According to @EleanorTerrett, Canary Funds CEO Steven McClurg stated that the first single-token spot XRP ETF (ticker XRPC) is “going effective” and credited SEC leadership for supporting free markets; source: Eleanor Terrett post on X dated Nov 12, 2025. The post provides no SEC filing number, effective date, or exchange listing circular, so traders should wait for the effective registration statement on SEC EDGAR and an official exchange listing notice before executing event-driven positions; sources: Eleanor Terrett post on X; SEC EDGAR and Division of Corporation Finance guidance. If confirmed, primary-market creation/redemption and ETF-NAV spread dynamics would likely shape XRP spot liquidity and derivatives basis in a manner consistent with the US spot BTC ETF framework; source: SEC Order Release No. 34-99306 (Jan 10, 2024) approving spot Bitcoin ETF listings.