This week, Canary Capital announced its intent to create an XRP ETF, sparking interest and discussions in the crypto community.

Competition for XRP ETF

On Tuesday, Canary Capital officially joined the race for launching an XRP ETF, following Bitwise's move one week prior. Canary Capital was founded by Steven McClurg, a former co-founder of Valkyrie Funds. The application outlines the creation of a spot ETF that tracks the asset's price using the Chicago Mercantile Exchange CF Ripple index.

Expert Opinions on XRP ETF Prospects

Nate Geraci, president of The ETF Store, expressed optimism about the XRP ETF approval, noting the product's eventual launch potential. However, he believes the decision process could take longer unless there's a change in the US administration, hinting at a Trump victory as a potential catalyst.

Ripple's Legal Hurdles and Their Impact on XRP ETF

The push for XRP ETFs comes amid Ripple's ongoing legal battles with the SEC, which began in December 2020, accusing the company of unregistered securities offerings. In July 2023, Ripple achieved a partial victory when a court ruled XRP sales on public exchanges do not constitute securities sales.

Despite the regulatory challenges and political climate, interest in XRP ETF continues to grow, reflecting investors' confidence in Ripple's future.