Canary Capital joins the race for XRP ETF with US SEC filing
Canary Capital, a crypto investment company, has introduced its XRP ETF (Currency Trading Fund) in the United States following the successful launch of Bitcoin and Ethereum ETFs. When the company filed Form S-1 with the US Securities and Exchange Commission (SEC), it named this crypto product the “Canary XRP ETF”.
Canary XRP ETF offers
In the Form S-1, the company stated that the Canary XRP ETF will allow investors to access XRP using a traditional brokerage account. According to the firm, “Trust offers investors access to the XRP market through a traditional brokerage account without the barriers to entry or the risks associated with owning and holding XRP directly.”
In the year On October 9, 2024, Bloomberg ETF expert Eric Balchunas posted on X (formerly Twitter) and confirmed that the Canary XRP ETF is the second filing to join Bitwise. However, Eric's post quickly went viral and received a lot of attention from crypto enthusiasts.
Another aspect of the Canary XRP ETF that is getting a lot of attention from crypto enthusiasts is its founder, Steven McClure. Steven is the former CIO and co-founder of Valkyrie Fund, which currently offers Bitcoin and Ethereum ETFs in the United States.
Vision of Steven McClurg
However, Steven recently stated, “We are seeing encouraging signs of a more progressive regulatory environment, with growing sophistication from investors looking for cryptocurrencies like Bitcoin and Ethereum–especially enterprise-grade blockchain solutions and their home countries. Tokens like XRP.
XRP current price momentum
Despite this significant development, the price of XRP has not changed. At press time, it is trading around $0.529 and has seen a modest 0.53% decline in the last 24 hours. During the same period, XRP trading volume decreased by 23%, indicating a lack of investor and trader participation in the ongoing price consolidation.
