Meanwhile, XRP whales continue to sell out.
The price of XRP has been quite volatile in recent days leading up to the event, as whales appear to be preparing for a launch that sells the news.
Latest news on the XRP ETF front
The U.S. Securities and Exchange Commission has delayed making a decision on numerous XRP ETF applications in recent months, but the government shutdown opened the door to a number of changes that could bypass the regulator, at least in the most common form.
Canary Capital was the first to remove the “deferral amendment” from the filing, a move followed by other issuers. It indicates that the product is ready to launch and will be within 20 days unless the SEC objects or the Nasdaq fails to approve the 8-A filing.
Eleanor Terrett announced yesterday that Canary has filed its Form 8-A with the Nasdaq, which it has done described as the “last step before [Canary’s XRP ETF] takes effect Wednesday at 5:30 PM ET.” Once the Nasdaq has certified the listing, the spot XRP ETF will be launched “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] be checked.”
Canary filed 8A for XRP ETF last night, pointing to launch tomorrow or Thursday (today is a holiday). Thursday was the day we thought they would be on track, but when they did the 8A for HBAR they started the next day. No deal yet, but all boxes are being checked. Stay informed.. pic.twitter.com/gVt9c3psmu
— Eric Balchunas (@EricBalchunas) November 11, 2025
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Terrett also highlighted the differences between Canary’s XRP ETF and REX-Osprey’s recently launched product. She said the former is a pure-play 33 Act XRP ETF with 100% exposure to Ripple’s token, while the latter fell under the Investment Company (’40) Act with “partial” spot
Continue to sell XRP whales?
Ripple Whales embarked on an accumulation spree after last year’s presidential election and were the main culprit behind the asset’s huge surge to $3.40 in January and a new all-time high of $3.65 in July. However, their most recent behavior, which started in late October, is quite concerning, especially as the launch of a spot XRP ETF is closer than ever.
There have been regular reports that they have sold off significant portions of their XRP holdings, including at one point selling 900,000 tokens in just five days.
Data shared by Ali Martinez indicates that they have continued to sell in recent days, throwing away another 90 million coins.
90 million $XRP sold by whales in 72 hours! pic.twitter.com/MIYtc2z4Ki
— Ali (@ali_charts) November 11, 2025
This raises the question of whether whales bought the rumor just to sell the news.
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