The approval of Canary Funds’ spot XRP ETF could mark the beginning of a new era for altcoin-based investment products in the U.S., following Bitcoin and Ethereum ETFs.
The first U.S. spot XRP ETF could debut as soon as Thursday. Canary Funds reached the final stage of approval after filing Form 8-A with the U.S. Securities and Exchange Commission (SEC). According to Bloomberg analyst Eric Balchunas, this filing signals the fund’s readiness for trading and that it could launch once Nasdaq certification is complete, expected by 5:30 p.m. ET Wednesday.
If approved, the ETF will allow investors to gain direct exposure to XRP under the Securities Act of 1933 through a regulated trust holding assets one-to-one with the token. The structure aims to offer greater transparency and lower costs compared to futures or hybrid products.
Analysts say the approval would be a major milestone for both the Ripple ecosystem and the broader crypto ETF market. According to CoinDesk, the launch could enhance XRP’s price discovery and test whether institutional investors are ready to expand beyond Bitcoin and Ethereum. As of Wednesday morning, XRP was trading around $2.48, down 5% in the past 24 hours.
