XRP Price Continues to Slide Despite Approval for First Spot ETF Listing in Canada
XRP price has continued to slide for the second straight day, despite receiving approval for the first spot ETF listing in Canada. Asset manager Purpose Investments has recently received final approval from Canadian regulators to launch the country’s first spot XRP ETF. Trading for the Purpose XRP ETF is set to begin on Wednesday, June 18, on the Toronto Stock Exchange under the ticker XRPP.
Despite this approval providing Canadian investors with an easy and regulated way to access XRP, the token has remained under pressure. XRP (XRP) price dropped 3.4% in the past 24 hours to $2.17, with its market cap falling to $127 billion. This decline comes as the broader crypto market cap dropped 3.6% over the past day, with Bitcoin (BTC) and other major tokens also sliding amid weak overall sentiment.
The current market sentiment has been impacted by heightened geopolitical tensions in the Middle East and growing uncertainty surrounding the U.S. Federal Reserve’s upcoming interest rate decision. Rising inflation risks have dimmed hopes of imminent rate cuts, leading to a risk-off mood across financial markets.
Despite the short-term bearish pressure, several bullish catalysts are emerging for XRP. A recent court filing in the SEC v. Ripple case has revealed that both parties have agreed to a $50 million settlement. If approved, this settlement could finally resolve the long-standing legal battle that has overshadowed XRP’s regulatory clarity and hindered its broader adoption.
In addition, former CFTC Chair Chris Giancarlo, appointed during the Trump administration, has proposed the idea of issuing government bonds for crypto assets such as Bitcoin and XRP. This proposal was shared during the XRPL Apex 2025 conference in Singapore, signaling a growing policy shift in favor of regulated crypto finance.
Ripple continues to push forward on product and regional expansion. The company is gearing up for the rollout of its RLUSD stablecoin, a key addition to its ecosystem. Additionally, Ripple has been strengthening regulatory footholds in key crypto hubs like Dubai and Singapore, which could enhance XRP’s cross-border utility.
From a technical standpoint, XRP is forming a multi-month bull pennant pattern on the 1-week/USDT chart. This bullish continuation setup typically precedes a breakout, with price targets based on the length of the initial flagpole. In XRP’s case, a breakout could project a move to $4.61, representing a 114% gain from current levels.
Supporting this thesis, technical analyst Mikybull Crypto drew parallels with XRP’s 2017 chart structure, noting that a similar bull pennant breakout preceded a rally of over 1,300% to all-time highs near $3.40. However, momentum indicators present a mixed picture, with the weekly chart showing a golden cross and the daily chart indicating a bearish reversal.
Investor uncertainty was further amplified after the SEC delayed its decision on Franklin Templeton’s proposed spot XRP ETF, extending the review period into late July. This delay, combined with market-wide caution, has likely contributed to XRP’s recent underperformance.
In conclusion, while XRP may face short-term challenges, the potential for a bullish breakout remains on the horizon. The regulatory clarity provided by the settlement in the SEC v. Ripple case, along with the growing policy support for regulated crypto finance, could pave the way for XRP’s resurgence. As the market dynamics continue to evolve, investors will closely monitor key support levels and technical indicators to gauge XRP’s future price action.