Ripple Labs and the US Securities and Exchange Commission (SEC) have made a joint request to the Second Circuit Court to extend the suspension of the agency’s appeal. Both parties are seeking to delay the appeal in order to avoid further litigation following their recent settlement agreement. This request comes after an attempt to amend the final judgment in the case was rejected by Judge Analisa Torres, who ruled that the request did not meet the “exceptional circumstances” required to alter a final ruling.
In response to this decision, Ripple and the SEC have submitted a revised motion to suspend the ongoing appeal. The original appeal was filed by the SEC in October 2024 under then-Chair Gary Gensler to challenge a court ruling that largely favored Ripple. However, in April 2025, both sides reached a preliminary agreement and asked the court to temporarily suspend the appeal.
Although the court has not yet granted the extension, the SEC has promised to provide a progress update by August.
Meanwhile, in Canada, history is being made with the approval of the continent’s first spot XRP exchange-traded fund (ETF). Purpose Investments, a Toronto-based asset manager, will list the Purpose XRP ETF on June 18 under the XRPP ticker. This marks another milestone for Purpose, as they were also the first issuer of a spot Bitcoin ETF in Canada. The XRP-focused ETF will be available on the Toronto Stock Exchange and will provide investors with regulated access to the digital asset. It will be available in CAD-hedged, CAD non-hedged, and US dollar units, and will be eligible for holding in registered accounts such as TFSAs and RRSPs.
In the US, firms like Grayscale are eagerly awaiting the SEC’s decisions on their XRP ETF proposals. Market observers believe that the chances of the SEC approving a spot XRP ETF are high this year, with crypto bettors on platforms like Polymarket giving an 88% chance of approval.
Despite these developments, the price of XRP has seen a modest 1.4% increase to $2.22 as of press time, according to data from CryptoSlate.
Overall, the ongoing legal proceedings between Ripple and the SEC, along with the approval of the XRP ETF in Canada, are significant developments in the cryptocurrency space. Investors and market participants will be closely watching for further updates and decisions from regulatory authorities in the coming months.