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Canadian Asset Manager Purpose Investments To Launch World’s First XRP ETF

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1 month ago

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The Canadian asset manager Purpose Investments has submitted a proposal to launch an XRP exchange-traded fund (ETF). The company filed a preliminary prospectus with the Canadian watchdog to introduce the proposed spot ETF.

Notably, Purpose Investments made history by being the first to introduce both Bitcoin and Ether ETFs. If approved, the platform will launch the world’s first XRP ETF.

Purpose Investments To Launch XRP ETF

In a recent press release, the Canadian–based investment firm submitted a preliminary prospectus to the securities regulators to launch Purpose Ripple ETF. The fund manager which reportedly overseas over $23 billion in assets is preparing to launch the first XRP ETF globally.

Significantly, Purpose Investments founder Som Seif uncovered the platform’s vision of offering an Ripple product. Seif stated,

At Purpose, we remain steadfast in our commitment to innovation and to bridging the gap between traditional and decentralized finance. As XRP sees increasing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework.

Expanding Access to Digital Assets

It is important to note that Purpose Investments focuses on merging traditional finance with the evolving decentralized finance and blockchain technology. In addition, the platform intends to make crypto benefits accessible globally.

Vlad Tasevski, the Chief Innovation Officer at Purpose Investments, stated that the company aims to make the public familiar with crypto, making them understand, access, and invest in digital assets. Tasevski added, “We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles.”

In a recent development, Grayscale filed a 19b-4 form with the NYSE to transform its existing XRP Trust into a publicly traded ETF. BlackRock is also expected to enter the fray, with speculation mounting that the asset management giant will soon file its own an ETF application for XRP.

Will US Regulators Approve XRP ETF?

The possibility of an XRP ETF in the United States is a long-standing question, mainly due to the ongoing Ripple-SEC lawsuit. Though Judge Analisa Torress ruled in favor of Ripple twice, an ultimate resolution in the case is still pending. Purpose Investments’ recent move has further fueled speculations of a potential XRP ETF launch in the US.

However, as Ripple Labs President Monica Long previously stated, a spot ETF could “be a reality” under the Donald Trump administration. Trump’s crypto-focused policies and Gary Gensler’s resignation have sparked optimism about the Ripple lawsuit, potentially paving the way for an Ripple ETF approval.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Solana Price Selloff Ahead as FTX Estate Receives $430M SOL?

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35 minutes ago

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March 3, 2025

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Solana price is in the spotlight as the wallets linked to the bankrupt FTX Derivatives Exchange have received a massive SOL stash in a significant headwind for the coin. According to an update from Arkham Intelligence, the wallets tied to the FTX and Alameda Research Estate received 3.033 million Solana from an unidentified address.

FTX Estate and Solana Selloff Trend

According to the Arkham Explorer on X, the received Solana was worth $430.47 million. The funds entered the FTX Estate at block height number 324383268 with a negligible total fee of 0.0001 SOL.

Whale Alert, a crypto data platform, highlighted that the Solana transfer came in two tranches. The first featured a 1,928,763 SOL worth $305,670,852, and the second involved a 1,102,953 SOL valued at $174,796,295.

While the Whale Alert update did not identify who the receiving wallet “2jN7TS…5wThPF” is linked to, it aligns with the one from Arkham Intelligence. With the transfer, industry leaders have started speculating what the movement might be for and its impact on Solana’s price.

Solana Price and FTX Selloff

As reported by CoinGape, the FTX Estate was on schedule to liquidate SOL worth up to $27 million, a development that placed Solana’s price under pressure. While the repayment of its creditor came with the need to liquidate some of its stash, the outlook marks a significant headwind for the coin.

Meanwhile, at the time of writing, the SOL price was $140.88, down 19.46% in the past 24 hours. The coin has traded within a tight range, from a high of $178.63 to a low of $139.43 amid a broader crypto market crash.

Solana’s price has faced more volatile trends in the past few weeks and is now down by over 52% from its all-time high (ATH) of $294.33. Despite this headwind, VanEck predicted SOL Price will hit $520 this year, riding on its growing decentralized finance and memecoin ecosystems.

Triggers to Watch for SOL Price

The FTX headwind has yet to clear, with more payouts scheduled for April. While the price of Solana navigates the uncertainty in the macro ecosystem, the coin’s investors have an anchor to watch out for.

The growing application for a Solana ETF product remains a major catalyst that can fuel a rally in the asset’s price. If approved by the United States Securities and Exchange Commission (SEC), the institutional adoption of the coin can help reboot the price to its ATH.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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XRP Price Forms Triangle Pattern As Bulls Target $3 Breakout

Published

2 hours ago

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March 3, 2025

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XRP price is consolidating within a Wave 4 formation, maintaining a structured pattern that aligns with technical expectations. The top altcoin has bounced off a key support level, now forming a triangle pattern, suggesting a period of price compression before a breakout.

Analysts are watching the $3.05 resistance level, as a decisive move above this point could open the door to higher targets.

XRP Price Triangle Formation Holds

Analyst Casi Trade shared on X (formerly Twitter) that XRP price is holding support at $2.565 within a Wave 4 consolidation, respecting a triangle formation. The altcoin has remained within this pattern, which traders expect to lead to a breakout.

Technical analysis suggests that if XRP price can break through the $3.05 resistance level, it may gain momentum toward $3.57. This area aligns with the 1.0 Fibonacci extension and the upper trendline, marking a key test for bullish continuation. However, if the altcoin fails to maintain support at current levels, further downside movement could be observed.

Therefore, market investors are monitoring whether XRP price will continue consolidating within the triangle or initiate a breakout move. Price compression within this structure often precedes a surge in volatility, making the upcoming sessions critical.

Notably, supporting the bullish outlook, earlier on, another analyst predicted XRP price could hit $70 in the coming years. The altcoin price prediction aligns with growing market confidence and rising futures interest. With strong support and key resistance levels ahead, XRP price trajectory remains a hot topic among investors.

Wave 2 Pullback Expected After Breakout

If XRP price successfully surpasses $3.05 and reaches new highs, analysts anticipate a Wave 2 retracement before further upward movement. The expected pullback range is between $2.40 and $2.50, depending on the eventual high of the current trend.

XRP priceXRP price
Source: X

Wave 2 corrections are a normal part of price movements in Elliott Wave Theory, often providing a re-entry opportunity before the next bullish wave unfolds. The next key milestone for XRP will be determining the depth of the pullback and whether buyers step in to support higher lows.

A breakout followed by a retracement would confirm the start of a new trend cycle. If buying momentum remains strong, traders may look toward levels beyond previous all-time highs.

Whales Accumulate as Market Sentiment Shifts

Moreover, on-chain data indicates that large investors have accumulated nearly 1 billion XRP in the past 24 hours. Analyst Ali Martinez highlighted data from Santiment showing a sharp decline in whale holdings, followed by a significant recovery.

XRP whalesXRP whales
Source: X

The accumulation pattern suggests that whales used a recent price dip to purchase large amounts of XRP, positioning for an upward move. Wallets holding between 10 million and 1 billion XRP saw fluctuations, with a recent surge indicating renewed buying interest.

Institutional and high-net-worth investors often influence market trends, and their activity in the current consolidation phase suggests confidence in future price appreciation. If accumulation continues, XRP price may gain additional support for an eventual breakout past the $3 Ripple price target.

Meanwhile, XRP whales may have taken advantage of the recent crypto market crash to accumulate more tokens at lower prices. As Bitcoin filled key CME gaps, altcoins like XRP followed the downtrend due to their strong correlation. However, analysts suggest that once these gaps are filled, the market could see a potential rebound.

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Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Bitcoin, Ethereum, Dogecoin, & XRP Price Are Dropping Today

Published

4 hours ago

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March 3, 2025

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Another crypto market crash has occurred, with Bitcoin, Ethereum, Dogecoin and the XRP price dropping significantly today. This development is due to several factors, including the CME gap which the flagship crypto needs to fill below $90,000.

Crypto Market Crash: Why BTC, ETH, DOGE & The XRP Price Are Down

CoinMarketCap data shows that another crypto market crash has occurred with Bitcoin, Ethereum, Dogecoin and the XRP price dropping significantly. Crypto analyst Hardy revealed that this price decline is happening due to the CME gaps.

The analyst stated that the Bitcoin price already filled one at today’s open between $93,500 and $92,700. He added that the flagship crypto needs to drop to $85,000 to fill another. Meanwhile, he noted that there is another CME gap at $77,900 that BTC hasn’t quite filled.

ImageImage

Hardy also remarked that the Bitcoin bears will fight to ensure that BTC fills all these CME gaps. As such, he stated that the quicker the flagship crypto fills them up, the quicker it can begin another upward trend.

Crypto analyst Titan of Crypto also highlighted the CME futures gap between $92,900 and $85,700. He noted that traditionally, BTC tends to fill these gaps. As such, the analyst had raised the possibility of a pullback before the next leg up, which is already happening.

Altcoins like Ethereum, Dogecoin and the XRP price are dropping because they share a strong positive correlation with the flagship crypto and experience significant drops whenever BTC declines.

Coinglass data shows that the latest crypto market crash has led to the liquidation of over $213 million in long positions in the last four hours. Meanwhile, short positions have taken a lesser hit, with just over $18 million in liquidations during this timeframe.

Mixed Sentiments Over The Strategic Reserve

US President Donald Trump announced yesterday that the crypto strategic reserve would include altcoins such as Solana, Cardano, and XRP. This has sparked mixed sentiments over this crypto reserve as market participants believed that the reserve would only include Bitcoin.

Although the crypto market rebounded following Trump’s announcement, the mixed sentiment in the crypto market at the moment also looks to be contributing to the crypto market crash as market participants question the seriousness of the strategic reserve if it would include altcoins.

Meanwhile, stakeholders such as BitMEX’s co-founder Arthur Hayes have downplayed Trump’s announcement. Hayes stated that there was nothing new in the announcement. He highlighted the role the US Congress has to play before the crypto reserve can become effective.

It is also worth mentioning that Trump contributed to this crypto market crash by announcing that the 25% tariffs on Mexico and Canada would begin tomorrow. The president also reiterated plans to double the tariffs on China from 10% to 20%.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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