Nasdaq Approves First U.S. Spot XRP ETF, Launching Thursday

NEW YORK, N.Y. — Nasdaq has officially certified the first U.S. spot XRP ETF, called the XRPC, which will launch at the U.S. market open on Thursday. The announcement comes as XRP’s price rose 3.28% to $2.48, alongside a 31% increase in trading volume, as investors prepare for the new ETF.

The approval marks a significant milestone, being the first exchange-listed XRP fund in the U.S. and one of the fastest approvals through the SEC’s automatic effectiveness process. As of 5:30 PM ET on Wednesday, the new ETF is set for launch, expected to attract significant institutional investment, reflecting past trends seen with Bitcoin and Ethereum.

The ETF will custody XRP through Gemini Trust Company and BitGo Trust Company while using CoinDesk‘s XRP CCIXber benchmark for price evaluation. Analysts see this as a pivotal expansion for spot cryptocurrencies into institutional territories.

In anticipation of the ETF’s launch, more than 21,000 new XRP wallets were created within 48 hours, representing the strongest network expansion in eight months. However, some larger holders, or “whales,” have sold off approximately 90 million XRP tokens leading up to the event, generating short-term market supply pressure as prices perform positively.

On Wednesday, XRP traded as high as $2.52, with 163 million tokens exchanged, marking a trading volume 143% above the 24-hour average. The token has shown strong support above $2.40, which could indicate sustained bullish momentum ahead of the ETF’s opening on Thursday.

Industry experts believe the success of the XRPC ETF could initiate a similar revaluation phase for XRP much like those seen with previous Bitcoin ETPs. Essential support levels are identified at $2.40, with further resistance targeting $2.52 and extending potentially up to the psychological mark of $2.70, contingent on continued volume and positive price actions.