XRP News Today: ETF Filings Boost Hopes for November Launch

Bitwise’s filing came after the launch of other crypto-spot ETFs earlier this week. These ETFs did not include ‘delaying amendment’ language, allowing them to launch despite the US government shutdown. Canary Funds also filed an S-1 amendment, removing the ‘delaying amendment’ terms this week. The Canary Funds XRP-spot ETF could be the next crypto ETF to debut on Wall Street, potentially giving it a first-to-market advantage.

For context, ETF issuers are filing amended S-1s to remove a ‘delaying amendment’ clause that gives the SEC control over when the ETFs could launch. Without a ‘delaying amendment,’ registrations can become auto-effective, allowing ETFs to begin trading after a 20-day waiting period.

Here’s What Traders Need to Look Out for in the Coming Days

Exchanges must approve issuers’ 8-A filings before XRP-spot ETFs can launch after the 20-day waiting period. Issuers file 8-As with the exchanges to get listing approvals, allowing them to trade on the exchanges. The Bitwise and Canary Funds XRP ETFs have filed 8-As with the Nasdaq, meaning the Nasdaq must approve the paperwork before the ETFs can begin trading.

However, the timelines could vary if the US government reopens before the 20-day waiting period. The SEC has the authority to review the filings during the waiting period and could:

• Issue comments or questions to the issuers about the filings.
• Request amendments to address any issues.
• Substantial amendments could reset the 20-day clock.
• Expedite the launches if there are no issues with the amended filings.

We previously speculated that XRP-spot ETF issuers could remove ‘delaying amendment’ language, given the US Senate impasse.

Market Expectations and Institutional Inflows

Market experts expect substantial inflows into XRP-spot ETFs, potentially sending XRP to new highs. Canary Capital CEO Steven McClurg has been increasingly optimistic about demand for XRP-spot ETFs. He recently increased his XRP-spot ETF inflow forecast, stating:

“I may have been a little bearish. We’re going to hold to that number. If it hits that number, at least I’ll be right, and if it’s $10 billion, then I’m still right because we got at least $5 billion. If we saw that kind of inflow, I think it would definitely be in the top 20 ETFs of all time, if not in the top 10.”

Notably, the REX-Ospreys XRP ETF has reported total net inflows of $124.9 million since launch. While the ETF is a hybrid, robust demand suggests strong institutional appetite for XRP-spot ETFs, reinforcing McClurg’s bullish outlook.

Technical Outlook: Key XRP Price Levels

XRP gained 2.84% on Friday, October 31, partially reversing the previous day’s 4.4% loss to close at $2.5094. The token outperformed the broader crypto market, which advanced 1.19%.

Despite snapping a four-day losing streak, XRP remained below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bearish bias. However, several events could change the narrative.

Key technical levels to watch include:

• Support levels: $2.35, $2.2, $2.0, and $1.9.
• 50-day EMA resistance: $2.6606.
• 200-day EMA resistance: $2.6077.
• Resistance levels: $2.62, $2.8, $3.0, and $3.66.