Historic Milestone: First US Spot XRP ETF Set to Launch on Nasdaq
Regulatory Approval and Launch
On November 12, 2025, Canary Capital's XRP exchange-traded fund (ETF) gained regulatory approval, with Nasdaq confirming the listing under the ticker XRPC. Trading is set to commence on November 13, marking the debut of the first spot XRP ETF on a US exchange.
This pivotal development reflects a surge in institutional demand for regulated cryptocurrency investments, indicating a shift in how traditional finance interacts with digital assets.
Regulatory Pathway and Certification
Canary Capital utilized the auto-effective registration process under Section 8(a) of the Securities Act of 1933. By filing Form 8-A with the SEC and removing a delaying amendment, they triggered a 20-day window for automatic approval unless the SEC objected. On November 12, Nasdaq Regulation submitted a certification letter to the SEC, finalizing the regulatory process. This strategic timing coincided with a period of reduced SEC activity, aiding the approval process.
Market Context and Altcoin ETF Growth
The launch of the XRP ETF adds to a recent wave of altcoin-focused investment products. Spot ETFs for Solana, Litecoin, and Hedera have shown strong institutional interest, with Bitwise's Solana ETF achieving $56 million in first-day trading volume. REX-Osprey's XRP futures-based ETF, launched in September, saw significant trading volume, highlighting market appetite for XRP before the spot ETF's arrival.
As of November 13, eleven XRP ETF products are listed on the Depository Trust & Clearing Corporation website, reflecting growing institutional confidence.
On-Chain Indicators and Whale Activity
On-chain data shows mixed investor sentiment ahead of the ETF launch. Over 216 million XRP left exchanges, signaling bullish holding patterns. However, whales reduced holdings by 10 million XRP, suggesting profit-taking behavior. Active XRP addresses have peaked, indicating rising network usage.
Price Outlook and Technical Analysis
XRP traded near $2.39, down 0.4% after the certification news. Analysts predict a potential rally to $5, contingent on institutional inflows and low exchange supply. Technical analysis reveals a falling wedge pattern, with $2.88 as a key breakout level.