Institutional investor Canary Capital has dramatically increased its holdings of XRP, adding an additional 11.9 million tokens to their already significant portfolio. This purchase brings their total holdings past the 120 million XRP mark. The firm’s moves come amid a surge in institutional interest for the cryptocurrency, fueled by the launch of the XRPC ETF and upcoming spot XRP ETFs from several major financial institutions. 36Crypto reports that Canary Capital’s buying activity has been especially pronounced between November 13th to 26th, with purchases amounting to over 84.6 million XRP. Diana, a prominent crypto commentator, believes these actions indicate strategic positioning before wider market participation in the upcoming XRP-related investment products. Furthermore, this accumulation follows the successful launch of XRPC ETF, which generated $245 million in trading volume on its first day. The firm’s continued buying suggests they are aiming to capitalize on anticipated demand from other issuers who will soon launch their own XRP ETFs. 10-day tracking of Canary’s purchases reveals a clear trend of building up holdings, with the latest acquisition being particularly noteworthy.