Canada’s first spot XRP exchange-traded fund ( ETF ), launched by Purpose Investments under the ticker XRPP.U, has had a tough start since debuting on the Toronto Stock Exchange (TSX) on June 18. This product is the world’s second spot XRP ETF, following Brazil’s Hashdex offering. Notably, the Purpose XRP ETF closed 1.63% lower at $9.68 on Friday, June 20, 2024, extending its post-launch decline as light trading kept it near its session low. Purpose XRP spot ETF chart. Source: TradingView Since its launch, the new fund, also available in CAD-hedged (XRPP) and CAD non-hedged (XRPP.B) versions, has mostly trended lower, reflecting XRP’s overall market performance. This aligns with the performance of the Brazilian ETF, which has fallen about 7.50% since its debut, partly due to weaknesses in the underlying XRP token. Purpose’s new ETFs have a management fee of 0.69%, capped at 0.89%, with any savings passed on to investors. For Canadians, the funds can also be held in tax-friendly accounts like TFSAs and RRSPs, giving investors easy crypto exposure within traditional portfolios. These new products have had little effect on XRP’s price so far, likely because Canada and Brazil have much smaller financial markets than the United States. Looking ahead, U.S. regulators are paying more attention to launching their spot XRP ETFs, with several applications under consideration. To this end, the Securities Exchange Commission (SEC) recently invited public comments on Franklin Templeton’s and WisdomTree XRP Trust’s proposed XRP and Solana ETFs. If approved, these ETFs would trade on Cboe’s BZX Exchange. XRP price analysis Meanwhile, both existing XRP ETFs continue to trade in sync with XRP, which is under bearish pressure. At press time, the asset was valued at $2.13, down nearly 1%, and over the past week, it has lost about 1.7%. XRP seven-day price chart. Source: Finbold From a technical perspective, XRP is trading below its 50-day simple moving average ( SMA ) of $2.30. This shows short-term weakness and sustained downward pressure. However, it is still well above its 200-day SMA of $1.85, indicating that its long-term uptrend remains intact and the broader outlook is still positive. Additionally, the 14-day Relative Strength Index ( RSI ) is at 45.07, a neutral level that suggests XRP is neither overbought nor oversold. Featured image via Shutterstock The post Here’s how world’s second XRP spot ETF has performed since launch appeared first on Finbold .