XRP network activity surges as Canada launches an XRP ETF

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Canadian asset manager 3iQ has launched an XRP-focused exchange-traded fund (ETF) on the Toronto Stock Exchange (TSX) under the XRPQ ticker.

According to a June 18 statement, XRPQ will offer investors a six-month waiver on management fees and hold only long-term positions on the digital asset. These assets are sourced from reputable exchanges and over-the-counter (OTC) platforms, and custody is secured through cold storage.

3iQ stated that Ripple, the blockchain firm connected to the token and the XRP Ledger (XRPL), is an early backer of the fund.

Pascal St-Jean, President and CEO of 3iQ, said:

“XRP has demonstrated significant growth potential over the past decade, and this groundbreaking strategy offers Canadian and qualified global investors a transparent, low-cost and tax-efficient way to securely access that opportunity.”

XRPQ is available to Canadian investors through registered accounts. The asset manager added that eligible global investors may also participate, subject to regional rules.

This launch follows a similar move by Purpose Investments, which debuted its own XRP ETF earlier this week.

XRP Ledger activity spikes

The timing of XRPQ’s launch aligns with a notable surge in XRP network activity.

Data from Santiment shows that active addresses on the XRP Ledger have jumped from a three-month average of 40,000 to 295,000, the highest level seen in 2025.

The firm also noted that the number of wallets holding over 1 million XRP has reached a record 2,700. This group now holds a minimum of $2.25 million in XRP each, indicating rising interest from large investors and institutions.

XRP Ledger Adoption — Chart showing active addresses on the XRP Ledger (Source: Santiment)

This improved network activity can be linked to the blockchain network’s rising adoption by several stablecoin projects, such as Circle’s USD Coin (USDC).

Moreover, the growth can also be linked to the developments in the long-standing legal battle between the US Securities and Exchange Commission (SEC) and Ripple.

On June 17, the crypto-focused firm submitted a supplemental letter to Judge Analisa Torres in its bid for an indicative ruling.

In the letter, Ripple sought to resolve a past court ruling that ordered a $125 million penalty.

The company emphasized that this move does not challenge the court’s findings. Instead, it aims to conclude proceedings efficiently while respecting securities laws. It also said it remains committed to full compliance and supports a resolution that reduces strain on the appeals process.