Purpose Investments has launched Canada’s inaugural spot XRP exchange-traded fund (ETF) after receiving regulatory approval. Trading under the ticker XRPP on the Toronto Stock Exchange, the Purpose XRP ETF marks a milestone as the first fund in Canada to offer direct exposure to the digital asset.
Despite this regulatory advancement, XRP’s price fell 3.4% to $2.17, aligning with broader cryptocurrency market declines. Analysts attribute the downturn to geopolitical tensions and macroeconomic uncertainty overshadowing the ETF announcement.
Market participants anticipate potential resolution in the ongoing SEC v. Ripple case, where a tentative $50 million settlement could alleviate regulatory concerns. Such an outcome may accelerate institutional adoption of XRP by removing longstanding legal ambiguities.
Technical analysis reveals conflicting signals for XRP’s trajectory. While a multi-month pennant pattern on weekly charts suggests potential bullish momentum toward $4.61, daily indicators including a death cross formation point to near-term bearish pressure.
Investor caution persists amid regulatory delays, particularly the SEC’s postponement of Franklin Templeton’s spot XRP ETF application. Traders are monitoring the $2.00 support level as a critical threshold for XRP’s near-term price stability.