XRP’s Big Moment? Why Nov. 13 Could Be the Day Ripple Investors Have Waited For – Crypto News – Crypto News
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XRP’s Big Moment? Why Nov. 13 Could Be the Day Ripple Investors Have Waited For XRP’s Big Moment? Why Nov. 13 Could Be the Day Ripple Investors Have Waited For

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XRP’s Big Moment? Why Nov. 13 Could Be the Day Ripple Investors Have Waited For – Crypto News

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Meanwhile, XRP whales continue to sell off.

After numerous delays over the past few years, lawsuit battles, regulatory changes, and recent filing updates, the first ETF to hold 100% XRP tokens is anticipated to debut in the United States on November 13.

XRP’s price has been quite volatile in the past several days leading up to the event, while whales seem to be preparing for a sell-the-news type of launch.

Latest on the XRP ETF Front

The US Securities and Exchange Commission delayed making a decision on countless XRP ETF applications in the past several months, but the government’s shutdown opened the door for some amendments that could bypass the regulator, at least in the most common form.

Canary Capital was the first to remove the “delayment amendment” from its filing, a move that was followed by other issuers as well. It signals that the product is ready to be launched and will be in 20 days unless the SEC objects or the Nasdaq fails to approve the 8-A filing.

Eleanor Terrett outlined yesterday that Canary filed its Form 8-A with the Nasdaq, which she described as the “final step before it [Canary’s XRP ETF] goes effective at 5:30 PM ET Wednesday.” Once the Nasdaq certifies the listing, the spot XRP ETF will be “set to launch Thursday at market open.”

Bloomberg’s ETF expert Eric Balchunas confirmed Terrett’s prediction, noting that it’s not a “done deal, but all boxes [are] being checked.”

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Terrett also distinguished the differences between Canary’s XRP ETF and the recently launched product by REX-Osprey. She said the former is a pure-play 33 Act XRP ETF with 100% exposure to Ripple’s token, while the latter came under the Investment Company (’40) Act with “partial” spot XRP exposure and less efficient tax treatment.

XRP Whales Keep Selling?

Ripple whales went on an accumulation spree after last year’s presidential elections and were the main culprit behind the asset’s massive surge to $3.40 in January and a new all-time high of $3.65 in July. However, their most recent behavior, which began in late October, has been quite worrying, especially since a spot XRP ETF launch is closer than ever.

Reports have emerged frequently that they have been disposing of sizeable portions of their XRP holdings, including offloading 900,000 tokens in just five days at one point.

Data shared by Ali Martinez indicates that they kept selling in the past several days, disposing of another 90 million coins.

This brings out the question of whether whales have been buying the rumor only to sell the news.

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