First U.S. Spot XRP ETF Launches on Nasdaq Today as Seven More Funds Line Up

New York – November 13, 2025 — The XRP ecosystem has entered a new era. Canary Capital’s spot XRP exchange-traded fund (ETF), trading under the ticker XRPC, officially launches on the Nasdaq today, becoming the first U.S. spot XRP ETF and opening a regulated gateway for mainstream investors to gain exposure to the Ripple-associated token.

At the same time, new reporting shows multiple rival XRP ETFs poised to follow within days, and analysts are highlighting three powerful catalysts that could shape XRP’s price action for the rest of November. ^[1]

What Is Launching Today? Inside Canary Capital’s XRPC ETF

Canary Capital’s XRP ETF (XRPC) is a physically backed, spot-based fund listed on the Nasdaq Global Market. It holds actual XRP tokens in custody rather than futures contracts, giving investors direct price exposure through traditional brokerage accounts. ^[2]

Key product details reported across regulatory and market filings:

Ticker: XRPC
Exchange: Nasdaq Global Market
Structure: Trust holding spot XRP under the Securities Act of 1933, mirroring the structure used for Bitcoin and Ethereum spot ETFs. ^[3]
Management fee: ~0.50% annually, placing it in line with other single‑asset crypto ETFs. ^[4]
Benchmark: Tracks an XRP‑USD reference rate/index so shares reflect XRP’s U.S. dollar price without investors holding the token themselves. ^[5]

Nasdaq certified the ETF’s listing after Canary filed an S‑1 and Form 8‑A, using the now-familiar “auto‑effective” registration path that allows crypto ETFs to go effective after a set period without a delaying amendment, even during regulatory gridlock. ^[6]

This launch means XRP now joins a small club of crypto assets — including Bitcoin, Ethereum, Solana, Litecoin and Hedera — that have secured U.S. spot ETF wrappers. ^[7]

How We Got Here: From Filing to First Trade

The journey to today’s launch has been building for more than a year:

October 2024: Canary Capital files an S‑1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot XRP trust, laying out the fund’s structure, custodianship and fee model. ^[8]
2025 government shutdown: As Washington gridlock freezes large parts of the federal government, the SEC issues guidance clarifying that issuers can let S‑1s go effective automatically by removing delaying amendments— a path that crypto ETF issuers quickly adopt. ^[9]
Form 8‑A filed and Nasdaq certification: Earlier this week, Canary files Form 8‑A to register XRPC under the Exchange Act, and Nasdaq sends a letter to the SEC confirming that XRPC meets its listing standards and will list under ticker XRPC. ^[10]
Final green light: Market watchers, including ETF commentators and financial journalists, share the listing notice and note that Nasdaq has “cleared XRPC for launch” at today’s market open. ^[11]

An analysis published via Nasdaq’s own platform yesterday described the ETF as “imminent” and underscored that, once live, the fund can be bought through mainstream brokers like any equity, potentially expanding XRP’s reach to investors who have never touched a crypto exchange or self‑custody wallet. ^[12]

Three Catalysts Driving XRP Right Now

A widely read analysis from Decrypt today identifies three core catalysts that could shape XRP’s trajectory in November: ^[13]

1. The Spot XRP ETF Launch

The most immediate driver is today’s debut of XRPC on Nasdaq. Decrypt notes that while the launch is symbolically huge — especially given XRP’s long legal battle with the SEC — the short‑term price impact might be more modest than some traders hope.

Key points from that analysis and related coverage:

The ETF holds physical XRP, with a fee around 0.50%, giving both retail and institutional investors a simple, regulated on‑ramp. ^[14]
XRP has already been trading around the $2.40–$2.60 range in the run‑up to launch, with notable spikes in derivatives positioning and long/short ratios on major exchanges. ^[15]
Analysts stress that ETF flows for altcoins are still relatively small compared to Bitcoin and Ethereum, meaning broader market sentiment will remain a significant influence on XRP’s price. ^[16]

2. Surging Institutional Interest

The second catalyst is deepening institutional adoption of XRP:

Decrypt highlights a recent $1.5 billion XRP treasury initiative, tied to a merger between Evernorth Holdings and a Nasdaq‑listed SPAC, creating a platform focused on holding XRP as a strategic asset. ^[17]
Other coverage points to large XRP transfers and accumulating wallets, alongside growing interest in XRP‑themed products from asset managers and treasuries exploring cross‑border settlement and on‑chain liquidity. ^[18]

Combined with XRPC’s launch, this institutional pivot suggests XRP is increasingly viewed as more than just a speculative token — it is becoming an asset with structured, regulated financial rails.

3. Post‑Shutdown Regulatory Clarity

The third catalyst is the macro and regulatory backdrop:

The U.S. government has just emerged from a 43‑day shutdown, ended when President Donald Trump signed a funding bill that restored full operations. ^[19]
During the shutdown, the SEC leaned heavily on automatic‑effectiveness mechanics for ETFs, which inadvertently accelerated timelines for crypto products like XRPC. ^[20]
Analysts quoted by Decrypt argue that with Washington back in session, “clarity will be back on the agenda” for crypto regulation, which could provide a long‑term tailwind for assets like XRP that sit at the intersection of payments and securities law. ^[21]

Together, these three catalysts — ETF access, institutional flows and regulatory normalization — are setting up what many see as a pivotal month for XRP.

A Wave of XRP ETFs: Seven Launches in 12 Days

Canary Capital may be first to market, but it won’t be alone for long.

A detailed breakdown from Coinpedia shows that seven spot XRP ETFs are scheduled to go live across U.S. exchanges over the next 12 days, including products from major names such as Franklin Templeton, Bitwise, 21Shares, CoinShares, Grayscale and WisdomTree. ^[22]

Their reported timeline:

November 13: Canary Capital XRP ETF (XRPC), Nasdaq – first U.S. spot XRP ETF, 0.50% fee.
November 18: Franklin Templeton XRP ETF, Cboe – leveraging a $450B‑plus asset management franchise.
November 19–20: Bitwise XRP ETF – pitched as a low‑fee, “pure XRP exposure” product.
November 20–22: 21Shares XRP ETF (ticker TOXR) – extending a European crypto ETP pioneer into the U.S. market.
November 20–22: CoinShares XRP ETF (ticker XRPL) – tapping a major European digital‑asset manager.
November 25: Grayscale XRP ETF and WisdomTree XRP ETF, both on the NYSE, targeting investors already familiar with their Bitcoin and Ethereum products. ^[23]

Analysts cited in that coverage suggest that billions of dollars in potential inflows could arrive if even a fraction of the capital that poured into Bitcoin and Ethereum spot ETFs rotates into XRP. They also note that XRP is still trading below its previous all‑time high, leaving room for upside if demand materializes. ^[24]

Market Reaction: Price, On‑Chain Moves and Whale Activity

XRP has already started to react to the ETF narrative:

Price action: Multiple outlets report XRP trading near $2.50, up several percent on the day and roughly 20–30% over recent weeks, as traders position ahead of today’s launch. ^[25]
Volume and derivatives: Funding rates and long/short ratios on major exchanges have spiked, with one analysis noting a long‑to‑short ratio above 2.5 on Binance and millions of dollars in long liquidations as volatility picks up. ^[26]
Whale movements: Finbold reports that 4 million XRP (about $10 million) were recently unlocked from escrow via Flare’s Core Vault, while another 22 million XRP moved from an exchange to an unknown wallet — adding intrigue to the pre‑launch period. ^[27]
ETF inflow expectations: Canary Capital CEO Steve McClurg is cited projecting more than $5 billion in inflowswithin the first month of trading for XRPC, though such forecasts remain speculative. ^[28]

At the same time, some technical analysts warn that XRP is approaching key resistance levels around its 200‑day EMA and Fibonacci extension zones, meaning the token could see sharp swings if ETF demand does not immediately match the hype. ^[29]

How Today’s XRP ETF Differs From Just Buying XRP

For investors trying to decide between buying XRP directly and owning an XRP ETF like XRPC, several distinctions keep coming up in analyst commentary: ^[30]

Advantages often cited for the ETF route:

No self‑custody risk: Investors avoid managing private keys or interacting with crypto exchanges.
Regulated wrapper: The ETF operates under U.S. securities law, with established disclosures and oversight.
Brokerage integration: Shares can sit alongside stocks and bonds in traditional brokerage or retirement accounts.

Trade‑offs and risks:

Fees: The 0.50% management fee creates a performance drag versus holding XRP directly.
Tracking and liquidity: While the fund aims to track spot XRP closely, extreme market conditions or liquidity gaps could introduce small tracking differences.
No direct on‑chain utility: ETF holders do not control XRP for on‑chain uses like payments, DeFi, or staking; they own exposure to its price, not the token itself.

Crucially, experts consistently stress that an ETF does not eliminate XRP’s underlying volatility. Prices can still move sharply based on broader crypto sentiment, macroeconomic conditions, and future regulatory developments, regardless of today’s milestone.

What to Watch Next

As XRPC begins trading and the broader wave of XRP ETFs rolls out, here are the key things traders and long‑term investors will be watching:

First‑week volumes for XRPC
- High trading volume and tight bid–ask spreads would signal strong initial demand and healthy market quality. ^[31]
Net inflows vs. “sell the news” pressure
- On‑chain data already shows both accumulation and profit‑taking among whales; whether new ETF inflows outweigh selling from existing holders will be critical. ^[32]
How fast rival XRP ETFs secure approval and launch
- The timeline outlined for Franklin Templeton, Bitwise, Grayscale, 21Shares, CoinShares and WisdomTree will show whether today’s launch is a one‑off event or the start of a broader XRP ETF ecosystem. ^[33]
Regulatory signaling after the shutdown
- With the government reopened, any new SEC guidance or Congressional movement on crypto will be closely parsed for clues on how comfortable regulators now are with altcoin spot ETFs beyond XRP. ^[34]
XRP’s ability to reclaim and hold previous highs
- XRP is still trading below its historic peaks; whether ETF‑driven demand can push it to new all‑time highs will depend not only on U.S. products but also on global liquidity and adoption. ^[35]

Bottom Line

Today’s launch of Canary Capital’s XRPC spot ETF on Nasdaq is a historic first for XRP in U.S. public markets. It caps a multi‑year arc that began with regulatory uncertainty and court battles and has now evolved into an era where XRP sits inside SEC‑registered funds, traded through mainstream brokers.

At the same time, the story is bigger than a single ticker. A cluster of rival XRP ETFs, accelerating institutional involvement, and a shifting regulatory and macro backdrop mean November 2025 could prove to be a defining month for XRP — for better or worse.

As always, though, XRP remains a high‑risk, volatile asset, and today’s ETF milestone should be viewed as one factor in a much larger puzzle, not as a guarantee of future performance.

This article is for information and news purposes only and does not constitute financial or investment advice. Always do your own research and consider speaking with a licensed financial professional before making investment decisions.

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