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The crypto ETF market is growing at an alarming rate, with news of the moment XRP Exchange Traded Fund (ETF) the filling spreads throughout the area. Canary Capital, a Sydney-based investment and advisory firm recently launched an XRP ETF, following Bitwise’s lead. With the new ETF entry, i The price of XRP can see a possible change in the future.
Canary Capital Files New XRP ETF
Tuesday, October 8, Canary Capital sent official S-1 filing of the XRP ETF with the United States Securities and Exchange Commission (SEC). This filling comes right after that It was drownedanother top asset management company filed an ETF on September 30, marking The first XRP–based ETF in the crypto market.
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In accordance with New entry for Canary Capitalthe Trust’s investment goal is to provide direct exposure to the value of XRP, allowing investors to access this cryptocurrency market through a broker’s account. In this way, Canary Capital aims to limit potential barriers to market access and reduce the risks involved in acquiring and holding XRP.
Canary Capital has also indicated that it intends to follow suit performance of XRP in the marketas measured by the Trust’s Price Benchmark. This price benchmark will use the same method as the real-time price of the Chicago Mercantile Exchange (CME) CF Ripple index.
While disclosing the objectives and risk factors associated with XRP ETFCanary Capital failed to disclose the identity of the potential XRP ETF custodian. The investment firm also did not provide details on the ticker that will be used for its XRP ETF, however, it revealed that the Trustee of the investment product will be A Delaware Trust Company.
In spite of hope A new XRP ETF entry by Canary Capital has been generated in the crypto community, both its use and Bitwise still need to be approved by the SEC before they can be introduced to the market.
At present, the chances of immediate approval seem low, considering Ripple’s progressive law fight with the administrator. Earlier this month, the US SEC sent a new appeal to challenge the court’s July 2023 ruling that the planned sale of XRP is not considered securities.
XRP Price Drops As Clouds Rule Uncertainty
Despite the new entry of XRP ETF of Canary Capital, the price of XRP is at a lowshowing no signs of breaking out of bearish momentum trends. CoinMarketCap data shows that XRP is down 0.72% in the last 24 hours and another 0.79% in the last week.
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I cryptocurrency has been in the red in the last few weeks, seeing only small gains when market conditions improved significantly. With the new XRP ETF, many would expect XRP priceas investment product expectations build in the crypto space. However, XRP is still covering around the $0.5 mark, even with the drop in its 24-hour trading volume.
It is clear that XRP’s bullish momentum has been completely overshadowed control uncertainty and negative emotions. Despite this, many in the XRP community continue save good idea, expect XRP price to go higher soon.
The featured image was created with Dall.E, a chart from Tradingview.com
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