Canary Capital, founded by alternative asset manager Valkyrie, has joined the XRP ETF race by filing its own application, as was recently revealed.

As a reminder, earlier this month, Bitwise, a major fund manager with active Bitcoin and Ethereum ETFs, caused a stir by announcing a filing for the first ever XRP ETF. This came just before Ripple, a company which leverages XRP in its operations, received an appeal from the SEC.

Nate Geraci, president of ETF Store, which provides advisory and management services for these financial instruments, does not doubt that XRP will one day get its own ETF. 

According to Geraci, the approval of an XRP ETF is a matter of "when," not "if." On the other hand, he emphasizes that this "when" will be much further in the future unless there is a change in administration, meaning, the U.S. presidency. 

Is XRP really next up?

The motivation behind Canary Capital's filing to create an XRP ETF is to capitalize on the growing demand for alternative cryptocurrencies with a new investment product. Some signs of a more favorable regulatory environment also give the company confidence. 

It should be noted that XRP is currently the seventh largest cryptocurrency by capitalization and is actually one of the few digital assets whose nonsecurity status has been recognized by the courts.

On the other hand, the SEC has not yet announced what exactly it intends to appeal. Thus, XRP's status and transactions are still being questioned, although the cryptocurrency is now in a position of strength thanks to previous rulings. 

Nevertheless, the legal battle is likely to drag on for another two years or so, complicating the approval process.