Canada Approves World's First Spot XRP ETF.
Ripple’s On-Chain Activity Increases 7X, Signaling Potential Boom in Q3.
Canada has led the altcoin ETF race, becoming the first country to legalize a Ripple [XRP] spot exchange-traded fund (ETF). The move comes ahead of the U.S. Securities and Exchange Commission (SEC)’s final ruling – a strategic move that could usher in a new wave of capital inflows into the crypto space.
Canada Greenlights First Spot XRP ETF
Purpose Investments has been granted approval by the Ontario Securities Commission to operate an XRP ETF, preparing to list on June 18 under the ticker symbol XRPP on the Toronto Stock Exchange.
This ETF offers CAD-hedged, unhedged and USD-direct options, and is suitable for inclusion in registered investment accounts such as TFSAs and RRSPs – making it easy to access for both individual and institutional investors.
Immediately after the announcement, XRP increased by nearly 7% in 24 hours, temporarily surpassing Bitcoin [BTC]'s rebound in the same period - a sign of a "tsunami" of money flowing into this asset.
Vlad Tasevski – Director of Innovation at Purpose Investments – emphasized in the statement:
“The OSC’s approval of the Purpose XRP ETF prospectus reaffirms Canada’s global leadership in building a transparent and well-governed digital asset ecosystem.”
He added:
“We are proud to continue to break boundaries, giving investors simple, secure access to real-world Blockchain technology.”
US SEC has yet to finalize key move
Meanwhile, in the United States, the Securities & Exchange Commission (SEC) has extended the deadline for its review of Franklin Templeton’s proposed Solana [SOL] and XRP spot ETFs, pushing the decision deadline to late 2025.
The move shows that the SEC wants to further examine the market security layer as well as regulatory compliance before approving the first cryptocurrency ETF product in the country.
Despite regulators dragging out the approval process, optimism prevails in the market.
On Polymarket, the prediction of the Ripple ETF being approved this year has skyrocketed to 90%, reflecting investors' confidence in the possibility that the SEC will "give the green light", paving the way for a huge wave of capital to land in cryptocurrencies in the near future.
XRP Price Movement & What's Next
Although XRP had surged 7% immediately after the ETF was approved in Canada, by press time, this cryptocurrency had slightly adjusted, trading around $2.15, corresponding to a decrease of 3.49%/24h, according to CoinMarketCap data.
The latest on-chain data from TinTucBitcoin brings another notable bright spot.
Specifically, Ripple witnessed a 7-fold increase in transaction volume, along with a strong accumulation trend from "whale" wallets and unprecedented network interaction.
If this positive momentum continues, XRP could well be on its way to a spectacular breakout in Q3, cementing its role as a long-term asset and attracting significant interest from global financial institutions.
Source: https://tintucbitcoin.com/canada-duyet-etf-xrp-my-theo-sau/
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