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- Purpose Investments’ spot XRP Exchange Traded Fund (ETF) application has officially been approved by the Ontario Securities Commission (OSC).
- It is expected to start trading on the Toronto Stock Exchange on June 18 under the ticker XRPP.
Canada has made a groundbreaking decision to approve the trading of the first-ever spot XRP Exchange Traded Fund (ETF). According to the post shared by Wu Blockchain, the approval of the Purpose XRP ETF filed by Purpose Investments Inc. represents a significant shift towards advanced regulatory clarity for digital assets in Canada.
The Details of the Purpose of the XRP ETF Approval
Per the details, the XRP ETF would begin trading on June 18 under the ticker XRPP on the Toronto Stock Exchange. Just as any other ETF, XRPP would provide direct exposure to XRP’s price movement without ownership of the crypto itself. Additionally, users would be able to trade shares of the ETF at a prevailing market price without any major impact on the market.
Commenting on this, Chief Innovation Officer at Purpose Investments, Vlad Tasevski, lauded the decision of the Ontario Securities Commission (OSC) to grant the final prospectus receipt, claiming this reinforces the country’s leadership in “building a regulated digital asset ecosystem.”
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Meanwhile, Purpose has disclosed that it would continue to broaden access to digital assets through regulated and transparent means.
Canada’s growing interest in advancing the investment options of altcoins is evident in its recent approval of a spot Solana ETF. As noted in our earlier post, applications of four issuers – Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ were approved by the OSC to track the price of SOL. Meanwhile, similar products are awaiting the decisions of the US Securities and Exchange Commission (SEC).
Chance of XRP ETF Approval in the US
As highlighted in our last analysis, Balchunas believes that there is an 85% chance of an XRP ETF approval this year. This implies that the applications from Bitwise, CoinShares, and Grayscale could receive major breakthroughs with Grayscale’s ETF expected to see approval or rejection by October 18. Most importantly, a decision is expected to be made today on Franklin Templeton’s spot XRP ETF application.
As indicated in our earlier discussion, the prospect still faces regulatory hurdles as XRP still finds itself in major legal controversies. As also featured in our recent coverage, the Oregon Attorney General Dan Rayfield has labeled XRP as an unregistered security in a recent lawsuit against crypto exchange Coinbase.
In the midst of these, XRP is still struggling to break out as it moves within a tight range on its weekly chart. In the last 24 hours, XRP has surged by 1.2% to trade at $2.2. However, it has “printed” losses across the rest of the major trading sessions as it falls by 2.4% in the last 24 hours, 7.4% in the last 30 days, 3.4% in the last 90 days, and 4% from year to date. According to our recent analysis, the asset can stage a rebound to $2.6 and double this level to $5 in the near term.
