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"Purpose Investments Launches World's First XRP ETF Amid Crypto Market Boom"

AInvestSaturday, Feb 1, 2025 3:15 am ET
1min read

Purpose Investments, a leading Canadian asset manager, is set to launch the world's first XRP exchange-traded fund (ETF), paving the way for innovative crypto investments. This move comes as the crypto market enters a new era of growth, with increasing institutional demand and favorable market conditions.

Ripple, the blockchain firm behind XRP, has seen significant developments in recent months. According to Ripple's Q4 Markets Report, XRP price surged 280% in Q4, driven by strong demand on major exchanges. The report also highlights significant institutional interest, with WisdomTree and Coinshares filing for a spot XRP ETF. Simultaneously, Purpose Investments has proposed to launch the first XRP ETF in the world.

Ripple CEO Brad Garlinghouse has shared a slew of positive developments for the blockchain firm, sparking optimism for a potential XRP price rally ahead. He noted that the new US administration's pro-crypto stance has paved the way for innovation and growth. The CEO also emphasized the XRP Ledger's growing adoption, with notable partnerships and tokenization initiatives. Recently, former Ripple alumni Sean McBride also highlighted Ripple's strategy to boost XRPL revenue.

Experts predict a continued surge in XRP's value, driven by increasing institutional demand and favorable market conditions. As the crypto market enters a new era of growth, XRP is well-positioned to capitalize on the trend. Notably, the report also showed that Ripple's XRP holdings surged from 4.43 billion on September 30, 2024, to 4.48 billion on December 31, 2024.

XRP price was down 1.3% and exchanged hands at $3.04, while its one-day trading volume fell 13% to $4 billion. However, the token's Relative Strength Index (RSI) stood at 57, indicating a strong momentum ahead for the asset. Amid this, renowned market expert Dark Defender has shared a bullish forecast, which has gained notable attention from the market participants. According to the analyst, Ripple's native crypto should hold the key support of $3.07 to maintain its upward run ahead. The short-term target for the crypto stands at $4 "with Sub-Wave 5."

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.