XRP surges minutes before ETF launch amid 'extreme market fear'

XRP is defying broader marketplace weakness arsenic anticipation builds for the motorboat of the archetypal U.S. spot XRP exchange-traded money (ETF).

The rally comes aft Nasdaq certified the listing of Canary Capital’s XRP ETF (ticker: XRPC), positioning the merchandise to statesman trading arsenic aboriginal arsenic Thursday — pending last SEC effectiveness.

As of Thursday 8:30 AM ET, Nasdaq formally notified the Securities and Exchange Commission that it had received Canary’s Form 8-A filing, a cardinal measurement that triggers “automatic effectiveness” nether Section 8(a) during and pursuing the authorities shutdown.

XRP ETF could motorboat successful the adjacent hour, aft marketplace opens.

Bloomberg elder ETF expert Eric Balchunas confirmed the improvement connected X, writing:

“The authoritative listing announcement for XRPC has arrived from Nasdaq. Looks similar time is connected for the launch.”

• House considers insider trading prohibition arsenic authorities shutdown comes to an end

• Billionaire twins–backed banal surges 100% aft buying $50M ‘encrypted Bitcoin’

• MicroStrategy banal drops 60% from highest arsenic mNAV approaches 1

Nate Geraci, president of ETF consultancy NovaDius, besides noted that Canary had already launched its website for the ETF, adding connected X:

“Canary Capital volition beryllium archetypal to market.”

If trading begins arsenic expected, XRPC volition go the sixth single-asset spot crypto ETF successful the United States, joining Bitcoin (BTC), Ether (ETH), Solana (SOL), Litecoin (LTC), and Hedera (HBAR).

However, respective analysts reminded investors that the Nasdaq missive is procedural, not a last greenish light:

“The Nasdaq missive itself does not accidental the ETF is effectual — it lone says Nasdaq approved the listing and joined the registrant’s petition for SEC effectiveness,” 1 commentator wrote, informing it is simply a “routine procedural letter, not confirmation that trading volition start.”

According to the Crypto Fear & Greed Index, marketplace sentiment has plunged backmost into Extreme Fear astatine 15, its lowest level successful weeks. The speechmaking signals traders are progressively tense arsenic volatility spikes and liquidity thins.

CryptoQuant on-chain expert Woominkyu said futures markets showed ample players positioning good earlier the ETF quality broke:

“Before the XRP Spot ETF announcement, futures information showed a wide emergence successful whale-sized orders, indicating aboriginal positioning portion terms was inactive compressed.”

But the dynamic changed sharply erstwhile the ETF communicative deed headlines:

“Retail-sized orders lone appeared aft the ETF news,” helium said.
“This signifier — whales first, retail past — is communal successful crypto and often marks a displacement successful marketplace conditions.”