NEW YORK, Sept. 4, 2026, 8:28 p.m. EDT — XRP (XRP-USD) slipped below $1.40 on Friday evening, giving back 3.7% over 24 hours. The decline came even as a new Securities and Exchange Commission order widened the route for crypto exchange-traded products.
The mismatch matters. The order can make some future products easier to list and manage. It does not approve a new XRP fund, buy a single token or create immediate spot demand.
That distinction was visible in the price. XRP traded near $1.3971 on Coinbase, down from $1.4515 a day earlier. It reached $1.4622 before U.S. payroll data, then sank as low as $1.3832.
Regulatory news met a macro selloff
Coinbase XRP-USD, sampled across the last 24 hours
As of . Source: Coinbase Exchange; five-minute candles.
The SEC decision itself is narrower than some “XRP approval” headlines suggest. On Thursday, the agency approved amendments to Nasdaq Texas Rule 5711(d). That rule governs generic listings for commodity-based trust shares.
Generic standards matter because a qualifying exchange-traded product can list without a bespoke rule-change proceeding for every launch. Nasdaq Texas asked for three changes. The exchange wanted a 15% portfolio buffer, a definition of “digital commodity” and permission for active management.
The 23-page SEC order granted all three on an accelerated basis. At least 85% of a trust’s net assets must still meet existing eligibility rules. The remaining 15% can include certain digital commodities or securities that miss those tests.
The new Nasdaq Texas portfolio envelope
The flexibility is real, but most assets must still clear existing tests
Source: SEC Release No. 34-106268, issued Sept. 3, 2026.
XRP appears in the order beside bitcoin, ether and solana. The filing says all four presently qualify under existing criteria, including regulated futures or derivative-market tests. That is useful regulatory evidence. It is not a new act of Congress or a token-specific exemption.
The rule’s new definition is broader. It covers a digital asset whose value comes from a functional crypto system and supply and demand, rather than essential managerial efforts by others. The language follows joint SEC and Commodity Futures Trading Commission guidance that took effect in March.
There is a second limit on the bullish reading. The change applies to Nasdaq Texas, not every U.S. exchange. The order says the rule is materially identical to one already adopted by affiliate Nasdaq.
So the immediate gain is product plumbing. Issuers get more flexibility to build actively managed crypto trusts and diversified portfolios on another venue. XRP holders get no commitment on launches, fees or the amount of tokens a manager might buy.
What changed — and what did not
A regulatory route is not the same thing as an order ticket
Nasdaq Texas may host qualifying active commodity trusts with the new buffer.
The order names no issuer, launch date, fee or required XRP purchase.
Existing-product snapshot: Canary XRP ETF. Fund data can update after market close.
The existing Canary XRP ETF NASDAQ:XRPC shows why the distinction matters. Canary reported $364.25 million of net assets and 248.28 million XRP for Sept. 4. Shares outstanding were 23.4 million, the same count shown for Sept. 2.
Net assets had been $333.61 million two days earlier. With no increase in the reported share count, the gain mainly reflects XRP’s price, not fresh creations in XRPC. Fund flows elsewhere may differ.
Friday’s selling had a more immediate driver. The U.S. economy added 162,000 jobs in August, triple the consensus estimate reported by market sources. Bitcoin lost $80,000, Treasury yields rose and XRP followed the broad rate-sensitive trade.
The weekend test is straightforward. Holding the $1.3832 low would preserve most of Thursday’s sharp rebound. A move back through $1.45 would suggest buyers are assigning value to the expanded product pipeline.
A break below Friday’s low would say something else. Macro conditions still matter more than listing architecture. The first stronger confirmation would come from a filed product, rising fund share counts or sustained spot volume.
Risks: XRP trades continuously across venues, and prices can diverge. Sponsor data may lag market moves. The SEC can revisit listing standards, while a qualifying rule does not guarantee that issuers launch products or attract assets.
The SEC order improves the road. It does not supply the traffic. Friday’s 3.7% decline is the market’s reminder to keep those two claims separate.
