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Asset manager Canary Capital has taken a major step toward launching the first spot XRP ETF, submitting an updated S-1 filing to the U.S. Securities and Exchange Commission (SEC). The firm removed the “delaying amendment” that previously prevented the ETF from becoming auto-effective, setting up a potential November 13 launch date, pending Nasdaq’s approval of its corresponding 8-A filing.
Canary Capital Paves the Way for XRP ETF
Following the successful debut of its Solana (SOL) and HBAR ETFs earlier this week, Canary Capital is applying the same fast-track approach to its XRP ETF. Both of those ETFs went live under auto-effective rules that allow funds to begin trading within 20 days of application.
The removal of the delaying amendment means the XRP ETF can now move forward automatically unless the SEC intervenes. According to FOX Business reporter Eleanor Terret, Nasdaq’s 8-A filing approval remains the final step before trading can commence.
However, the timing could still be impacted by the ongoing U.S. government shutdown. If the SEC completes its review without further objections, the ETF could debut even sooner than expected.
SEC Commissioner Backs Auto-Effective Path
In a notable show of support, SEC Commissioner Paul S. Atkins recently voiced approval for companies taking the auto-effective route during the shutdown, saying it provides a fair pathway for progress while normal review processes are delayed. This stance could strengthen Canary Capital’s case for an early November rollout.
Bloomberg’s senior ETF strategist Eric Balchunas commented that while the XRP ETF filings did not receive the same level of back-and-forth with regulators as Solana’s, the filing strategy “makes sense” given Canary’s recent success. “It’s worth a try,” he said, noting that the ETF’s auto-effective status could provide an edge in timing.
Ripple’s Growing Institutional Momentum
The upcoming XRP ETF could further strengthen Ripple’s presence on Wall Street, especially after the Rex-Osprey XRP ETF made headlines earlier this quarter. That product, launched under a ’40 Act structure, crossed $100 million in assets within six weeks, demonstrating strong investor demand for XRP exposure.
Analysts believe Canary’s ETF could amplify this trend. With institutional adoption accelerating and legal clarity around Ripple improving, XRP’s market profile is gaining momentum. Some market watchers are even predicting that if ETF inflows mirror Solana’s early success, XRP could see a price rally toward $10 in the coming months.
Billion-Dollar Inflows Expected
Bitwise CIO Matt Hougan believes the XRP ETF could quickly attract massive institutional inflows. In an interview with DL News, Hougan predicted that a successful launch could lead to billion-dollar assets under management within months.
He explained that while mainstream crypto sentiment often overlooks XRP, its dedicated global investor community — known as the “XRP Army” — could play a decisive role in driving inflows.
“People underestimate XRP because the median opinion in crypto is bearish,” Hougan said. “But what drives flows is belief — and the XRP Army is incredibly bullish and loyal.”
XRP ETF Competition Heats Up
Currently, around 20 XRP ETF applications are under SEC review, according to data shared by Eric Balchunas. This places XRP behind Bitcoin and Solana, which each have 23 pending filings, but ahead of Ethereum, with 16.
The recent wave of ETF filings signals that issuers are racing to capture demand for token-based investment vehicles. Following the approval of Bitcoin spot ETFs earlier in 2025, the SEC has faced pressure to expand access to other major digital assets like Ethereum, Solana, and XRP.
If Canary Capital’s XRP ETF is approved and begins trading on November 13, it could represent a watershed moment — positioning XRP as the third major cryptocurrency with a spot ETF in the United States.
Market Expectations Ahead of Launch
Crypto traders are already preparing for heightened volatility around XRP’s price as November 13 approaches. With Canary’s previous ETF successes and growing confidence from institutional investors, optimism is building across the market.
If the ETF goes live as planned, analysts expect a short-term surge in XRP trading volume, followed by gradual institutional accumulation. However, any additional comments from SEC staff or delays in Nasdaq’s 8-A approval could shift the timeline.
For now, the market awaits confirmation. But one thing is clear — the XRP ETF race is heating up fast, and Canary Capital is in a strong position to lead the next phase of institutional crypto investing.
