Canada Lists First Spot XRP ETF While Ripple-SEC Appeal Stalls in U.S.
Canada has officially beaten the United States to market with the launch of the first spot XRP ETF, a major regulatory and financial milestone. On June 18, Purpose Investments will list the Purpose XRP ETF (XRPP) on the Toronto Stock Exchange, offering CAD-hedged, unhedged, and USD-denominated units to retail and institutional investors.
This makes Purpose the first asset manager in North America to launch both a spot Bitcoin ETF and now a spot XRP ETF - setting the pace in regulated digital asset exposure.
Ripple and SEC Agree to Pause Appeal After April Talks
While Canada moves forward, the U.S. remains mired in legal inertia. Ripple Labs and the SEC have filed a joint request with the Second Circuit Court to extend the pause on the SEC’s appeal, which originally aimed to overturn Ripple’s favorable 2023 ruling.
The appeal was filed under ex-SEC Chair Gary Gensler in October 2024. However, after preliminary settlement talks in April 2025, both parties have pushed to delay further litigation. The SEC has committed to providing a progress update by August 2025.
XRPP Launch Details
- ETF Name: Purpose XRP ETF
- Tickers: XRPP (CAD-hedged), XRPP.B (unhedged), XRPP.U (USD)
- Exchange: Toronto Stock Exchange
- Eligibility: TFSA, RRSP, and other Canadian registered accounts
Purpose confirmed the fund will provide direct, regulated exposure to XRP with full custodial transparency.
U.S. Outlook: Odds of XRP ETF Approval Rising
Despite the legal delay, sentiment remains bullish. Grayscale and other firms await U.S. SEC approval for similar products. On Polymarket, decentralized prediction markets show 88% odds of a U.S. spot XRP ETF approval by year-end.
XRP itself is trading modestly higher on the news, up 1.4% to $2.22 as of press time.
Canada’s regulatory clarity has once again leapfrogged the U.S., this time in launching the first spot XRP ETF. Meanwhile, Ripple’s legal pause could signal a U.S. approval path - just not yet. With investor demand rising and global competition heating up, the SEC’s next move will be under the microscope.
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