Yeliz Akmaca 
Canada marked a significant milestone in the crypto market on June 18, 2025, by launching North America’s first spot XRP exchange-traded fund (ETF). The ETF by Purpose Investments began trading on the Toronto Stock Exchange under the tickers XRPP, CRPP.B, and XRPP.U. Following its listings of spot Bitcoin and Ethereum ETFs, Canada further solidifies its leadership in the digital asset investment space with the XRP launch.
This move in Canada serves as a reference point for investors and regulators in the United States, especially as pressure mounts on the U.S. Securities and Exchange Commission (SEC).
Pending Applications in the U.S.: Franklin Templeton and Bitwise
Major ETF issuers such as Franklin Templeton and Bitwise are awaiting the SEC’s decision on their spot XRP ETF filings. The lengthy approval timelines applied in previous ETF reviews also apply to these submissions.
Meanwhile, the ongoing lawsuit between Ripple and the SEC is nearing its final phase. A resolution in the case could clarify XRP’s legal status and potentially accelerate the approval process.
Current Status of Bitcoin and Ethereum ETF Filings
Expectations from Market Experts
Market analysts believe there is a high probability of a spot XRP ETF approval within 2025.
- Bloomberg: 85% likelihood
- Polymarket: 88% probability
Will the U.S. Approve a Spot XRP ETF?
Canada’s regulatory encouragement, including leveraged crypto ETFs, indirectly pressures the SEC. Furthermore, rising interest in altcoins like XRP compels the SEC to reassess its strategy.
An approved spot XRP ETF would simplify direct access for institutional investors, increasing market liquidity and significantly boosting trading volumes. With this move, Canada sets a regulatory benchmark for the U.S., potentially reshaping American crypto regulation.
The SEC may delay XRP ETF approval to the fourth quarter of 2025, considering the final verdict in the Ripple lawsuit and growing market pressure. The approval of a spot XRP ETF will mark a pivotal moment in the crypto market. Direct institutional access to XRP would enhance liquidity and drive substantial growth in trading activity.
Canada’s leadership in this space provides a powerful precedent for U.S. regulators. Ultimately, market conditions and regulatory attitudes will determine the outcome. This ETF is not only crucial for XRP but also for the broader institutional development and maturity of the crypto asset market.
Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.