Nasdaq Approves Canary Capital’s XRP ETF: What It Means for Institutional Access and Market Growth

XRP has taken an important step toward becoming more accessible to traditional investors. Nasdaq has approved the listing of Canary Capital’s spot XRP ETF (Exchange-Traded Fund), setting the stage for what could become one of the most significant developments in XRP’s history. If the final regulatory steps go smoothly, trading could begin as soon as late November.

This milestone arrives at a time when XRP remains one of the most widely used digital assets in global payments. With a market cap around $146billion and an established role in fast international transactions, XRP has long been viewed as a token with practical use rather than speculation alone. A spot ETF could make it much easier for institutions, wealth managers, and everyday investors to participate in the XRP market without needing to use crypto exchanges or handle digital wallets.

Canary Capital submitted its application to Nasdaq under a rule known as “19b-4,” which allows an exchange to request permission to list a new type of investment product. Nasdaq has now agreed to list the XRP ETF, meaning it is prepared to host the fund once the final approval comes from the U.S. Securities and Exchange Commission (SEC). The latest filing shows that Nasdaq has approved the new XRP ETF, which will trade under the symbol “XRPC.”

This approval is the final major requirement before the product can launch. With this step completed, the ETF now becomes “auto-effective,” meaning it can officially move toward trading later this week. The only thing left is a final CERT filing, which will confirm the exact day trading will begin. The filing also mentioned that a full explanation of how the ETF works can be found in the trust’s Form S-1 registration statement, which was submitted to the SEC on October 24.

This achievement comes shortly after Canary Capital successfully launched its Litecoin (LTC) and Hedera (HBAR) ETFs. Both of those products went live after receiving automatic approval through the same 8-A and CERT filing process now being used for the XRP ETF.

Canary’s new ETF is designed to follow the real-time market price of XRP. It does this by using the XRP-USD CCIXber Reference Rate Index, which tracks the actual spot price of the cryptocurrency. This means investors get direct exposure to how XRP performs in the market without needing to buy or store the token themselves.

The ETF will charge a 0.50% management fee, which is slightly higher than Bitwise’s XRP ETF that recently set its fee at 0.34%. Several major partners are involved in running the fund. U.S. Bancorp Fund Services will manage important duties like keeping shareholder records and handling administration. Paralel Distributors LLC will take care of marketing and distribution. In addition, U.S. Bank, which is connected to the transfer agent, will serve as the cash custodian, meaning it will securely hold and manage the ETF’s cash assets.

The Road Ahead for XRP ETF

The excitement around the new XRP ETF arrived at the same time as a jump in XRP’s overall trading activity. Over the past week, the token climbed 8.83%, before pulling back slightly to $2.46, a 2.87% drop in the last 24 hours. At the same time, interest in the wider XRP ETF market has been rising. Several XRP-focused funds, including Teucrium 2x Long Daily XRP ETF, Volatility Shares XRP ETF, Rex-Osprey, ProShares Ultra XRP ETF and Purpose, have all recorded steady inflows. This shows that more investors are beginning to place their bets on XRP through regulated financial products. Overall, the growing momentum around spot XRP ETFs marks an important shift for Ripple and the broader crypto space. With nine XRP-related products now listed on the DTCC, and major players such as Franklin Templeton, Bitwise, and Canary Capital driving the movement, the market is watching closely. If expected approvals arrive by November, XRP could soon stand alongside Solana (SOL), Litecoin, and Hedera as one of the next major cryptocurrencies to shine in the ETF market.

Nasdaq’s approval of Canary Capital’s spot XRP ETF marks a major moment in the digital asset’s evolution. It reflects growing confidence in XRP’s regulatory clarity, real-world utility, and long-term potential. If the SEC gives its final approval, the ETF could open new doors for institutions and everyday investors alike, creating deeper liquidity and strengthening XRP’s position in global finance.

The coming weeks will determine the final outcome, but the path toward mainstream adoption is clearer than ever.