{"id":431463,"date":"2024-10-09T19:30:14","date_gmt":"2024-10-09T14:00:14","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=431463"},"modified":"2024-10-09T16:40:01","modified_gmt":"2024-10-09T11:10:01","slug":"canary-joins-bitwise-in-the-xrp-etf-race-did-price-react","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/canary-joins-bitwise-in-the-xrp-etf-race-did-price-react\/","title":{"rendered":"XRP ETF race heats up as Canary joins Bitwise in S-1 filing"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">A second potential issuer filed for the U.S. spot XRP ETF.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">However, the altcoin remained muted post-SEC appeal against Ripple Labs <\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Canary Capital is the latest player to join the U.S. spot <\/span><a href=\"https:\/\/ambcrypto.com\/category\/xrp-ripple-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ripple [XRP]<\/span><\/a><span style=\"font-weight: 400;\"> ETF race. <\/span><span style=\"font-weight: 400;\">On the 8th of October, the firm filed an <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2039505\/000199937124013130\/canaryxrp-s1_100824.htm\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">S-1 form<\/span><\/a><span style=\"font-weight: 400;\">, an initial security registration, with the SEC. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The filing comes a week after Bitwise made a similar <\/span><a href=\"https:\/\/ambcrypto.com\/bitwise-files-for-xrp-etf-how-did-the-community-xrp-price-react\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">application<\/span><\/a><span style=\"font-weight: 400;\"> with the regulator.<\/span><\/p>\n<figure id=\"attachment_431466\" aria-describedby=\"caption-attachment-431466\" style=\"width: 828px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-131612.png\"><img decoding=\"async\" class=\"size-full wp-image-431466\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-131612.png\" alt=\"XRP ETF\" width=\"828\" height=\"632\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-131612.png 828w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-131612-300x229.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-131612-768x586.png 768w\" sizes=\"(max-width: 828px) 100vw, 828px\" \/><\/a><figcaption id=\"caption-attachment-431466\" class=\"wp-caption-text\">Source: SEC<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Canary Capital is a new investment firm launched by Steven McClurg, a co-founder of Valkyrie Fund.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The firm\u2019s spokesperson cited a \u2018progressive regulatory\u2019 space as the reason for the move.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cWe&#8217;re seeing encouraging signs of a more progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum &#8211; specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP.\u201d\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The latest XRP ETF filing has renewed market optimism about the altcoin. <\/span><\/p>\n<h2><strong>Reactions to the filing<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Reacting to the filing, Nate Geraci of ETF Store stated that an XRP ETF approval was a \u2018matter of when, NOT if.\u2019 But he added that the outcome could depend on the U.S. elections.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cAnother XRP ETF filing\u2026Approval a matter of when, not if, IMO. But that \u201cwhen\u201d will be *much* further out in the future unless there\u2019s a change in administration.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">This was the stance of most market observers after Bitwise filed for a similar application last week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market pundits felt the move was hinged on the upcoming U.S. elections, as the current administration still had no regulatory clarity, especially for other tokens like XRP and <a href=\"https:\/\/ambcrypto.com\/category\/solana-news\/\" target=\"_blank\" rel=\"noopener\">Solana [SOL]<\/a>.\u00a0<\/span><\/p>\n<h2><strong>Ripple Labs-SEC lawsuit<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The ongoing Ripple Labs-SEC lawsuit supported the challenge for an XRP ETF from a regulatory standpoint. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the 2nd of October, the regulator appealed against a ruling that categorized the sale of XRP to institutional investors as \u2018security\u2019 but not to the public.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ripple termed the appeal \u2018<\/span><a href=\"https:\/\/ambcrypto.com\/ripple-sec-case-appeal-irrational-misguided-from-the-start\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">irrational and misguided<\/span><\/a><span style=\"font-weight: 400;\">.\u2019 However, this meant that the regulator still considered XRP security and could be a stumbling block to the approval.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ergo, market observers believe that a change in the SEC or US administration could help clarify the status of the rest of crypto tokens.<\/span><\/p>\n<h2><strong>Impact on XRP<\/strong><\/h2>\n<figure id=\"attachment_431470\" aria-describedby=\"caption-attachment-431470\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/XRPUSDT_2024-10-09_13-00-09.png\"><img decoding=\"async\" class=\"size-full wp-image-431470\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/XRPUSDT_2024-10-09_13-00-09.png\" alt=\"XRP ETF\" width=\"1950\" height=\"907\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/XRPUSDT_2024-10-09_13-00-09.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/XRPUSDT_2024-10-09_13-00-09-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/XRPUSDT_2024-10-09_13-00-09-1024x476.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/XRPUSDT_2024-10-09_13-00-09-768x357.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/XRPUSDT_2024-10-09_13-00-09-1536x714.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/XRPUSDT_2024-10-09_13-00-09-1200x558.png 1200w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-431470\" class=\"wp-caption-text\">Source: XRP\/USDT, TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Since the SEC\u2019s appeal on the 2nd of October, XRP has dropped from $0.6, flipping its market structure to bearish after dropping below the 200-day Moving Average (MA). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The latest XRP ETF update didn\u2019t change much at the time of writing. The price was seen consolidating below $0.54 for the past few days.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>XRP ETF space continue to heat up but U.S. elections and SEC-Ripple Labs lawsuit outcomes could be crucial ingredients for approval. <\/p>\n","protected":false},"author":79,"featured_media":431477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,55,4,20],"tags":[],"class_list":["post-431463","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-xrp-ripple-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>XRP ETF race heats up as Canary joins Bitwise in S-1 filing - 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