XRP is defying broader market weakness as anticipation builds for the launch of the first U.S. spot XRP exchange-traded fund (ETF).
The rally comes after Nasdaq certified the listing of Canary Capital’s XRP ETF (ticker: XRPC), positioning the product to begin trading as early as Thursday — pending final SEC effectiveness.
As of Thursday 8:30 AM ET, Nasdaq formally notified the Securities and Exchange Commission that it had received Canary’s Form 8-A filing, a key step that triggers “automatic effectiveness” under Section 8(a) during and following the government shutdown.
XRP ETF could launch in the next hour, after market opens.
Bloomberg senior ETF analyst Eric Balchunas confirmed the development on X, writing:
“The official listing notice for XRPC has arrived from Nasdaq. Looks like tomorrow is on for the launch.”
Nate Geraci, president of ETF consultancy NovaDius, also noted that Canary had already launched its website for the ETF, adding on X:
“Canary Capital will be first to market.”
If trading begins as expected, XRPC will become the sixth single-asset spot crypto ETF in the United States, joining Bitcoin (BTC), Ether (ETH), Solana (SOL), Litecoin (LTC), and Hedera (HBAR).
However, several analysts reminded investors that the Nasdaq letter is procedural, not a final green light:
“The Nasdaq letter itself does not say the ETF is effective — it only says Nasdaq approved the listing and joined the registrant’s request for SEC effectiveness,” one commentator wrote, warning it is a “routine procedural letter, not confirmation that trading will start.”
According to the Crypto Fear & Greed Index, market sentiment has plunged back into Extreme Fear at 15, its lowest level in weeks. The reading signals traders are increasingly nervous as volatility spikes and liquidity thins.
CryptoQuant on-chain analyst Woominkyu said futures markets showed large players positioning well before the ETF news broke:
“Before the XRP Spot ETF announcement, futures data showed a clear rise in whale-sized orders, indicating early positioning while price was still compressed.”
But the dynamic changed sharply once the ETF story hit headlines:
“Retail-sized orders only appeared after the ETF news,” he said.
“This pattern — whales first, retail last — is common in crypto and often marks a shift in market conditions.”
Woominkyu warned the new mix of participants will likely increase volatility:
“Once retail enters late, the market typically becomes more volatile and less predictable, as sentiment starts mixing with earlier informed flows. The ETF news accelerated this transition.”
The on-chain data supports this picture:
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Over 21,000 new XRP wallets were created in 48 hours — the fastest growth in eight months.
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Meanwhile, whale wallets holding 1–10 million XRP sold roughly 90 million tokens leading into the launch window, introducing near-term supply pressure.
Related: First U.S. XRP ETF gets greenlight: Here’s how to buy it
XRP rallied through key resistance levels with a 31% surge in trading volume, even as Bitcoin, Ether, and Solana traded flat to lower.
Current prices:
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Bitcoin: $103,101 (-1.8%, 24h)
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Ethereum: $3,499.54 (+1.5%, 24h)
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XRP: $2.48 (+1.6%, 24h) — the best performer in the top 10
The timing is notable. The ETF listing arrives just days after U.S. President Donald Trump signed legislation ending the longest government shutdown in American history — a shutdown that forced exchanges and issuers to rely on automatic-effectiveness rules to move ETF filings forward.
Balchunas and other ETF analysts suggested this “shutdown window” may have enabled several crypto ETFs to advance more quickly than usual.
Related: U.S. shutdown could send shockwaves beyond politics
Unless the SEC intervenes, XRPC is expected to begin trading at Thursday’s market open.
This story was originally reported by TheStreet on Nov 13, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.