The crypto market entered the second half of June on a bullish note, with Bitcoin price reclaiming its position above $107,000. The momentum spread to the altcoin market, and the XRP price surged 6.65% to hit $2.3. However, the strong buying pressure in Ripple cryptocurrency can be linked with the recent approval of the Purpose XRP Exchange Traded Fund (ETF) by OSC. Will the renewed recovery push its price to $3?
Purpose XRP ETF Receives Final Approval
On Monday, June 16th, the Canada-based investment management company Purpose Investments received its final prospectus receipt from the Ontario Securities Commission (OSC) for the launch of its Purpose XRP ETF.
Trading is slated to begin on the Toronto Stock Exchange under the ticker XRPP on Wednesday, June 18, 2025.
The Purpose XRP ETF is designed to provide investors with regulated exposure to XRP without requiring them to hold the actual cryptocurrency.
“The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem,” said Vlad Tasevski, Chief Innovation Officer at Purpose Investments.
The ETF will be available in three variants: Canadian dollar-hedged units (XRPP), Canadian dollar non-hedged units (XRPP.B), and U.S. dollar-denominated units (XRPP.U). These units will be available for holding with registered accounts, such as TFSA (Tax-Free Savings Account) and RRSP (Registered Retirement Savings Plan), thereby bolstering diversified crypto investment options for Canadian investors.
Such crypto-related investments often enhance the credibility of the underlying asset and increase demand pressure.
XRP Price Bounced to Challenge Major Resistance
In the daily chart, the Ripple cryptocurrency shows a notable sideways trend since December 2024, resonating strictly within the $1.6 support and an overhead downsloping trendline.
The coin price reverted thrice from the overhead trendline, indicating a sell-bounce sentiment among traders. Meanwhile, the $2.06 and $1.61 levels stand as major accumulation zones for buyers. With today’s price jump, the XRP price trades at the $2.3 mark, standing just 3.8% short of re-challenging the aforementioned resistance.
A potential breakout will signal the continuation of the bullish trend and push a recovery trend to $2.64, followed by $3.
Alternatively, a breakdown below the combined support of $2.06 and the 200 EMA of the XRP price will result in another dive to the $1.60 floor.
Also Read: BTC Price Setup: 2 Key Liquidity Zones Point to $111K Breakout
