Canary XRP ETF Launch On Nasdaq: Is Bitwise Next to Get Approval

Canary XRP ETF Debut on Nasdaq Today: What it Means for XRP Price?

Is this the moment that could prove to be a turning point for XRP? The Canary XRP ETF has officially launched on Nasdaq. 

At 5:30 PM ET on November 12, the $XRPC ETF from Canary Capital Funds came into effect when Nasdaq certified the listing. Today, November 13, trading will be live for the fund with market opening, offering investors regulated exposure to the altcoin.

Source: X (formerly Twitter) 

New Era for the Altcoin

The Canary XRP ETF launch is about a lot more than just another crypto news. For the first time ever, the United States will see a spot XRP ETF, meaning it will directly hold altcoin, not via futures or derivatives.

This finally puts an end to years of uncertainty over the status of the altcoin after Ripple's partial court win against the SEC in 2023. The excitement is palpable at pre-launch, more than 216 million of this altcoin worth $556 million moved off exchanges as investors positioned for potential upside.

Analysts are comparing it to the Bitwise Solana Exchange Traded Fund, which pulled in over $70 million in just two days since its launch. 

XRP Price Jumps as Hype Builds

The cryptocurrency is up 4.11% in the last 24 hours, outpacing Bitcoin's 1% rise and Ethereum's 2% increase. And for obvious reasons, this has traders excited about the canary capital fund news; the charts show strong momentum.

Source: CMC

Analysts say that the cryptocurrency is setting up a bullish setup that could send the price toward $5 once it manages to break the $2.88 resistance. The RSI currently sits at 46.99, indicating further room for upside. However, on one hand, futures open interest fell around 14.6%, suggesting some short-term traders are still cautious. 

Market momentum lifted after US shutdown ends

The Canary XRP ETF launch came at the right time. The U.S. government shutdown is officially ending on November 13, giving markets a required boost. Cryptocurrency prices surged amid increased investor confidence; BTC was up 1%, while this crypto token outperformed with its 4% price surge.

The trading volume of the altcoin also surged by 20.77% to $5.16B in the last 24 hours, indicating a strong buying interest and restored confidence in the market.

Bitwise and Franklin Templeton May Be Next

Canary Funds may have been first, but others are not very far behind. Recently, Bitwise Investments and Franklin Templeton updated their filings for this altcoin by removing a clause that allowed the SEC to delay approvals. This could also mean a possible near launch of ETFs of this Ripple's crypto from these firms themselves.

Bloomberg analysts called the filings the "final steps" before a investment product can launch. If approved, Bitwise's ETF would likely list on the NYSE, with a 0.34% fee, in the coming weeks.

Conclusion

The launch of this fund represents a big win for the community behind this altcoin and crypto investors at large. With Nasdaq now open for trading, all eyes are on how much money flows into the fund. 

According to analysts, looking at the XRP price prediction if it stays above $2.38 and breaks the resistance at $2.88, it could rally toward $3.65 and even $5 in the coming months. 

For now, traders are mostly focused on the Fund's trading volume to see if this excitement can last. 
Disclaimer: This article is for informational purposes only, kindly DYOR before investing in crypto markets.