XRP stays muted amid 3iQ, Purpose and Evolve XRP ETFs debut in Canada

• Canadian asset managers 3iQ, Purpose and Evolve announced the launch of their XRP ETFs, which began trading on Wednesday.
• The XRP ETF launch marks an accelerated response from Canadian regulators as US issuers await SEC approval.
• XRP stays mum down by just 0.5% over the past 24 hours following the announcement.

Ripple's XRP is down 0.5% on Wednesday amid announcements from 3iQ, Purpose Investments and Evolve that their XRP exchange-traded funds (ETFs), XRPQ, XRPP and XRP will launch on the Toronto Stock Exchange.

XRP ETFs in Canada amid delay in US approval

Canadian investment firm 3iQ has rolled out a spot XRP ETF, offering North American investors exposure to the price of the third-largest cryptocurrency asset. The new product, dubbed the 3iQ XRP ETF (XRPQ), started trading on the Toronto Stock Exchange on Wednesday, according to a press release.

The ETF will offer a zero management fee for the first six months after its launch in a bid to attract investors. Ripple, the company behind the XRP Ledger, is one of the ETF's early investors.

"The launch of XRPQ marks another milestone in our mission to provide investors with convenient, cost-effective access to digital assets within a regulated framework," said Pascal St-Jean, President and CEO of 3iQ, in the press release

The press release also highlights that XRPQ aims to invest solely in long-term XRP holdings, acquiring all tokens through reputable crypto exchanges and vetted over-the-counter (OTC) providers. 3iQ noted that all XRP assets are kept in independent cold storage to ensure maximum security, shielding them from online threats and custodial risk.

Other asset managers also launched their XRP ETFs alongside 3iQ on the Toronto Stock Exchange on Wednesday, outpacing their US counterparts, who are awaiting regulatory approval.

Evolve launched its XRP ETF under the ticker XRP. The fund will hold its assets in "physical XRP," allowing investors to easily hold the asset in brokerage accounts.

Purpose Investments equally joined the train with the rollout of its XRPP ETF. The firm added a management fee holiday for the newly launched XRP ETF.

Meanwhile, the US Securities and Exchange Commission (SEC) has yet to reach a conclusion on 11 spot XRP ETF filings.

The agency opened a public comment period for the proposed XRP ETF from asset manager Franklin Templeton, according to a Tuesday filing. Cboe BZX initially filed the ETF's 19b-4 in March, but the regulator delayed its decision on the product in April, extending its review period.

Bloomberg analyst James Seyffart noted in an X post on Tuesday that the SEC has until October to decide on XRP ETF filings.

XRP declined 1% over the past 24 hours following the announcement. The decline follows the United States (US) Federal Reserve (Fed) holding rates steady on Wednesday during its Federal Open Market Committee (FOMC) meeting.