XRP Price Poised to Rally as Canary’s XRP ETF Filing Goes Auto-Effective

XRP price could react strongly soon since the U.S. SEC filing for Canary Capital’s Spot XRP ETF was updated. The revised submission from the firm eliminates the “delaying amendment,” and the application is now pending auto-effective under U.S. securities law.

This change clears the path for a possible launch by November 13, again subject to Nasdaq’s approval.

Filing Clears Final Hurdle For XRP ETF Launch

Canary Capital has filed a revised S-1 registration intended to expedite the approval of its Spot XRP ETF. The change also allows the registration to automatically come into force in accordance with Section 8(a) of the Securities Act 1933, eliminating several procedural delays.

The move follows Canary’s introduction of its Solana and HBAR ETFs, which were made possible due to the similar 8A and CERT filings. Analysts interpret the move as a sign that XRP is soon to join the list of actively traded institutional crypto funds.

Market observers are now predicting the exact timeline for XRP ETF.

Eleanor Terrett said the fund could have a launch date of November 13, awaiting Nasdaq’s review of the related 8-A filing. She added the SEC’s response could still affect timing based on the government’s schedule to reopen.

SEC Commissioner Paul S. Atkins has recently confirmed that issuers could use the auto-effective approach during the shutdown. His comment gave the market the belief that Canary’s filing might proceed without interruption.

Bloomberg ETF strategist Eric Balchunas said the filing “jumped the gun on normal SEC back-and-forth that Solana can expect but is promising.” This shows confidence that XRP may soon be adding to other institutional-grade digital asset ETFs.

Institutional Demand for XRP ETFs Accelerates

Furthermore, the new filing has gotten XRP news and optimism around institutional adoption even stronger. According to Bloomberg data, over 20 XRP ETF applications await approval, second only to 23 Bitcoin and Solana applications.

Bitwise CIO Matt Hougan believes XRP ETFs will effortlessly raise billions of dollars in their initial few months of operation. According to him, the loyal investor base of XRP could increase initial activity to an unprecedented level, such as the inflows of Bitcoin ETFs at the start of the year.

Hougan said, “There is a divided sentiment that makes many underestimate XRP.” But it’s conviction and community strength that drives inflows over the long term.”

He added that the loyalty of the XRP Army could provide a push for sustained demand as institutional exposure grows through ETFs.

The Rex-Osprey XRP ETF, launched six weeks ago, has already passed the $100 million in assets mark. Analysts say its rapid growth is a testament to the fact that investor interest in Ripple’s ecosystem is still high. The addition of Canary’s ETF could help to multiply this institutional momentum.

XRP Price Bracing for Final Wave of Correction

Technical analyst CasiTrades shared the four-hour chart, showing that XRP price is in the fifth and last wave of the correction. The structure indicates a phase of nearing exhaustion, very often followed by a new impulse leg.

Support levels remain at $2.42, $2.03, and $1.65, where past reversals have been formed. A blow below $2.42 could confirm the final wave, and a rebound from $1.65 would mark the beginning of a new bullish sequence.

CasiTrades believed the ETF catalyst is a perfect setup for XRP’s technical formation. Once the corrective pattern has an end, an upward breakout could unfold quickly. Often, sharp reversals are experienced upon the completion of Wave 5. ETF approval may escalate this reaction, the analyst said.

Market sentiment has also turned positive, with growing on-chain volumes indicating renewed participation from long-term holders. If momentum persists, XRP could have a price target of $3.20 next.

Meanwhile, ChartNerd TA noted that the monthly Relative Strength Index (RSI) for XRP is building up just like the 2017 pre-rally structure. The RSI trend showed potential to rise towards 95, a level associated with parabolic moves in the past.

He explained that RSI setups like this one are typically preceded by long periods of consolidation and triggered when catalysts emerge. The ETF decision may give that ignition point.