begin soon.

Despite the excitement, the SEC has yet to grant final approval, which means the exact start of trading remains uncertain. Analysts have emphasized that Nasdaq’s notice is primarily procedural, confirming the exchange’s endorsement of the ETF and its filing with the SEC, rather than authorizing immediate trading. This highlights that additional regulatory steps may still be needed before the fund can be traded.

Projected Launches and Institutional Interest in XRP

Looking ahead, financial commentator Paul Barron outlined the upcoming schedule and management fees for XRP exchange-traded funds, projecting how major funds could enter the market:

• Barron anticipates Canary Funds’ ETF will launch on November 13 with a 0.50% management fee.
• He expects Franklin Templeton’s ETF to follow between November 14 and 18, with Bitwise Invest set for November 19–20, offering the lowest fee at 0.34%.
• 21Shares and CoinShares are projected to launch from November 20–22, followed by late-November rollouts from Grayscale (0.35% fee) and WisdomTree.
• Barron highlighted that over $1.5 trillion in Wall Street assets could potentially flow into the XRP market, emphasizing the scale of institutional interest.

Following weeks of speculation, the anticipated XRP ETF launch received a boost after President Donald Trump signed legislation ending the longest government shutdown in U.S. history, as market observers awaited the SEC’s approval.

To provide context, earlier cryptocurrency exchange-traded funds, such as Bitcoin and Ether, began trading the day following SEC approval. More recently, ETFs for Solana, Litecoin, and Hedera became tradable the day after their exchange listings under updated regulatory processes, showing the current approach to crypto ETF listings.

The news surrounding Canary’s exchange-traded fund appears to have influenced XRP’s market performance. Over the past 24 hours, the token has risen more than 2%, reflecting growing investor optimism ahead of the expected trading debut.