Canada Launches First Spot XRP ETF, Leading the US

• XRP ETF approved in Canada by Purpose Investments
• Ripple and SEC seek extension in court appeal
• XRP Debuts on the Toronto Stock Exchange with Three Currency Options

Ripple Labs and the US Securities and Exchange Commission (SEC) have jointly asked the Second Circuit Court to extend the stay on the agency's appeal, as part of the developments in the lawsuit that opposes the parties.

Second document filed on June 16, the aim is to avoid new litigation while a previous agreement is being solidified. The request comes after Judge Analisa Torres denied the amendment of the final sentence, concluding that there were no “exceptional circumstances” that would justify changing the previous court decision.

⚡️Purpose Investments has announced it will launch the first $ Xrp spot ETF in Canada on June 18

The ETF will trade on the Toronto Stock Exchange under the ticker $XRPP and aims to provide direct exposure to $ Xrp for institutional investors $ Xrp price jumped ∼8% after this news pic.twitter.com/NqyNAS0pd6

— Crypto Coin Show (@CryptoCoinShow) June 16, 2025

In light of this, Ripple and the SEC have opted to file a new joint motion to temporarily stay the appeal. The original SEC action, led by Gary Gensler, was filed in October 2024 as a challenge to a court ruling in Ripple’s favor. With a pre-agreement reached in April 2025, both parties are now awaiting the court’s ruling, while the SEC has promised to update the case on its progress by August.

While the process is moving slowly in the United States, Canada has achieved an unprecedented feat on the continent: the approval of the first spot XRP exchange-traded fund (ETF).

Toronto-based asset manager Purpose Investments announced which will list the Purpose XRP ETF on the Toronto Stock Exchange on June 18, with the ticker XRPP. The company had previously led the way by launching the first spot Bitcoin ETF in the country.

The new fund offers regulated exposure to XRP and will be available in three versions: Canadian dollar-hedged (XRPP), Canadian dollar-unhedged (XRPP.B), and U.S. dollar-hedged (XRPP.U). All options will be eligible for registered accounts such as TFSAs and RRSPs.

Meanwhile, several U.S. companies, including Grayscale, are awaiting a response from the SEC regarding their XRP ETF proposals. On decentralized marketplace Polymarket, investors currently give an 88% chance of an XRP ETF being approved in the United States this year.