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- Canary Capital proposed changes for the spot XRP ETF for potential automatic approval around November 13, pending Nasdaq’s 8-A filing approval.
- The auto-effective process allows launches without direct SEC approval if no comments arise within 20 days.
Following the successful launch of its Litecoin (LTC) and Hedera (HBAR) ETFs earlier this week, asset manager Canary Capital has submitted an updated S-1 filing for its proposed spot XRP exchange-traded fund (ETF).
In the update, Canary Capital has removed the “delaying amendment” that previously allowed the U.S. Securities and Exchange Commission (SEC) to control the timing of approval.
Canary Funds Updates S-1 Filing for XRP ETF
The updated filing submitted to the U.S SEC positions Canary’s XRP ETF for an automatic effective date around November 13, provided that the Nasdaq approves the accompanying 8-A filing. However, the final timing could shift depending on the pace of the U.S. government reopening. As a result, the Ripple ETF will be auto-approved within 20 days of the Nasdaq approval.
Notably, SEC Commissioner Paul S. Atkins recently expressed support for companies using the auto-effective route during the government shutdown. The updated filing comes amid heightened market anticipation following the approval of Solana, Litecoin, and Hedera ETFs earlier this week under the same auto-effective registration process, as mentioned in our previous story.
This mechanism enables issuers to move forward without direct SEC approval, provided the agency raises no additional comments within the 20-day statutory waiting period.
The Rex-Osprey XRP ETF, launched six weeks ago, has quickly gained traction, surpassing $100 million in assets. It is recognized as the first-ever “spot” XRP ETF, though it operates under the less common ’40 Act structure, categorizing it as an investment company rather than a typical commodity trust.
Will the Ripple Crypto Catch Up With Price Gains
Ripple’s native cryptocurrency has come under strong selling pressure following the rejection from above $3.0 earlier this month and has currently slipped under $2.5 as of press time.
Market analyst ChartNerd noted that XRP has broken out of a seven-year symmetrical triangle and has been consolidating above its previous all-time high candle closes and 2021 highs for nearly a year.
According to the analyst, this pattern signals strong technical momentum that, combined with recent bullish developments and improved regulatory clarity, could drive the asset significantly higher.
Market analyst Casi Trades identified $2.42, $2.03, and $1.65 as key support levels for XRP. The analyst noted that a break below $2.42 would confirm a downward continuation toward the lower targets at $2.03 and $1.65, both of which align with the Wave 5 extension pattern.
It will be interesting to see whether the XRP ETF launch next month could help prevent further downside in XRP prices from here.
