Canary Capital, a digital asset investment firm, has filed for a spot XRP ETF with the SEC, following Bitwise's lead. This comes amid the continuing legal dispute between Ripple Labs and the SEC over the classification of XRP.

Filing for Spot XRP ETF

Canary Capital's application for a spot XRP ETF highlights the growing interest in cryptocurrencies beyond conventional giants like Bitcoin and Ethereum. Founder Steven McClurg emphasized their motivation by a more favorable regulatory environment and the surge in investor curiosity about blockchain solutions like XRP.

Ripple's Legal Challenges

In July 2023, a federal judge ruled that while Ripple's institutional sales of XRP are unregistered securities, secondary sales are not classified as such. Ripple faced a $125 million penalty, considerably lower than the anticipated $2 billion, leading to a temporary drop in XRP's price. In response to ongoing legal challenges, XRP supporters launched a petition to stop the SEC's appeal in the Ripple case, gathering over 8,300 signatures towards a goal of 10,000.

Current XRP Trends

Currently, XRP's price is experiencing a slight uptick of 0.65%, with trading values fluctuating between $0.5216 and $0.5341, although overall sentiment remains bearish. Recently, Bitwise filed for an XRP ETF, sparking discussions among industry experts about the potential impact of the upcoming US election on its approval.

The extensive discussion surrounding XRP and its legal status continues, highlighting the evolving nature of cryptocurrency regulation and the growing interest in alternative cryptocurrencies.