- Canada approves first spot XRP ETF.
- Ripple saw a 7x on-chain activity surge, hinting at potential Q3 breakout.
Canada has taken the lead in the altcoin ETF race by becoming the first country to approve a spot Ripple [XRP] exchange-traded fund (ETF), ahead of the much-anticipated decisions by the U.S. SEC.
Canada greenlights first Spot XRP ETF
Purpose Investments received regulatory clearance from the Ontario Securities Commission to launch the XRP ETF, set to begin trading on the 18th of June under the ticker XRPP on the Toronto Stock Exchange.
The ETF will be available in CAD-hedged, CAD unhedged, and USD options, and will qualify for inclusion in registered accounts such as TFSAs and RRSPs.
Following the announcement, XRP surged nearly 7% in 24 hours, briefly outshining Bitcoin [BTC] in performance.
Remarking on the same, Vlad Tasevski, Chief Innovation Officer at Purpose Investments, said in a statement,
“The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem.”
He added,
“We’re proud to continue pushing the boundaries of what’s possible in the space by offering investors simple, secure access to the infrastructure powering real-world blockchain adoption.”
The U.S. still holds back
Meanwhile, in the U.S., the Securities and Exchange Commission (SEC) has opted to extend its review of Franklin Templeton’s proposed spot Solana [SOL] and XRP ETFs, pushing the decision timeline into late 2025.
The delay highlights the SEC’s intent to conduct deeper evaluations on market safeguards and regulatory compliance.
However, despite the regulatory holdup, optimism remains strong.
Prediction market Polymarket reflects a 90% probability that a Ripple ETF will be approved within the year, indicating growing investor confidence in eventual approval.
XRP price impact and way ahead
That being said, despite XRP’s initial 7% surge following Canada’s spot ETF approval, the token has since corrected, trading at $2.15, at press time, after a 3.49% dip in the last 24 hours, according to CoinMarketCap.
However, recent on-chain data from AMBCrypto reveals a promising shift.
This is because Ripple has experienced a 7x surge in activity, with increased accumulation by larger wallets and rising network engagement.
Therefore, if this momentum continues, XRP could be positioning itself for a significant breakout in Q3, moving closer to becoming a long-term asset of institutional relevance.
