XRP continued its downward trajectory for the second consecutive day, even after a major milestone was reached with the approval of Canada\u2019s first spot XRP exchange-traded fund (ETF). The decline came as broader market sentiment soured amid geopolitical and macroeconomic uncertainty.<\/p>\n\n\n\n
On Tuesday, asset manager Purpose Investments<\/strong> received final approval from Canadian regulators to launch the Purpose XRP ETF<\/strong>, the first spot XRP ETF in the country. The fund is set to begin trading on the Toronto Stock Exchange (TSX)<\/strong> on June 18<\/strong>, under the ticker XRPP<\/strong>.<\/p>\n\n\n\n Despite the landmark approval, XRP’s price failed to respond positively. Over the past 24 hours, the token dropped 3.4%<\/strong> to $2.17<\/strong>, with its market cap sliding to $127 billion<\/strong>. The decline followed a wider crypto market sell-off that saw the global market cap fall by 3.6%<\/strong>, dragged down by weakness in Bitcoin and other major assets.<\/p>\n\n\n\n Market sentiment has turned risk-off due to intensifying geopolitical tensions in the Middle East<\/strong> and rising uncertainty around the U.S. Federal Reserve\u2019s monetary policy<\/strong>. Fears of persistent inflation have dimmed expectations for a near-term rate cut, adding pressure across risk assets, including cryptocurrencies.<\/p>\n\n\n\n The recent delay by the U.S. SEC<\/strong> in ruling on Franklin Templeton\u2019s spot XRP ETF<\/strong> has also added to the short-term bearish outlook. The decision has been pushed to late July, extending regulatory uncertainty for U.S.-based XRP investors.<\/p>\n\n\n\n Despite current price weakness, some bullish catalysts are emerging for XRP:<\/p>\n\n\n\n On the weekly chart<\/strong>, XRP is forming a multi-month bull pennant pattern<\/strong> a bullish continuation structure. If confirmed, a breakout from this setup could target $4.61<\/strong>, a 114% gain<\/strong> from current levels. This projection is based on the height of the flagpole leading into the pennant.<\/p>\n\n\n\n Technical analyst Mikybull Crypto<\/strong> drew comparisons with XRP\u2019s 2017 price action, suggesting the current formation mirrors the one that led to a 1,300% rally<\/strong> toward all-time highs near $3.40<\/strong>.<\/p>\n\n\n\n However, short-term indicators flash caution<\/strong>:<\/p>\n\n\n\n Conversely, a successful breakout above the bull pennant resistance could reignite bullish momentum, with the next major resistance near $4.00\u2013$4.61<\/strong>.<\/p>\n\n\n\n While short-term market conditions remain challenging, the approval of Canada\u2019s first spot XRP ETF marks a significant regulatory milestone. Combined with Ripple\u2019s legal progress and international expansion efforts, the medium- to long-term outlook for XRP remains cautiously optimistic provided it can hold key technical levels and reclaim investor confidence in the coming weeks.<\/p>\n","protected":false},"excerpt":{"rendered":" XRP continued its downward trajectory for the second consecutive day, even after a major milestone was reached with the approval of Canada\u2019s first spot XRP exchange-traded fund (ETF). The decline came as broader market sentiment soured amid geopolitical and macroeconomic uncertainty. Purpose XRP ETF Gets Green Light in Canada On Tuesday, asset manager Purpose Investments…<\/p>\n","protected":false},"author":3,"featured_media":9457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[606,341,321],"class_list":["post-9456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-canada","tag-etf","tag-xrp"],"yoast_head":"\nBroader Market Headwinds Weigh on Sentiment<\/h3>\n\n\n\n
Legal and Policy Tailwinds Ahead<\/h3>\n\n\n\n
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Mixed Technical Signals<\/h3>\n\n\n\n
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