The cryptocurrency ETF market is growing at an alarming rate, with news breaking every second XRP Exchange Traded Fund (ETF) reports spread throughout the space. Canary Capital, a Sydney-based boutique investment and corporate advisory firm, has just filed to launch an XRP ETF, following Bitwise’s lead. With the up-to-date ETF application, the price of XRP may change in the future.

Canary Capital Creates Up-to-date XRP ETF

On Tuesday, October 8, the Canary Capital sophisticated official S-1 filing for the XRP ETF with the U.S. Securities and Exchange Commission (SEC). This reporting comes right after Bitanother leading asset management company, filed an application to create an ETF on September 30, marking first ever XRP–based on ETF on the cryptocurrency market.

According to Up-to-date Canary Capital filingThe Trust’s investment objective is to provide direct exposure to the value of XRP, allowing investors to access the cryptocurrency market through a brokerage account. With this method, Canary Capital intends to reduce potential barriers to market access and reduce the risks associated with acquiring and holding XRP.

Canary Capital also stated that it aims to track XRP market performancein line with the Trust’s price benchmark. This price benchmark will exploit a similar methodology to the real-time Chicago Mercantile Exchange (CME) CF Ripple Index price.

Disclosing the objectives and risks associated with XRP ETFsCanary Capital did not disclose the identity of the custodian of its potential XRP ETF. The investment management company also did not provide details about the ticker to be used for its XRP ETF, but did reveal that the custodian of the investment product will be Delaware Trust Company.

Despite optimism While Canary Capital’s up-to-date filing for the XRP ETF has sparked interest in the cryptocurrency community, both its app and Bitwise still require SEC approval before they can be launched on the market.

That being said, the likelihood of a quick approval currently appears low Ripple has legal status fight with the regulator. At the beginning of this month, the US SEC presented approx up-to-date appeal challenge the July 2023 court ruling that programmatic sales of XRP are not considered securities.

XRP price falls as regulatory uncertainty clouds optimism

Despite Canary Capital’s up-to-date ETF filing of XRP, the price XRP is in a downtrendshowing no signs of breaking out of the bearish momentum. CoinMarketCap data shows that XRP is down 0.72% over the past 24 hours and another 0.79% over the past week.

The cryptocurrency dropped to red over the past few weeks, registering only modest gains as market conditions became significantly favorable. Many would expect that from the up-to-date XRP ETF XRP price to rallyas anticipation for an investment product builds in the crypto space. However, XRP continues to consolidate around $0.50, even seeing a decline in 24-hour trading volume.

It is clear that XRP’s bullish momentum has been completely overshadowed by regulatory uncertainty and negative moods. Despite this, many members of the XRP community continue to do so maintain the outlook is positive with expectations that the XRP price will skyrocket soon.

Featured image created with Dall.E, chart from Tradingview.com