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 Ciphera 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.
Sponsored
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.
Dig into Ciphera’s popular crypto news today:
16 Major Blockchains Can Freeze User Funds: Bybit Report
Pi Coin’s V23 Testing Win: $1 Price Tag Back In Play?
People Also Ask:
The Canary CEO referred to in the tweet is Steven McClurg, the co-founder and Chief Investment Officer of Canary Capital. He is known for his insights into the cryptocurrency market and ETF developments.
Steven McClurg predicted that the Ripple ETF would likely double the performance of the Solana ETF in terms of initial inflows and market impact. He suggested that XRP could see significantly higher demand due to its institutional appeal.
McClurg believes XRP will outperform Solana because it is perceived as more of an institutional and enterprise-focused token, attracting larger investments from corporate and financial entities. He contrasts this with Solana, which he describes as more retail-oriented.
The prediction was made during a discussion on “Altcoin ETF Season,” as part of an interview with Paul Barron. This context highlights the growing interest in cryptocurrency ETFs and the competitive landscape among different digital assets.
Investors shall follow updates from Canary Capital, Paul Barron’s platforms & read Ciphera’s coverage of cryptocurrency ETFs. Additionally, staying informed through regulatory filings and market analyses will provide further insights into the potential performance and approval of these ETFs.
