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XRP Price Outlook: How Canada’s Trade War May Fuel Ripple’s Rise

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  • The US and Canada trade war has intensified, impacting financial markets and digital assets.
  • Mark Carney, the new Canadian Prime Minister, strongly opposes US tariffs and blames Donald Trump.
  • XRP price dropped over 4% despite a surge in trading volume.

The US and Canada trade war has intensified, impacting financial markets and drawing attention to digital assets. Mark Carney, newly appointed as Canada’s Prime Minister, has taken a firm stance against US tariffs. Meanwhile, a legal expert believes that Carney’s leadership could benefit XRP price and the XRP Ledger (XRPL).

Mark Carney’s Stance on US Trade War

Mark Carney has taken immediate action after assuming office, directly blaming Donald Trump for escalating trade tensions. He stated that unjustified tariffs on Canadian goods have negatively impacted businesses and families. His government is prepared to counter US policies with firm economic measures.

This aggressive economic approach signals a shift in Canada’s trade policies, potentially leading to a prolonged dispute. Investors are closely watching the situation as it could influence broader market sentiment. Carney’s economic policies could encourage Canada to seek alternative financial solutions, including blockchain technology.

Political analysts believe Carney’s background in finance could shape Canada’s economic strategy. His experience as the Governor of the Bank of England suggests he may prioritize financial innovation. If he integrates blockchain solutions, Ripple could benefit from Canada’s adoption of fintech-friendly regulations.

Lawyer Connects Carney’s Past to Ripple’s Future

Legal expert Fred Rispoli has linked Carney’s past financial initiatives to potential benefits for Ripple. While leading the Bank of England, Carney supported fintech advancements, including blockchain technology. In 2017, he allowed the bank to collaborate with Ripple to improve cross-border transactions.

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The partnership focused on reducing settlement risks and increasing transaction efficiency. Carney’s previous engagement with Ripple suggests he understands the value of distributed ledger technology. If Canada adopts blockchain solutions, Ripple’s presence in the financial sector could strengthen.

XRP supporters believe Carney’s leadership could lead to regulatory clarity in Canada. Blockchain-friendly policies could attract institutional interest and improve adoption rates. If Carney promotes digital asset innovation, Ripple could gain a competitive edge in the region.

XRP Price Reaction and Market Sentiment

XRP’s price declined by over 4% and is currently trading at $2.17, despite high trading volume. CoinGlass data showed that XRP Futures Open Interest dropped by 7%, indicating a cautious investor approach. Market volatility remains high as investors react to macroeconomic developments.

Despite the decline, XRP enthusiasts remain optimistic about the asset’s long-term growth. The anticipation of a Ripple vs. SEC lawsuit resolution has gained attention among traders. Additionally, speculation surrounding an XRP ETF and Donald Trump’s mention of the asset have fueled bullish expectations.

Ripple’s growing influence in financial innovation continues to attract institutional interest. If Canada embraces blockchain regulations, XRP adoption could rise. 

Purpose Investments Proposes First Canadian Spot XRP ETF Amid Rising Crypto Adoption

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  • Purpose Investments files for Canada’s first spot XRP ETF, targeting long-term capital growth.
  • XRP ETF filing follows Purpose’s successful launches of Bitcoin and Ethereum ETFs in 2021.
  • Canadian regulators known for fast-tracking crypto ETFs, boosting Purpose’s chances for a quick approval.

Purpose Investments, a Canada-based investment company with more than 23 billion in AUM, has filed a preliminary prospectus for a potential spot Ripple (XRP) exchange-traded fund (ETF). The company wants investors to gain exposure to XRP over time while benefiting from the rising acceptance of Ripple among institutions.

This new approach comes after Purpose Investments established the world’s first Bitcoin and Ethereum ETF in 2021. This firm has been at the forefront of providing cryptocurrency investment products and is now venturing to launch the Purpose Ripple ETF. The fund expects to invest most of its holdings in long-term XRP investments to achieve capital appreciation.

Growth of XRP and Institutional Interest

The latest Purpose Ripple ETF comes when XRP is experiencing continuous integration into the crypto and financial sectors. According to Som Seif, the CEO of Purpose Investments, more institutions are buying XRP as it continues to find new applications. According to Seif, the Purpose Ripple ETF is a familiar and transparent way for investors to invest in XRP within the regulated framework. This strategy fits well into the current trend of large investors looking for standard and legal ways of investing in cryptocurrencies.

The token has created much hype due to its application in cross-border payments and its adoption by top institutions. Purpose Investments is optimistic that its increasing use will help meet the demand for more accessible investment products tied to XRP.

Regulatory Approval and Market Impact

Notably, Investments submitted the initial paperwork with the Canadian authorities, which was necessary to gain approval to launch the world’s first ETF linked to XRP. Canadian regulators are seen as more inclined to approve crypto ETFs than the ones in the United States. This regulatory advantage puts its Investments in a unique position to introduce the XRP ETF before applications have been introduced by other asset managers in the United States, such as Grayscale and Bitwise, who are still awaiting approval by the U.S. Securities and Exchange Commission.

These experiences show that the firm can operate in the relevant environment and attract investors to its cryptocurrency-based financial products, such as the Bitcoin and Ethereum ETFs. If passed, the Ripple ETF will represent a major step for the company as it aims to launch regulated investment products that will give access to digital assets and blockchain.

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XRP ETF Potentials Soar with SBI Holdings’ Strategic Optimistic Entry

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XRP is at the center of speculation as SBI Holdings, a prominent financial sector player, eyes the US ETF market. This strategic move has fueled widespread rumors about a potential XRP ETF, thanks to SBI’s strong partnership with Ripple, the largest holder of the token.

In early July, SBI began minting non-fungible tokens (NFTs) for the 2025 World Expo in Osaka, Japan. This activity underlines SBI’s commitment to digital assets. Furthermore, SBI’s leadership has consistently endorsed the token, adding weight to the speculation.

A local report reveals that SBI Holdings plans to establish an investment management company with Franklin Templeton, a major US investment firm. This venture, focusing on digital assets, will see SBI holding a 51% stake, while Franklin Templeton will hold 49%. The formation of this company is expected by the end of the year, signaling a significant move towards crypto assets.

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The prospect of an XRP ETF is not far-fetched. In June, Ripple President Monica Long argued that launching the token’s spot ETF in the US market makes sense. She pointed out that the token, consistently among the top 10 cryptocurrencies, meets key criteria for such an investment product. However, Nate Geraci, President of The ETF Store, suggested the market is not yet ready for a spot ETF, emphasizing the need for a regulated trading history, potentially through a futures ETF first.

XRP Market Predictions

Industry opinions on the token remain optimistic. Yoshitaka Kitao, Chairman and CEO of SBI Holdings, has expressed confidence in XRP’s future, especially if Ripple wins its ongoing legal battle with the US Securities and Exchange Commission (SEC). Crypto expert The Bearable Bull also predicts that the token will hit new all-time highs, asserting there’s “0% chance XRP won’t go to new all-time highs.” He believes the token’s price is closely tied to Bitcoin’s rise and expects XRP ETFs in 2025.

Several bullish catalysts for the token include its relisting on all exchanges, the launch of automated market makers (AMMs), the Xahau sidechain, Ripple’s stablecoin, and the Metaco custody solution. Additionally, a potential Ripple IPO, increased political focus on crypto, and expected regulatory clarity are on the horizon. Ripple’s legal case is likely to conclude this summer, setting the stage for significant developments in the XRP market.

Ripple’s Partnership with Clear Junction Sparks Prediction of Surge in XRP Price

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Ripple, a le­ading provider of enterprise­ blockchain and crypto solutions, announced a collaborative effort with Cle­ar Junction, a global leader in cross-border payme­nts for regulated institutions. This partnership, unve­iled on June 5, aims to expe­dite and secure cross-borde­r transactions for Ripple’s client base.

The­ agreement facilitate­s instant payouts in GBP and EUR for Ripple’s customers, with plans to expand to additional curre­ncies later this year. Cassie­ Craddock, Managing Director for Ripple in Europe, highlighte­d Clear Junction’s established clie­nt relationships and diverse use­ case support as key factors in the partne­rship.

Dima Kats, Founder and CEO of Clear Junction, expre­ssed enthusiasm about the collaboration’s pote­ntial to revolutionize corresponde­nt banking with blockchain technology and cryptocurrencies. Both companie­s aim to leverage this partne­rship to enhance their re­spective offerings. Ripple­ Payments offers businesse­s a robust blockchain infrastructure specifically designed to facilitate faster and more­ cost-effective cross-borde­r payments.

In addition to its strategic partnerships, Brad Garlinghouse­, CEO of Ripple Labs, recently e­xpressed optimism regarding the­ possibility of a Spot XRP ETF similar to those recently approve­d for Ethereum and Bitcoin. He be­lieves such an ETF is inevitable­ and could launch by 2025 despite potential challe­nges from the SEC.

Garlinghouse e­mphasized the growing demand for dive­rsified investment options be­yond established crypto giants like Bitcoin and Ethe­reum. He envisions XRP as a strong ETF marke­t contender alongside Solana and Cardano digital asse­ts.

Potential XRP ETF Sparks Ripple Surge

With the possibility of a Spot XRP ETF launching by 2025, Ripple see­ms poised for a price surge. Crypto analyst Jack pre­dicts a significant price increase, sugge­sting a potential parabolic price moveme­nt for XRP.

Jack noted a downtrend since its 2021 pe­ak, XRP has repeatedly te­sted a strong support level, hinting at a pote­ntial breakout. Jack’s analysis identifies a critical juncture­ where the price­ nears a descending tre­ndline. Historically, a break above this re­sistance level has trigge­red significant bullish runs. If XRP breaches this barrie­r, it could ignite a rapid price increase­.

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Ripple's Partnership with Clear Junction Sparks Prediction of Surge in XRP Price 3

Currently price­d at $0.53, Ripple has slightly increased ove­r the past 24 hours. Bullish activity is noticeable around the­ 61.8% Fibonacci retracement le­vel, which lies betwe­en the $0.5080 low and the $0.5325 high. Re­sistance is evident around $0.5250, forming a be­arish trend line. Key re­sistance thresholds sit at $0.5300 and $0.5320. 

A close above­ $0.5320 might propel XRP to $0.5450, and surpassing this could pave the way for furthe­r gains toward $0.5520 and $0.5650. If XRP fails to break $0.5250, it could move down. The first le­vel of support rests at $0.5165, while significant support is at $0.5120. A bre­ak below this could see XRP de­cline to $0.5020.

Overall, market se­ntiment appears optimistic for XRP. Changelly pre­dicts a 27.75% rise, potentially reaching $0.672746 by June­ 9, 2024. Technical indicators point to a Neutral Bullish sentime­nt at 59%, while the Fear & Gre­ed Index is 78, indicating Extreme­ Greed. With ongoing partnerships and de­velopments in the cryptocurre­ncy market, Ripple appears poise­d for potential growth in the near future­.

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