On November 13, 2025, a significant milestone marked the cryptocurrency ecosystem. Canary Capital launched XRPC, the first XRP-linked spot ETF in the US market. This innovative investment vehicle debuted on Nasdaq. Its appearance caused an immediate 3% price advance in the token. A 31% increase in trading volume was also recorded.
The new ETF offers US investors regulated exposure to XRP. They will no longer need to trade directly on crypto exchanges. This opens a new avenue for institutional adoption. However, its launch was carried out through a “self-effective” 8-A filing with the SEC. It was completed during a period of federal inactivity. This suggests a more technical than explicit regulatory approval.
Can this ETF solidify XRP’s legitimacy despite its current regulatory uncertainty?
On the other hand, Canary Capital, led by Steven McClurg, already had crypto experience. It previously launched the HBAR ETF (HBR) on Nasdaq. The market’s reaction to XRPC has been mixed. High volume indicates strong entry interest. Nevertheless, profit-taking movements by large holders were observed. This generated selling pressure. It is noteworthy that giants like BlackRock had ruled out an XRP spot ETF.
The launch of XRPC occurs at a crucial time. The lawsuit between the SEC and Ripple is still ongoing. This factor will condition institutional expansion. The use of the 8-A mechanism, coinciding with an administrative halt, suggests a still interpretive supervisory framework. This implies that regulatory clarity is fundamental for large-scale adoption.
Therefore, the long-term impact of XRPC will depend on the resolution of the SEC vs. Ripple case. While the ETF opens a regulated channel, volatility and sales by large holders are a risk. Opportunities for boutique managers are clear. But there is no guarantee that large institutions will change their stance. This debut marks a step. The true legitimization of XRP through financial products is tied to the regulatory future.
