XRP Price Under Pressure

As of now, the XRP price hovers below $3.50. Despite the recent introduction of three spot XRP ETFs in Canada and expectations surrounding the FOMC, Ripple’s momentum seems lacking.

XRP Price Consolidation

The XRP price trend currently remains flat. Speculation continues whether it will surpass $3.50. Optimistic sentiment prevails among buyers, with potential resistance levels around $2.40 and $2.60 marked for optimism. Meanwhile, a crucial local support level is established at $2.00.

Canadian ETF Launch Impacts XRP

The anticipated launch of Canada’s first spot XRP ETFs was supposed to catalyze a price increase. However, as of June 18, multiple ETF products were listed on the Toronto Stock Exchange, yet the expected price surge is absent. ETFs from Purpose Investments, 3iQ, and Evolve ETFs were launched with, respectively, tickers XRPP, XRPQ, and XRP.

“The launch of $XRPQ marks another milestone in our mission to provide investors with convenient, cost-effective access to digital…”
— Pascal St-Jean, President & CEO of 3iQ.

The shares from these ETFs are directly linked to XRP, permitting investors to access tax-sheltered investment accounts such as TFSAs and RRSPs in Canada.

FOMC Insights and Market Reaction

Expectations were high for the recent FOMC meeting which did not yield the anticipated outcomes. Although no rate changes were made, the remarks made during the press conference caused some market disappointment. Concerns about inflation and tariffs remain, causing apprehension among crypto asset investors regarding future positions.

In summary, while the foundation for XRP’s growth exists through ETFs and institutional interest, internal and market factors continue to inhibit a bullish price movement.