Nasdaq Lists Canary Capital XRP ETF Amid US Government Shutdown

CryptoQuant observed increased activity from whales in the XRP market before the launch of spot XRP Exchange Traded Funds (ETFs). This follows Nasdaq's listing of Canary Capital’s ETF to track XRP prices.

Canary Capital XRP ETF Certification

Nasdaq certified the Canary XRP ETF for public trading on Nov. 12, despite a US government shutdown.
The fund is scheduled to be listed under the ticker XRPC on Nasdaq by Nov. 13.
Canary Capital filed for this ETF in October 2024 but did not receive immediate SEC approval.
The ETF will track XRP using the CME CF Ripple index and avoid derivative products.

Other ETFs listed include those from Franklin Templeton, Bitwise, 21Shares, and CoinShares.

Market Dynamics Post-ETF Launch

Whales entered the market before the ETF announcement, signaling early positioning with compressed prices.
Retail traders joined after the announcement, increasing market volatility and unpredictability.
The ETF news attracted new participants, accelerating market shifts.
Canary XRPC may lead a potential XRP price rebound from $2.46.