XRP Spot ETFs Surge on DTCC: Launch Imminent, Price Reacts

The Digital Asset Custody Trust Company (DTCC) website has seen a record nine XRP Exchange Traded Funds (ETFs) listed, signaling their readiness for an imminent launch. This development is seen as highly positive for XRP, with market expert Nate Geraci suggesting the first ’33 Act XRP spot ETF could launch as early as this week. Among the listed funds are offerings from prominent firms such as Bitwise, Canary Capital, Franklin Templeton, Volatility Shares, 21Shares, CoinShares, and Amplify, with several of these specifically being spot XRP ETFs poised for release.

Canary Capital’s XRP fund, in particular, is highlighted as a frontrunner, having reportedly received approval to list on Nasdaq following an amendment to its registration statement. This positions it to be the inaugural ’33 Act XRP spot ETF, distinguishing it from REX Osprey’s earlier ’40 Act XRP spot ETF, which does not hold 100% spot XRP. Furthermore, major issuers like Bitwise and Grayscale have also amended their S-1 filings, indicating their intention to launch their spot XRP products soon. The anticipated end of the U.S. government shutdown, with the Senate having passed a funding bill, is expected to enable the SEC to fully resume operations and accelerate the approval process for the remaining seven pending XRP spot ETF applications.

The optimism surrounding these launches and the government’s reopening has already had a tangible impact, with XRP’s price surging over 12% on November 10. The introduction of these funds is projected to inject substantial liquidity into the XRP ecosystem, thereby boosting its price. Steven McClurg, CEO of Canary Capital, boldly predicted inflows of up to $5 billion into XRP funds within their first month. Market research firm Sistine Research attributes XRP’s strong performance to a confluence of favorable developments, including potential Ripple banking license approval, the CLARITY Act, and the impending ETFs, which collectively benefit XRP more significantly than other major cryptocurrencies. While the article extensively details the benefits and impending launches, it does not explicitly mention any specific risks associated with these XRP ETFs.

(Source: https://bitcoinist.com/xrp-spot-etfs-on-dtcc-websites/)