Company files for approval of Ripple ETF!!
Yesterday, October 8, Canary Capital filed an application with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) linked to the Ripple currency XRP.
This is the second application for a Ripple XRP fund in two weeks, following a similar application from Bitwise on September 30.
The new product aims to track the price of XRP using the Chicago Mercantile Exchange (CME) index.
Although this source was previously unknown, analysts expect a possible approval for the fund, but the approval is conditional on changes in the SEC’s management.
For his part, a spokesperson for Canary Finance expressed optimism about the advanced regulatory environment and the growing demand from investors for cryptocurrency solutions, especially XRP, outside of Bitcoin and Ethereum.
In the same context, Grayscale announced in September an XRP fund that tracks the price of the currency, paving the way for its transformation into an XRP ETF similar to the BTC and ETH funds it manages.
As for the price of XRP, it did not see much reaction to the news, settling at $0.532.
However, the coin has fallen by 11% over the past week,
Ripple’s legal victory against the SEC is expected to be the main catalyst for a future rise in the price of XRP
