- 21Shares has triggered a 20-day countdown toward potential SEC approval of a spot XRP ETF.
- Canary Capital’s XRP ETF has also entered a countdown window and could trade under the ticker XRPC.
- Ripple is gaining momentum with new partnerships and milestones for its RLUSD stablecoin.
The formal countdown for a U.S. spot XRP exchange-traded fund (ETF) has begun. Asset manager 21Shares filed an amended prospectus invoking Section 8(a) of U.S. securities law, which activates a 20-day automatic effectiveness window.
This procedural step signals a meaningful move toward possible approval by the U.S. Securities and Exchange Commission (SEC) and has prompted renewed optimism within the XRP community.
21Shares triggers 20-day countdown
Bloomberg ETF analyst Eric Balchunas first highlighted the development, noting on X (formerly Twitter) that “21Shares just pulled an 8(a) for a spot XRP ETF — the 20-day clock is on.”
Under Section 8(a), a registration statement automatically becomes effective after 20 days unless the SEC acts to suspend or otherwise delay the filing. In 21Shares’ amended filing, language that would permit delaying the amendment was removed, indicating the countdown toward potential effectiveness is now active.
If the SEC does not act within the 20-day window, the application will go into effect automatically, clearing the way for the fund to launch.
Similar procedural actions have been taken by other issuers seeking spot XRP ETFs, reflecting intensifying competition among asset managers vying to bring the first U.S. spot XRP ETF to market.
Canary Capital joins the XRP ETF race
21Shares’ filing follows a similar move by Canary Capital Group, which has also entered the 20-day countdown window for its proposed XRP ETF. Canary Capital urged investors to “get ready” in social media posts and stated that its Canary XRP ETF (XRPC) is “coming soon.”
The proposed fund would list on Nasdaq under the ticker XRPC and hold XRP with custodians Gemini Trust Company and BitGo Trust Company. The fund intends to use the CoinDesk XRP CCIX New York Rate as its official price benchmark.
Canary Capital’s entry into the race comes after the firm successfully launched the first U.S. spot ETFs for Litecoin (LTC) and Hedera (HBAR) in late October, a track record that has bolstered investor confidence in the prospect of further crypto ETF approvals that include XRP.
Ripple momentum builds ahead of potential approval
The progress toward an XRP ETF comes at a time of broader momentum for Ripple Labs and the XRP ecosystem. Ripple recently announced new partnerships with Mastercard and WebBank to support settlements for its RLUSD stablecoin, and the XRP Ledger (XRPL) recently surpassed 100 million ledgers recorded.
RLUSD has also reached a significant milestone, exceeding $1 billion in circulation.
Combined with ETF momentum, these developments have fueled optimistic views that institutional interest in XRP could grow rapidly if a regulated U.S. spot XRP ETF receives approval. Market participants note that a U.S.-approved spot XRP ETF would provide traditional investors regulated access to XRP exposure, potentially improving liquidity and adoption.
With the 20-day countdown now underway, the crypto community is watching closely. If the SEC does not act to delay the filings, 21Shares’ XRP ETF could soon become the latest addition to an expanding lineup of U.S. digital asset investment products.