Canary Capital Spot XRP ETF Launches on Nasdaq: Market Impact and Investor Implications
Canary Capital has officially launched the first spot XRP exchange-traded fund on Nasdaq under the ticker XRPC on November 13, 2025. This marks a significant expansion of the crypto ETF landscape beyond Bitcoin, Ethereum, and Solana. The fund received certification from Nasdaq, positioning Canary Capital as the first issuer to launch a fully spot-based XRP ETF under the Securities Act of 1933.
CEO Steven McClurg stated that XRP is one of the most established digital assets globally, and accessibility through an ETF will enable the next wave of adoption in a critical blockchain system. The launch marks a milestone for XRP’s integration into traditional finance, following years of regulatory challenges surrounding Ripple and its native token.
XRP Price Movement Following ETF Certification
Following the Nasdaq certification on November 12, XRP’s price increased 3.28% to $2.48, with trading volume climbing 31%. The token later experienced additional gains, trading at $2.49 with trading volume surging 55% to $5.5 billion. Data shows XRP traded between roughly $2.38 and $2.52, with volume near 529 million XRP.
With a circulating supply in the mid-60-billion range, XRP’s market capitalization stands near $150 billion, keeping it firmly in the third or fourth position among the largest cryptocurrencies by market value. The ETF approval has spurred a 10% price surge and 40% volume increase within 24 hours, signaling growing confidence in XRP’s institutional narrative.
Understanding the Spot XRP ETF Structure
The Canary XRP ETF provides spot exposure to XRP, the native token of the XRP Ledger, a global payment and settlement network designed to move value quickly and efficiently. The fund is structured under the Investment Company Act of 1940 and offers yield features tied to blockchain participation. The ETF will custody XRP through Gemini Trust Company and BitGo Trust Company.
Canary Capital Group intends to purchase 10,000 shares at a per-share price of $25, using proceeds from the seed shares to acquire XRP. Canary Capital utilized the auto-effective registration process under Section 8(a) of the Securities Act of 1933, triggering a 20-day window for automatic approval unless the SEC objected.
Additional XRP ETF Products in Pipeline
Additional XRP ETFs are in the pipeline, with 21Shares, Grayscale, and Franklin Templeton each amending their S-1 registration forms this month, while Bitwise and CoinShares amended theirs in October. Eleven XRP ETF products are now listed on the Depository Trust & Clearing Corporation website, including filings from major firms.
REX-Osprey’s XRPR, which launched in mid-September 2025, has attracted notable demand, logging $24 million in volume within the first 90 minutes on launch day. By late October, XRPR topped $100 million in assets under management, highlighting growing institutional interest in regulated XRP exposure.
Market Outlook for XRP ETF
The XRP ETF launch extends a recent surge in altcoin-focused investment products, with spot ETFs for Solana, Litecoin, and Hedera debuting in recent months. Bitwise’s Solana ETF saw $56 million in first-day trading volume, rising to $72 million on its second day, indicating strong demand for regulated exposure to altcoins.
The ETF’s launch is expected to drive significant institutional flows, potentially mirroring earlier adoption cycles of spot-crypto ETPs. Analysts suggest introducing multiple XRP ETF products could bring substantial institutional capital into the market. Five additional spot XRP ETFs in the pipeline could amplify the asset’s exposure and drive institutional inflows.
Conclusion
The launch of Canary Capital’s spot XRP ETF on Nasdaq represents a significant development for cryptocurrency markets. The product offers regulated access to XRP for both retail and institutional investors. With multiple additional XRP ETF filings pending approval, the asset class continues gaining traction in traditional finance. Market participants will closely monitor trading volumes and institutional adoption in the coming weeks.
