The First Spot Ripple ETF in the U.S. is Approaching Certification

An important development is taking place in the cryptocurrency markets in the US. The launch of the first spot ETF for Ripple (XRP) is drawing investors' attention once again. Recently, the XRP price was trading around $2.48 as of Wednesday morning, having experienced a 5% decline in the last 24 hours. This situation indicates that investors need to closely monitor market activity.

If Canary Funds' Form 8-A application with the U.S. Securities and Exchange Commission (SEC) is approved, XRP liquidity may increase, and institutional investor interest may revive. If approval is obtained, the spot XRP ETF could enter the market as soon as tomorrow. According to Bloomberg analyst Eric Balchunas, it is understood that the fund is now ready for trading and may soon begin operations after Nasdaq approval.

Nasdaq's certification process is expected to be completed by Wednesday at 5:30 PM Eastern Time. After the approval is obtained, it would be possible for the ETF to start trading on Thursday. The new product will trade directly based on XRP under the 1933 Securities Act. This structure will offer investors a more transparent and cost-effective alternative.

This approval holds historical significance for the Ripple ecosystem and the overall cryptocurrency ETF market. Following the approval of spot Bitcoin ETFs at the beginning of 2024, the addition of XRP to this list indicates the maturation of the cryptocurrency market. According to CoinDesk's analysis, this launch may improve XRP price discovery and serve as a test of whether institutional investors will turn to assets outside of Bitcoin and Ethereum.

In particular, the introduction of Ethereum ETFs and the pending applications for Solana suggest that the XRP ETF approval may represent the beginning of a new era for altcoin-based investment products. Investors will need to closely monitor this process.