Canada Approves First Spot XRP ETF—Purpose XRP ETF to Debut on TSX June 18

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 countrys leadership in “building a regulated digital asset ecosystem.”

We‘re proud to continue pushing the boundaries of what’s possible in the space by offering investors simple, secure access to the infrastructure powering real-world blockchain adoption.

Meanwhile, Purpose has disclosed that it would continue to broaden access to digital assets through regulated and transparent means.

Canadas 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 to trade at $2.2. However, it has “printed” losses across the rest of the major trading sessions as it falls by in the last 24 hours, in the last 30 days, in the last 90 days, and 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.