According to ETF analyst Eric Balchunas, Canary Capital, a Nashville-based firm launched by alternative asset manager Valkyrie, has jumped into the XRP ETF race with its own filing.

The firm wants to tap into the growing demand for alternative cryptocurrencies with the newly proposed product. It also told Fox Business that it was seeing some signs of a more favorable regulatory environment.  

Earlier this month, Bitwise, the leading crypto index fund manager, caused a stir by announcing the very first XRP ETF filing. 

It came shortly before Ripple, the company associated with the XRP cryptocurrency, was slapped with an appeal by the U.S. Securities and Exchange Commission.      

The SEC is yet to reveal what exactly it is going to appeal. However, the prolonged legal battle will most likely complicate the approval process. 

As reported by U.Today, Ripple CEO Brad Garlinghouse has confidently predicted that an XRP ETF will be eventually launched, adding that such a scenario is "inevitable."