Canary Funds Updates XRP ETF Filing Amid Rising Institutional Purchases, Declining Payment Volume
Canary Funds has made recent updates to its XRP ETF filing, a significant move amidst rising institutional purchases and declining payment volumes. This updated S-1 registration signifies that the filing will become effective within 20 days, with a potential launch date set for November 13, contingent on approval from Nasdaq.
Institutional Purchasing Activity on the Rise
Increasing interest from institutional investors is a key factor in the current XRP landscape. Firms are planning substantial investments in XRP, which may limit its supply in the market. This growing institutional activity enhances XRP’s attractiveness, positioning it alongside established cryptocurrencies like Bitcoin and Ethereum.
Payment Volume Decline
Despite the surge in institutional buying, XRP’s payment volume has reported a noticeable decline. This decrease could indicate a short-term slowdown in both remittances and institutional transactions.
The drop in payment volume raises concerns regarding reduced organic usage of XRP. The ongoing decline suggests challenges in regaining its competitive market share.
Looking Ahead
With the upcoming filing and potential ETF launch, XRP’s future remains uncertain. Nevertheless, the growing interest from institutional investors may play a crucial role in shaping its trajectory. As events unfold, market observers will closely watch for further developments in XRP’s performance and usage.
