Spot XRP ETF Set for Nov 13 Debut Amid Whale Sell-Off
After several delays and SEC scrutiny, Canary Capital has filed a Form 8-A for a pure-play Spot XRP ETF with 100% XRP exposure under the 33 Act, marking the final step before a likely debut on Nasdaq at market open on November 13. Other issuers have followed suit by removing delay amendments from their filings. Bloomberg’s Eric Balchunas notes all regulatory boxes are being checked, though formal SEC objections remain possible. This ETF differs from REX-Osprey’s spot product under the ’40 Act, which offers only partial XRP exposure and less favorable tax treatment. Meanwhile, major XRP whales have been offloading large token volumes in recent weeks—selling 900,000 XRP over five days and offloading 90 million XRP in 72 hours—suggesting a potential sell-the-news reaction. Traders should watch for increased volatility around the Spot XRP ETF launch as market participants weigh inflow expectations against pre-emptive whale sell-offs.
Neutral
The impending Spot XRP ETF launch represents a significant bullish catalyst by opening regulated inflows into XRP, but substantial whale sell-offs ahead of the event could offset gains, leading to heightened volatility. Historically, spot ETF approvals (e.g., Bitcoin ETFs) have driven initial price spikes followed by short-term pullbacks as traders lock in profits. In this case, the pure-play 33 Act structure under Canary Capital may attract long-term holders, while partial-exposure products under the ’40 Act offer less appeal. Short-term traders should prepare for rapid price swings around the November 13 listing, whereas long-term investors could benefit from increased market access and regulatory clarity.