Ripple’s XRP is one of the biggest gainers in the crypto market today and for good reason. Asset manager Canary Capital today launched the very first stock exchange fund on the American market that invests entirely in XRP. Expectations are high and investors hope it will be as big a success as the Bitcoin (BTC) and Ethereum (ETH) funds.
XRP heads to Wall Street today
We had been looking forward to today for three weeks. Canary Capital had amended its S-1 filing by removing the so-called ‘delaying amendment’. The fund was therefore allowed to go live automatically after 20 days, provided the Securities and Exchange Commission (SEC) did not object.
That did not happen and yesterday the 8-A application was approved by the securities watchdog. That is the formal registration with the SEC and the last official hurdle before a fund is allowed to go public.
In this case, that is the Nasdaq stock exchange, which gave the official listing announcement last night.
That means everything is ready for a launch today. The American stock exchanges will open their doors at 3:30 PM Dutch time and the fund will therefore make its debut.
The Canary XRP ETF (ticker: XRPC) is the first-ever full-fledged spot fund for XRP in the United States. REX Shares and Osprey Funds already jointly launched an XRP fund in September, but in addition to XRP it also holds derivatives such as derivatives.
CEO of Canary Capital Steven McClurg said the following in a statement to journalist Eleanor Terret:
“We are incredibly excited that the first single-token spot
There are many more XRP funds in the pipeline and will most likely be approved in the coming weeks.
XRP is rising much faster than Bitcoin
For XRP it is a day for the history books and the XRP price also reflects that. Over the past 24 hours, the coin has increased in value by 4.59 percent. It is a much better result than Bitcoin, which is up 0.48 percent.
XRP is not the only altcoin that is rising faster than bitcoin. Ethereum, the market’s number two, is also gaining steam with an increase of 3.13 percent.
The most important level for XRP to crack is around $2.70. If successful, it could quickly rise further towards $3.30. XRP appears to have formed an inverse head and shoulders pattern.
At the time of writing, the coin is selling for $2.51.
Source: https://newsbit.nl/xrp-koers-stijgt-hard-op-historische-dag-eerste-etf-komt-eraan/
