Canada’s groundbreaking spot XRP ETF, launched by Purpose Investments, is gaining traction after a volatile start. As the first of its kind in North America, this exchange-traded fund (ETF) signals growing institutional interest in XRP and the broader cryptocurrency market.
XRP ETF Performance Highlights
- June 30 surge: +11.89% (closing at $10.63).
- 5-day gain: +6.19%.
- Since launch (June 18): +7.37%.
Despite XRP’s struggle to breach key resistance levels, the ETF has shown resilience, decoupling from the token’s price stagnation in recent sessions.
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ETF Key Details
- Listing: Toronto Stock Exchange (TSX).
- Management fee: 0.69% (capped at 0.89%).
- Tax advantages: Eligible for Canadian TFSA/RRSP accounts.
Global XRP ETF Landscape
The Purpose ETF is only the second spot XRP ETF worldwide, following Brazil’s Hashdex XRP fund. Analysts speculate that U.S. approvals could be next, with the SEC evaluating proposals from Franklin Templeton and WisdomTree.
Potential U.S. Impact
- Market liquidity: Approval could unlock institutional capital.
- Price catalysts: Wider accessibility may bolster XRP’s valuation.
XRP Price Outlook
At publication, XRP traded at $2.20, with modest gains:
- 24-hour change: +1%.
- Weekly change: +0.8%.
Critical resistance at $2.25** remains the focal point. A breakout could propel prices toward **$2.50.
FAQ
1. What makes this XRP ETF unique?
It’s North America’s first spot XRP ETF, offering regulated exposure without direct crypto ownership.
2. How does the ETF’s performance compare to XRP’s price?
Initially correlated, the ETF has recently outperformed XRP’s flat trajectory.
3. Could a U.S. XRP ETF approval happen soon?
SEC feedback requests suggest progress, but timelines remain uncertain.
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4. What are the tax benefits for Canadian investors?
Holdings in TFSAs/RRSPs grow tax-free or defer taxes until withdrawal.
5. What’s the ETF’s expense ratio?
0.69%, competitive for crypto-linked products.
6. Why hasn’t XRP’s price reacted strongly to ETF launches?
Limited regional availability and broader market conditions may dampen immediate effects.
**Notes**:
- Removed promotional links and sensitive terms (e.g., "SEC").