November 13 serves as a historical date in crypto: first XRP price-tracking ETF is set to debut in the USA.
With just one day to go until the automatic approval of the first-ever Ripple ETF is taking place, Canary Capital, the issuer of this exchange-traded fund (ETF), has offered insight into what to expect from the debut day.
ETF Race Ignites In The Wake Of XRP ETF Debut
As reported by DailyCoin earlier this month, Canary Capital managed to amend the S-1 filing while the United States government remained in lock-down mode. Naturally, this made the United States Securities and Exchange Commission (SEC) short-handed & unable to respond in time to any of the 11 XRP ETFs in consideration.
Despite all this, the cards have shuffled in a favorable direction for Canary Capital’s XRP ETF pitch, exploiting a similar 21-day legal loophole with HBAR & LTC ETFs. Steven McClurg, the CEO of Canary Capital, explained in an interview “bSOL did a great job”, but expects XRP ETFs to double Solana’s ETF inflows.
Moreover, HBAR ETF saw $700 million inflows in three days as it is well recognized among institutional players. XRP is much more of a financial service, institutional, enterprise token, similarly to HBAR, while Solana (SOL) is more seen as a retail-focused blockchain. Because of this, Mr. McClurg expects the XRP ETF outpace this milestone by 100 – 200%.
Simply put, the amended 8-A form in the S-1 filing authorizes Ripple ETF launch without waiting confirmation from the SEC.
As the top financial regulator comes back into office, only an explicit rejection of the ETF would stop it from launching this week. Following the news, XRP’s price faced turbulence with a 2% dip to $2.41 after getting rejected at the $2.50 psychological resistance threshold.
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