XRP News Today: XRP Surges 3.24% as Canada Launches First Spot XRP ETF

XRP, the cryptocurrency built on the XRP Ledger, has seen a notable surge in its price, defying broader market trends and ongoing legal challenges. The current price of XRP stands at $2.24, marking an intraday gain of 3.24%. This performance is particularly striking given that the overall crypto market has only seen a negligible uptick of 0.13%, reaching a total market capitalization of $3.33 trillion.

The primary driver behind XRP's recent price increase is the launch of Canada’s first spot XRP ETF. This financial instrument, offered by Purpose Investments, provides traditional investors with regulated exposure to XRP. The ETF is available under three different tickers: XRPP (CAD-hedged), XRPP.B (CAD), and XRPP.U (USD), and is eligible for tax-advantaged accounts such as TFSA and RRSP. This development significantly enhances the accessibility and demand for XRP, attracting a wider range of investors.

In addition to the ETF launch, on-chain metrics for XRP have shown a dramatic rise in activity. Daily active addresses on the XRP Ledger have spiked from an average of 35,000–40,000 to 295,000. This surge in user activity indicates growing interest and potential adoption, aligning with broader utility and sentiment growth within the XRP ecosystem.

Furthermore, institutional and large investor confidence in XRP is evident, with over 2,700 wallets now holding 1 million or more tokens. This level of whale accumulation is unprecedented in recent months and reflects growing conviction among high-net-worth players. The increased institutional interest, coupled with the ETF launch and rising on-chain activity, suggests a strong foundation for XRP's price appreciation.

Analyzing the current market dynamics, XRP is hovering just below a critical resistance zone between $2.35 and $2.40. A successful breakout above this level could pave the way for a stronger upward move. Conversely, immediate support lies between $2.12 and $2.14. Indicators such as Bollinger Bands suggest increased volatility, while the RSI reading of 54.70 reflects neutral momentum, leaning slightly bullish. As long as XRP maintains support and demand continues to rise from ETF inflows and whale activity, the altcoin may test higher resistance levels in the near term.

In summary, XRP's price surge can be attributed to the launch of Canada’s first spot XRP ETF, a significant increase in on-chain activity, and record levels of whale accumulation. These factors collectively contribute to a bullish outlook for XRP, despite ongoing legal challenges. If these trends continue, XRP may sustain or even extend its gains, potentially reaching higher resistance levels in the near future.