Canada Launches First Spot XRP ETF Amid US Legal Struggles

By: Isha Das

Canada has taken significant steps in the cryptocurrency landscape by launching the first spot XRP exchange-traded fund (ETF) on the Toronto Stock Exchange. Purpose Investments, a Toronto-based asset management firm, will list the XRP ETF under the ticker XRPP. This marks a historical moment as Canada leads North America in embracing this digital asset, providing investors with a regulated access point to XRP.

The ETF will be available in CAD-hedged, CAD non-hedged, and US dollar units, eligible for holding in registered accounts such as TFSAs and RRSPs. This development takes place amidst ongoing legal proceedings in the United States between Ripple Labs and the US Securities and Exchange Commission (SEC). While the SEC has yet to greenlight a similar ETF on American soil, this Canadian move sets a precedent.

Industry experts suggest that with Canada taking this bold step, the probabilities for SEC approval of a spot XRP ETF in the US could increase. Market analysts are optimistic, pegging the odds of a similar development in the US at 88%, supported by the buzz and speculation in the crypto betting community. Notably, the legal disputes in the US, involving delays in a regulatory settlement appeal, have not significantly affected XRP's price, which saw a modest rise following these events.

In parallel, there is a growing discourse around XRP price projections fueled by technical analysis and trader sentiment. Analysts foresee a potential surge, with some positing a dramatic price hike to $14 if favorable conditions mirror those from 2017. Additionally, speculative predictions have even suggested a future price of $10,000 per XRP, highlighting the extreme range of expectations in the market.