XRP Whale Wallets Hit New Milestone As Canada Approves First Spot ETF

Whale activity and user engagement on the XRP Ledger are seeing a sharp rise, coinciding with a 16 June announcement by Purpose Investment on the launch of Canada’s first spot XRP ETF. 

The timing has sparked renewed optimism around XRP, especially as speculation builds over a potential US ETF listing.

XRP network activity surges to all-time highs

According to on-chain data from Santiment, the number of wallets holding at least one million XRP (roughly $2.25million or more) has hit a record 2,708 — the highest in the asset’s history.

These large holders, often seen as ‘smart money’, are increasing their positions as daily active addresses surge to new heights.

Over the past week, 295,000 unique addresses have interacted with the XRP Ledger daily. That’s more than seven times the recent three-month average of just 35,000 to 40,000. 

The simultaneous jump in user activity and whale accumulation is often viewed as a bullish signal, especially ahead of major market catalysts.

Canadian ETF approval boosts investor confidence

One such catalyst will go live on 18 June, when Purpose Investments’ spot XRP ETF begins trading on the Toronto Stock Exchange. According to a press release from Purpose Investment, the spot ETF is approved by the Ontario Securities Commission (OSC), and will trade under the ticker XRPP. 

The fund will offer direct exposure to the token and will be eligible for tax-advantaged accounts such as RRSPs and TFSAs.

US spot XRP ETF odds climb as interest builds

Meanwhile, attention has shifted to the US, where approval odds for a spot XRP ETF are gaining traction. 

On Polymarket, bettors are pricing in an 88% chance that a US XRP ETF will be approved by the end of 2025, up 17% in recent weeks. 

Also, Bloomberg ETF analyst James Seyffart listed it among the top candidates, with its final SEC deadline set for 17 October. Several asset managers, including Grayscale, Franklin Templeton, 21Shares, and WisdomTree, have filed for a product.

XRP pushes higher

XRP is trading at $2.19 at press time and showing signs of strength following ETF optimism. The Relative Strength Index (RSI) sits at 48.35, with the RSI moving average slightly higher at 46.54.

This suggests the altcoin is not overbought and there’s room for potential growth.

With new ETF catalysts emerging and whale interest growing, a break above the $2.40 resistance zone could open the door to fresh highs if US approval gains momentum.

Overall, on-chain metrics are turning bullish for XRP, and institutional momentum is building. So, the altcoin could be approaching a defining moment. Whether or not the US greenlights an ETF this year, investor behavior suggests the market is already positioning ahead of time.