XRP is now moving into one of its most decisive weeks in years, based on a perfect alignment of institutional developments, ETF expansion, and changing supply dynamics. The most important factor behind this trend is the concentration of Spot XRP exchange-traded funds now competing for liquidity in the United States. 

Ripple’s growing institutional footprint is also feeding expectations that this week could represent the beginning of a new bullish phase in XRP’s long-term market direction, especially as exchange reserves continue to decline.

A Landmark Week For Spot XRP ETFs

The arrival of 21Shares’ US Spot XRP ETF has modified the ETF niche, because for the first time five major issuers are trading XRP-backed funds simultaneously. Bitwise, Grayscale, Franklin Templeton, Canary Capital, and now 21Shares have consolidated into a new institutional layer for XRP, and the combined demand is starting to reshape how investors are looking at XRP.

According to data from SoSoValue, total inflows into these funds have already surpassed $824 million, and it’s not even yet a full month of trading. The most interesting thing is that since launch, not a single session has recorded net outflows.

The rise in ETF demand is unfolding at the same moment that the supply of liquid XRP on exchanges continues to thin. Analysts monitoring these flows describe this as one of the most structurally significant developments in years because several Spot XRP ETFs are competing directly for circulating supply while being legally unable to source tokens from Ripple’s escrow.

A price-path sensitivity simulation run by Mohamed Bangura, which was shared by crypto analyst Chad Steingraber, adds another layer to the discussion of how Spot XRP ETFs are a game-changer for the cryptocurrency. His model assumes a baseline ETF demand of 74.5 million XRP per day, an available exchange supply of 2.7 billion XRP, and a periodic escrow addition of 300 million XRP every thirty days. 

He built three scenarios using price elasticity values of 0.2, 0.5, and 1.0 over a 180-day window. All of these scenarios point to huge bullish price targets, with targets ranging from $6 to extreme spikes approaching $600, depending on elasticity.

Ripple’s New Regulatory Milestone Boosts XRP

Ripple has secured a major regulatory upgrade in Singapore, giving its local subsidiary approval to operate a fully licensed payments platform capable of handling fund collection, custody, token conversion, and payouts. This step strengthens Ripple’s global payments push and positions XRP for deeper integration into regulated financial channels.

At the same time, the XRP Ledger is showing a significant rise in on-chain activity. Recent data reveals a jump in AccountSet operations to levels not seen in years, along with a noticeable uptick in new wallets and overall transaction volume. 

The combination of Ripple’s growing regulatory footprint and the XRP Ledger’s latest activity suggests that real-world usage and ecosystem growth are rising just as institutional demand through spot ETFs increases.

Following the launch of the historic XRP Spot ETFs, the community has been buzzing with excitement, triggering notable success for the funds over the next few days. As the exchange funds continue to attract significant inflows, a crypto expert has outlined the development that is unfolding behind the initiative.

What’s Happening Behind The XRP Spot ETFs

The Spot XRP ETFs are seeing robust growth, but what is happening behind the scenes is quite interesting and demands attention. Pumpius, a crypto expert and investor, has uncovered a subtle play among institutions that is not being shared with the general crowd.

According to the expert, ETF fund managers are legally forbidden from purchasing XRP directly from payment firm Ripple or escrow. This is due to the court’s injunction that every single ETF must acquire the altcoin on the open market only, breaking the concept of shortcuts, backdoor deals, and wholesale buying.

Pumpius has declared this underlying trend at the institutional level to be the most bullish step for the altcoin. His reason hinges on the fact that Ripple will only release what is absolutely necessary from the monthly escrow holdings. 

Furthermore, the payment firm will avoid causing taxable events this way by keeping the escrow untouched. Such a move would imply that Ripple is drip-feeding just enough liquidity to avoid dislocation while ETFs are actively absorbing circulating supply.

The expert considers this pattern the calm before a structural supply shock, and not a sign of stagnation. When the shift happens, it will be seen as a balancing act, a pressure build-up, and a loading phase.

In the meantime, fund managers are already in discussion with Ripple, which means timing coordination is currently ongoing. At the same time, the expert has highlighted that supply dynamics are now being designed in real time.

Once the early balance period concludes and ETF demand continues to rise while escrow is strictly regulated, XRP will not move at a slow pace. Instead, the expert predicts that the altcoin will experience substantial movement, breaking upside resistance levels with violence.

A High Demand For The Exchange Funds

Spot XRP ETFs have become a serious mode of investment in the landscape since their launch. Franklin Templeton recently stunned the market by introducing the Franklin XRP ETF on NYSE Arca and referring to the token as “fundamental to the global settlement system.”

Other major firms such as Bitwise, Grayscale, and Canary Capital have all rolled out their own ETFs, which attracted millions in inflows from their first day. With the robust adoption and interest in the funds, the message is clear that the demand for regulated XRP exposure is bigger than anticipated.

Despite the significant demand, BlackRock, the world’s largest asset manager, has yet to jump into the funds, stating that customer demand is still primarily centered on Bitcoin and Ethereum for now. Furthermore, they believe that regulatory clarity is still not entirely certain despite repeated victories over the US SEC.

However, if the company eventually launches its own fund, it would spur billions of capital and new institutional money. Considering its status in the finance sector, “a BlackRock ETF would be the ultimate stamp of approval.”

• Canary Capital launched its spot XRP ETF, XRPC, on 13 November.
• The ETF recorded $58 million in trading volume on day one.
• The listing was approved under Section 8(a) of the Securities Act without objections.

While most of the crypto market was digesting a sharp 3.5% decline on 13 November, Canary Capital’s XRP ETF surged to the top of the Nasdaq, recording the highest first-day trading volume of any fund launched in 2025.

The spot product, listed under the ticker XRPC, registered $58 million in trading activity on its debut, overtaking all previous launches this year.

Despite Bitcoin falling below $99,000 and a broader market slump, the appetite for regulated XRP exposure proved unshaken.

By 9:30 am EST, $26 million in volume had already been clocked.

Trading accelerated rapidly, with over $36 million executed by mid-morning.

Robinhood alone facilitated $500,000 in trades within the first five minutes.

Canary takes the lead in the 2025 ETF competition

XRPC overtook Bitwise’s BSOL ETF, which had previously led the 2025 pack with a $57 million opening day last month.

Both products now sit well ahead of the remaining 900-plus ETFs launched this year.

Bloomberg analyst Eric Balchunas highlighted that the third-most traded ETF debut trails by more than $20 million, underscoring how rare such volume has become in new fund launches.

The listing was certified by Nasdaq on 12 November under Section 8(a) of the Securities Act.

Its approval came without delays due to the absence of pushback during the review period, allowing Canary to activate the launch immediately and avoid the bottlenecks many other issuers face.

XRPC offers direct access to XRP price action

Unlike derivative-based funds or futures products, XRPC holds physical XRP and tracks the CME CF XRP-USD Reference Rate (New York Variant) in real time.

The ETF carries an annual fee of 0.50%. Custody is managed by Gemini Trust Company and BitGo Trust, both of which specialise in secure digital asset storage for institutional clients.

Canary Capital Group, headquartered in Tennessee, already operates ETFs tied to Bitcoin, Ethereum and HBAR.

The firm has positioned XRPC as a compliance-friendly solution for institutions looking to tap into XRP’s role in global payments infrastructure without managing wallet keys or custody operations directly.

Payment-focused crypto tokens see renewed demand

The launch of XRPC also highlights a broader trend in digital asset markets.

Utility tokens such as XRP and HBAR are attracting increasing institutional attention.

Earlier this month, Canary’s HBAR ETF raised $70 million within its first week.

Analysts suggest this reflects rising demand for crypto assets linked to real-world use cases like payments and settlements.

However, XRP’s performance is not immune to broader crypto cycles.

With a correlation to Bitcoin of nearly 40%, its price is often influenced by macro trends and volatility in the wider market.

This makes the ETF’s debut performance even more notable, as it succeeded in generating exceptional demand despite overall bearish sentiment.

The strong launch of XRPC suggests investors are still actively seeking structured exposure to crypto assets that offer functional value.

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• Canary’s fund is set to be the sixth single-crypto ETF if it launches.
• The fund’s official website has gone live ahead of the anticipated debut.
• Past ETFs launched during the government shutdown used automatic effectiveness rules.

The cryptocurrency market is poised for a new addition with the likely debut of the first spot XRP exchange-traded fund, issued by Canary Capital.

On Wednesday, Nasdaq confirmed it had accepted the Form 8-A filing for the Canary XRP ETF, under the ticker XRPC, signalling formal readiness to list the asset.

While the announcement stirred excitement among ETF watchers, the fund still lacks the US Securities and Exchange Commission’s final approval to begin trading.

This has left its launch in limbo, even as industry observers anticipate a possible debut on Thursday.

Canary’s ETF becomes the sixth single-asset crypto fund to reach this milestone following earlier approvals for Bitcoin, Ether, Solana, Litecoin and Hedera.

However, this fund’s progression highlights a more complex regulatory backdrop, influenced by recent shifts in SEC processes during the US government shutdown.

Certification clears Nasdaq listing, but trading awaits

Nasdaq formally notified the SEC that it had received and filed the Form 8-A for Canary’s XRP ETF.

Bloomberg’s ETF analyst Eric Balchunas shared the update on X, stating that “The official listing notice for XRPC has arrived from Nasdaq.”

Despite this progress, the ETF has not yet received the green light to commence trading. The letter issued by Nasdaq confirmed approval of the listing but did not equate to SEC authorisation.

Observers have clarified that the letter is a procedural step and part of the process to join the registrant’s request for the fund to become effective.

Some in the crypto community highlighted the difference, noting that the Nasdaq letter does not declare the fund effective but only acknowledges the listing certification.

The SEC has not issued an effectiveness order, which means trading cannot begin until that step is completed.

Canary’s XRP fund joins crypto ETF roster

Following the Nasdaq filing, Canary Capital launched its official website for the ETF.

Nate Geraci, president of NovaDius Wealth Management, posted about the development, signalling that Canary was likely to be the first to market with an XRP-backed ETF.

If approved, the XRPC ETF will join the growing roster of single-asset crypto ETFs now available to investors. These include Bitcoin, Ether, Solana, Litecoin and Hedera.

Eleanor Terrett of Crypto America also indicated on X that Nasdaq had cleared XRPC for a market open launch, which further raised expectations for an imminent debut. However, the fund cannot proceed to trading without confirmation from the SEC.

ETF timing reflects shutdown-related procedure shifts

Canary’s ETF launch coincides with the recent end of the longest US government shutdown in history.

On Wednesday, President Donald Trump signed legislation that officially reopened government operations.

During the shutdown, ETFs for Solana, Litecoin and Hedera began trading under automatic effectiveness provisions.

These mechanisms allowed trading to begin without active SEC approval during periods when regulatory processes were delayed.

This approach was not used in earlier launches of Bitcoin and Ether ETFs, which both started trading only after formal authorisation from the regulator.

It remains unclear which approach the XRPC fund will follow.

Without a current effectiveness order, Canary’s ETF may be subject to additional delays, unless it qualifies under the same automatic provisions used during the shutdown period.

Launch window narrows as market watches SEC decision

Although Nasdaq has certified the listing and Canary’s infrastructure appears ready, the fate of the XRPC ETF ultimately depends on the SEC.

Canary’s website launch and market interest reflect growing anticipation, but trading cannot begin until regulators give their final approval.

Although Nasdaq certified the listing and Canary Capital launched its website, the fund did not begin trading immediately after 28 October, the initially anticipated date.

Without a final effectiveness order from the SEC, the ETF remains in limbo. Until that regulatory step is completed, XRPC cannot begin trading, and the market continues to await confirmation.

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