A landmark XRP investment vehicle could soon hit U.S. markets, potentially reshaping institutional access to the Ripple-linked token.

Canary Funds’ XRP Trust is on track to become the first U.S.-listed spot XRP exchange-traded fund (ETF) after the firm filed Form 8-A with the Securities and Exchange Commission (SEC) on Tuesday — the final step before trading activation.

According to Bloomberg ETF analyst Eric Balchunas, the filing indicates the fund is ready to launch, pending Nasdaq’s certification, which is expected by 5:30 p.m. ET on Wednesday. Once approved, the ETF could begin trading Thursday, offering investors direct exposure to XRP under the Securities Act of 1933.

A successful launch would expand XRP’s liquidity base and open the door to registered investment advisers (RIAs) and institutional allocators who have so far limited their crypto exposure to Bitcoin or Ether.

The development marks a key milestone for Ripple’s ecosystem, arriving nearly two years after the debut of spot Bitcoin ETFs in January 2024.

Canary’s offering will be fully backed one-to-one by XRP held in custody with a regulated trust — distinguishing it from REX-Osprey’s $XRPR ETF, which operates under the Investment Company Act of 1940 and provides only partial XRP exposure through a mixed-asset structure. The latter’s design results in higher tracking error and less favorable tax treatment.

Analysts at CoinDesk note that Canary’s ETF could deliver cleaner price discovery for XRP and serve as a litmus test for whether institutional capital is prepared to move into altcoin-based ETFs beyond Bitcoin and Ethereum.

As of early Wednesday trading in Asia, XRP hovered near $2.48, down about 5% over 24 hours amid a broader crypto market pullback.

With spot Ether ETFs already trading and Solana applications awaiting approval, XRP’s entry into the ETF arena could mark the beginning of a new phase of diversification in the U.S. crypto market — one expanding beyond the dominant networks toward payment- and settlement-focused blockchains like Ripple.