North America’s first spot XRP exchange-traded fund (ETF) is recording bullish returns despite recent volatility in the broader cryptocurrency market.
The Evolve Funds Group Inc. Evolve XRP ETF (XRP.U), listed on the Toronto Stock Exchange, closed Tuesday’s session at $13.53, up 3.20% on the day. Since debuting on June 18, the ETF has surged 37.64%.
Notably, Canada’s pioneering spot XRP ETF followed Brazil’s Hashdex product, making it the world’s second spot XRP ETF. Like its Brazilian counterpart, the Canadian fund initially faced headwinds as XRP prices wavered.
For investors, the Evolve ETF is available in multiple versions, including a CAD-hedged (XRPP) and a CAD non-hedged (XRPP.B) version, with management fees capped at 0.89%.
Meanwhile, as the ETF posts strong gains, attention is shifting to U.S. regulators and the progress of multiple applications for a similar product. To this end, interest has accelerated following the conclusion of the Ripple and Securities Exchange Commission case.
Some of the applicants include Franklin Templeton, WisdomTree, Grayscale, 21Shares, CoinShares, Canary, and Bitwise, with Bloomberg Intelligence analysts estimating a 95% chance of U.S. approval this year.
With this in mind, key deadlines for American applications fall between October 18 and October 25, 2025. If approved, the funds would trade on Cboe’s BZX Exchange, potentially unlocking broader institutional adoption and driving XRP’s price momentum.
XRP price analysis
As of press time, XRP was trading at $3.00, up more than 3% in the past 24 hours and over 4% on the week.
At current levels, XRP is focused on holding the $3 support zone, with upside potential toward $3.50 in pursuit of a new record high.
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