During a recent interview, Canary Capital CEO said that the XRP Spot ETF has the potential to outperform rival funds.

The CEO of Canary Capital, an investment firm focused on digital assets, estimates that the XRP Spot ETF could surpass those on Ethereum and Solana. This strong statement comes just as anticipation is growing for a possible SEC approval.

Canary Capital CEO Says XRP ETF Has Potential to Overtake Rivals

In a recent interview shared by Paul Barron, Canary Capital CEO Steven McLurg said that the XRP Spot ETF has the potential to outperform its rivals.

"There is now clear legal precedent that XRP is not a security. It could easily be included in a fund under the 33 Act. Of all the products awaiting approval, I believe the XRP ETF will be the most successful."

His remarks come at a crucial time, with crypto investors awaiting the SEC's decision on several funds, including Solana and XRP, as well as the possible inclusion of staking in Ethereum ETFs.

During the interview, Paul Barron also highlighted another element in favor of XRP: the adoption of the ISO 20022 standard by Fedwire, the Federal Reserve's payments network.

On July 14, the Federal Reserve's Fedwire payment network officially adopted the ISO 20022 standard, dramatically improving the speed, accuracy, and traceability of payments. The new system allows for the real-time processing of trillions of transactions per day, including those involving the central bank's reserves and U.S. Treasury securities.

Unlike Ethereum and Solana, which are primarily designed for smart contracts and decentralized applications, XRP is one of the few assets – thanks to Ripple's infrastructure – designed for large-scale, real-time cross-border transactions, making it perfectly in line with the new standards adopted by institutions like the Fed.

When will the funds be approved?

Bloomberg analysts James Seyffart and Eric Balchunas say the approval of the XRP Spot ETF is virtually certain, with a 95% probability of approval in 2025. The probabilities for the Solana, Litecoin, and Cardano ETFs are similar, between 90% and 95%.

Despite the optimism, the XRP ETF process has been slowed down. In early June, the SEC postponed its review of Franklin Templeton 's applications for XRP and SOL funds, postponing any decision until October. The review will focus on compliance, market protection, and product structure.

Meanwhile, other filings are progressing. ProShares has updated its SEC filings and set July 18 as the effective date for its XRP ETF. The update was made through an amendment filed under Rule 485(b)(1)(iii), which allows certain registrations to become effective without further approval unless the SEC intervenes.

The company has now formalized its intention to launch the fund on that date, but it remains to be seen whether there will be objections from the regulator.

Another crucial date for funds is July 25 : the American regulator will decide whether to approve the spot ETF on XRP proposed by REX Shares and Osprey .

Canada's First Spot XRP ETF Is a Success

Meanwhile, Canada’s first XRP-focused ETF, managed by firm 3IQ, quickly surpassed $50 million in assets under management within weeks of its June 18 debut.

In the first 72 hours of its launch alone, the fund had already raised CAD $23 million (about $16.7 million).

The fund, listed on the Toronto Stock Exchange under the ticker symbols XRPQ and XRPQ.U, is attracting investors with its zero management fees for the first six months. The ETF offers direct exposure to XRP, with holdings coming exclusively from regulated trading platforms and over-the-counter counterparties.

3iQ President and CEO Pascal St-Jean called the success of the XRP ETF a sign of investors' growing maturity in the space.

Retail and institutional investors are becoming increasingly selective in their allocations. They're choosing assets like this one, which combines the flexibility of an exchange-traded fund with a zero management fee at launch. This is a stark contrast to the higher premiums that characterized previous digital asset ETFs.

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