- The XRP ETF could launch around November 13, pending Nasdaq’s 8-A approval.
- Canary Funds filed an updated S-1 registration statement with the delaying amendment removed.
- A falling channel pattern drives the current correction trend in the XRP price.
XRP, the native cryptocurrency of the XRP Ledger, plunged 4.48% on Thursday, October 30th. This sell-off likely followed a broader market pullback, as the recent Fed rate cut acted as a sell-the-news event. However, the XRP price has garnered investors’ attention as Canary Funds filed an updated S-1 registration statement, removing the delaying amendment. This sets Canary’s XRP ETF up for a launch date of November 13, assuming that NASDAQ greenlights the 8-A filing.
Canary’s XRP ETF Moves Ahead with Automatic Approval Route
Canary Funds has made a step forward in its efforts to secure a spot XRP exchange-traded fund by filing an updated S-1 registration, crypto journalist Eleanor Terrett reported. The firm has now dropped the “delaying amendment”—a provision that typically gives the U.S. Securities and Exchange Commission (SEC) the power to determine when a registration goes into effect.
Without it, the filing would automatically become effective after the statutory 20-day period, and the ETF could be on track to launch on November 13, assuming the 8-A is approved by Nasdaq.
However, the timeline is not static. A forthcoming reopening of the government may swing things one way or the other—speeding up the approval if the paperwork is in place and the regulators are satisfied, or delaying it if further SEC comments surface.
Interestingly, SEC Chair Paul Atkins seemed supportive of firms’ ability to avail themselves of this auto-effectiveness pathway, even though he did not respond directly to ETF launches. He applauded companies like MapLight for taking the same legal route to launch during the shutdown, the same pathway that Bitwise and Canary allegedly used for their recently launched Solana, Hedera, and Litecoin ETFs.
Bloomberg analyst Eric Balchunas also commented, saying that Canary’s filings for the XRP ETF were missing the years of back-and-forth communication with the SEC that Solana had during its ETF review process. He said that this divergence could make the XRP attempt more speculative, but still a worthwhile move.
If the timing is right, the XRP fund may become the next most anticipated crypto-based ETF to make its way into U.S. markets in a series of accelerated filings, taking advantage of procedural nuances rather than formal SEC approval.
The potential launch of Canary’s XRP ETF could inject renewed investor confidence and boost liquidity for XRP in the broader market.
XRP Price Rides Correction Within Channel Pattern
In the last four days, the XRP price shows a notable reversal from $2.70 resistance to the current trading price of $2.43, registering a 9.65% loss. The increasing length of daily candles and rising trading volume accentuate the conviction of sellers to drive a prolonged correction.
With sustained selling, the XRP price could plunge another 13% before retesting the bottom trendline of a falling channel pattern. Since late July 2025, the coin price has been actively resonating within the two parallel trendlines of this channel, offering dynamic resistance and support to traders.
If the pattern remains intact, XRP buyers could recoup bullish momentum and drive a bull cycle within the channel.
On the contrary, if the potential retest breaks below the bottom trendline, selling pressure would escalate and lead to a deeper correction in XRP.
