- Canary files for an XRP ETF, becoming the second major player after Bitwise.
- XRP ETFs are gaining traction, signaling rising institutional interest in the cryptocurrency.
- Technical analysis indicates strong support levels and a convergence of key indicators, pointing to a potential price surge.
Canary Capital, an investment firm officially filed for an XRP ETF, marking the second major filing following Bitwise’s recent ETF application. This surge in interest reflects mounting anticipation for broader regulatory acceptance of cryptocurrency exchange-traded funds, especially those focusing on the token.
On October 8, 2024, Canary officially filed a Form S-1 registration statement with the SEC for its ETF, known as the “Canary XRP ETF.” This comes follows Bitwise’s ETF application, signaling rising institutional interest in one of the most prominent digital assets in the crypto space. The filing has triggered excitement among investors as it holds the potential to further legitimize the token on the broader financial stage.
The growing interest in XRP ETFs is set against a backdrop of increasing regulatory discussions in the U.S., especially regarding cryptocurrency-based financial products. While the U.S. Securities and Exchange Commission (SEC) has historically been cautious about green-lighting crypto ETFs, the latest filings suggest a gradual shift in regulatory posture.
Following the announcement, the crypto market is heating up as technical analysis suggests that the altcoin may be poised for a significant breakout.
XRP Shows Promising Signs of a Potential Breakout
After years of consolidation, it has formed a bullish pattern on the 7-year chart, indicating a potential upside move shortly. Key indicators such as the rising trendline and the 50% Fibonacci level are converging, strengthening the bullish thesis for XRP.
This suggests that the token could be on the cusp of a breakout point, potentially leading to a substantial price increase. While the exact timing of the breakout remains uncertain, the long-term outlook for XRP remains positive. Analysts believe that the cryptocurrency’s strong fundamentals and growing adoption could fuel a significant rally in the coming months.
With both Canary and Bitwise in the race, the likelihood of a spot XRP ETF getting SEC approval has increased. These moves are seen as a strategic play to navigate the complexities of U.S. regulatory frameworks, especially as the SEC continues to scrutinize crypto-based products for investor protection.
