Toronto, Canada – Purpose Investments has filed a preliminary prospectus with Canadian securities regulators for the launch of the Purpose Ripple (XRP) ETF, marking the world’s first spot XRP exchange-traded fund (ETF). This move positions Canada ahead of the U.S. in regulatory approvals for crypto-based investment products.
The Purpose Ripple ETF aims to allocate most of its assets to long-term XRP holdings, offering investors a regulated and transparent way to gain exposure to the cryptocurrency. Purpose Investments, which previously launched the first spot Bitcoin and Ethereum ETFs on the Toronto Stock Exchange (TSX) in 2021, is now expanding its offerings with XRP.
“As XRP sees increasing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework,” said Som Seif, CEO of Purpose Investments.
U.S. Firms Await SEC Approval
While Purpose Investments moves forward with its XRP ETF, several U.S. firms—including Grayscale, Bitwise, Canary Capital, WisdomTree, and 21 Shares—have applied for SEC approval but are still awaiting regulatory feedback. Despite their early filings, the U.S. approval process is slower than in Canada, giving Purpose Investments a potential first-mover advantage.
Market Impact and XRP Price Outlook
According to Polymarket data, the probability of SEC approval for an XRP ETF in the U.S. has risen to 82%, signalling strong investor anticipation. Meanwhile, XRP is currently trading at $2.38, with key technical support at $2.62 and resistance near its all-time high of $3.55.
As regulatory decisions unfold, the potential launch of an XRP ETF could further accelerate institutional adoption and drive market momentum.