XRP News Today: Canary ETF Launch Nears as Traders Lock In Profits

Buy the rumor, sell the news’ strategy hit XRP bulls on Tuesday, November 11, as traders locked in profits ahead of a pivotal Wednesday, November 12, session. The US Senate approved a funding bill, passing it to the House, raising hopes for a government reopening. A reopening could coincide with the launch of XRP-spot ETFs under the 1933 Act.

Additionally, government officials returning to work would see the SEC resume normal operations. The SEC could approve XRP-spot ETFs for issuers yet to file amended S-1s to remove delaying amendment language.

XRP rallied 6.65% on Monday, November 10, before reversing on Tuesday following the Senate vote.

XRP-Spot ETF Launch T-10

Speculation intensified on Wednesday, November 12, about the launch of the Canary XRP ETF (XRPC).

In October, Canary Funds filed an amended S-1 removing the delaying amendment language, allowing trading after a 20-day waiting period. Although the Senate approved the bill, the government is expected to remain in shutdown until Friday as the House vote is pending. The shutdown removes the risks of the SEC querying Canary Funds’ filing.

Notably, Canary Funds filed an 8-A on Monday, November 10, signaling a potential launch on Wednesday, November 12. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared the 8-A filing, stating:

“Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday (today is holiday). Thursday was the day we thought they’d be on track for but when they did the 8A for HBAR they launched the next day. Not done deal but all boxes checked. Stay tuned.”

CryptoAmerica host and journalist Eleanor Terrett hinted at a Thursday launch, stating:

“Canary Funds has filed its Form 8-A. This is the final step before it goes effective at 5:30 PM ET Wednesday, once the Nasdaq certifies the listing. When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open.”

First-to-Market Advantage Spotlights Canary XRP ETF

Crucially, Canary Funds’ XRP ETF will have a first-to-market advantage, given it will be the first ‘pure’ US XRP-spot ETF. The first US XRP ETF, the REX-Osprey XRP ETF (XRPR), launched in September. However, the REX-Osprey XRP ETF is a hybrid, combining spot, other ETFs, and derivatives, if required.

Bitwise, Franklin Templeton, and 21Shares also filed S-1 amendments to remove the delaying amendment language, allowing trading after their 20-day waiting periods. Bitwise is expected to launch next, provided the SEC has no queries once the government reopens.

One potential outcome is for the SEC to approve the remaining XRP-spot ETFs. Mass approvals would limit any first-to-market advantage for Canary Funds and potentially Bitwise.

Canary Capital CEO Steven McClurg has been very optimistic about institutional demand for XRP-spot ETFs. Speaking on the Paul Barron channel, he turned more bullish on XRP-spot ETF inflows, revising his original $5 billion first-month projection, 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.”

Technical Outlook: Key XRP Price Levels

XRP slid 5.24% on Tuesday, November 11, partially reversing the previous day’s 6.65% rally to close at $2.3920. The token underperformed the broader crypto market, which fell 3.15%.

Tuesday’s reversal left XRP below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bearish bias.

However, specific catalysts could trigger a trend reversal, potentially sending XRP to new highs.

Key technical levels to watch include:

• Support levels: $2.35, $2.2, $2.0, and $1.9.
• 50-day EMA resistance: $2.5525.
• 200-day EMA resistance: $2.5814.
• Resistance levels: $2.5, $2.62, $2.8, $3.0, and $3.66.

Catalysts to Watch in the Sessions Ahead

In the near term, several key events could influence price trends:

• US House approves funding bill.
• XRP-spot ETFs (delays or launches) and BlackRock’s position on an iShares XRP Trust.
• Blue-chip companies’ stance on XRP as a treasury reserve asset.
• Regulatory milestones: Ripple’s application for a US-chartered bank license, the Market Structure Bill, and SWIFT-related news could also drive near-term price trends.

Bearish Scenario: Risks Below $2.35

• BlackRock dismisses plans for an XRP-spot ETF.
• The US House delays the government reopening, delaying launches for XRP-spot ETFs without amended S-1 filings.
• The US Senate challenges crypto-friendly legislation, including the Market Structure Bill.
• Blue-chip companies show limited interest in XRP as a treasury reserve asset.
• OCC delays or rejects Ripple’s US-chartered bank license.
• SWIFT retains its market share in the global remittance sector, limiting Ripple’s market access.

These bearish events could push XRP toward $2.35, bringing the $2.2 support level into play. If breached, the lower trendline would be the next key support level.

The descending channel showed XRP failing to break above the upper trendline in early October. The failed breakouts led to lower highs and lower lows, a bearish indicator. Buyer demand at the lower trendline remains critical; a breakdown could expose the $2 psychological support. See the chart below for reference.

Bullish Scenario: Path to $3 Remains Challenging

• The US House approves the funding bill to reopen the government.
• BlackRock files an S-1 for an iShares XRP Trust, and XRP-spot ETFs launch.
• Blue-chip companies purchase XRP as a treasury reserve asset, and Main Street firms integrate Ripple technology.
• Ripple secures a US-chartered bank license, and the US Senate passes the Market Structure Bill.

A break above the $2.5 resistance level could open the door to testing the 50-day and 200-day EMAs. A sustained move through the EMAs would bring the $2.62 resistance level into play, with the upper trendline the next key resistance level.

Outlook: Near-Term Structure Turning Bullish

Despite Tuesday’s pullback, an XRP-spot ETF launch could trigger a breakout toward $3. However, the House vote on the funding bill and the Market Structure Bill’s passage on Capitol Hill will also influence near-term price trends.

XRP’s short-term path hinges on XRP-spot ETF launches and flows. Meanwhile, the Fed’s policy stance also requires consideration amid shifting bets on a December rate cut.

Traders should monitor updates on the Market Structure Bill and the Canary XRP ETF launch—both key near-term catalysts.

The next 48 hours may determine whether XRP finally decouples from Bitcoin.