XRP ETF Launch Confirmed in Canada by Purpose Investments

The XRP ETF is officially set to debut in North America, as Purpose Investments confirms its plans to introduce the Purpose XRP ETF on June 18. This groundbreaking move places Canada at the forefront of crypto investment products, offering unique exposure to XRP on a leading conventional exchange.

Purpose Investments, a Toronto-based asset management firm, will list the ETF under the ticker XRPP on the Toronto Stock Exchange (TSX), marking a notable achievement for both the firm and the XRP Ledger ecosystem. According to a press release, the ETF received its final regulatory approval from the Ontario Securities Commission (OSC) and will commence trading immediately.

This development follows Purpose’s longstanding role as an innovator in crypto ETFs. In 2021, the company became the first to introduce a spot Bitcoin ETF, and it is now poised to lead again with the first XRP-focused spot ETF in North America. The initiative began on January 31, when Purpose filed the initial prospectus with Canadian regulators. Less than six months later, official authorization was granted, making the June 18 launch a reality.

Designed to track XRP, the fourth-largest cryptocurrency by market capitalization, the Purpose XRP ETF underscores growing institutional acceptance of digital assets. With this product, Canadian investors can gain regulated access to XRP without directly managing wallets or trading platforms.

Accelerating Trend of Altcoin ETFs

This move comes amid growing interest in altcoin-focused ETFs worldwide. While Canada may be the first in North America, it is not the first globally. Brazilian asset management firm Hashdex launched the world’s first spot XRP ETF under the ticker XRPH11 on April 25, trading on Brazil’s leading exchange B3. Read more about that here.

In the United States, asset managers like Bitwise, Grayscale, and Franklin Templeton are pursuing similar objectives. Franklin Templeton faces a crucial deadline today for its spot XRP ETF filing. As interest rises, more firms are exploring XRP and other altcoins as viable ETF targets.

Notably, the U.S. Securities and Exchange Commission (SEC) is actively reviewing the WisdomTree XRP ETF proposal, as reported in this article. The regulatory body’s actions have bolstered optimism across markets and within investment circles.

Bloomberg’s senior ETF analyst Eric Balchunas estimates an 85% chance the SEC will approve a spot XRP ETF by the end of this year. Similarly, Jason Yanowitz, co-founder of Blockworks, recently met with a top-five banking institution and now believes XRP-based ETFs will follow closely behind recent Solana filings. His in-depth remarks can be found here.

Potential Market Impacts of an XRP ETF

The entry of a spot XRP ETF could be a catalyst for significant adoption and market activity. Jake Claver, Managing Director at DAG, sees the launch as a potential driver for a solid upward trajectory. His analysis indicates that the ETF could have a similar effect on XRP as spot ETFs had on Bitcoin’s valuation. You can explore his full predictions here.

Some market analysts are even projecting a hypothetical XRP price surge to around $12, contingent on XRP ETFs capturing just 15% of the capital inflows that Bitcoin ETFs have attracted. While speculative, the argument reveals widespread market enthusiasm and increasing confidence in altcoins gaining institutional ground.

Related: Expert Advice: Sell XRP If You’re Confused

As Purpose’s XRP ETF becomes live on the TSX, global asset managers will be watching closely. With altcoin ETFs fast becoming a pillar of digital asset markets, the spotlight on XRP has never been stronger — and this Canadian milestone is just the beginning of what could be a transformative trend for the industry.