XRP Surges in Value Following ETF Approval in Brazil
XRP has seen a significant increase in value compared to Bitcoin and Ethereum after receiving approval for its first spot exchange-traded fund (ETF) in Brazil. The token’s value soared by 6% in the past 24 hours, reaching $2.75, making it the top performer among the top 10 cryptocurrencies by market capitalization.
Intense Week for XRP
XRP has experienced a strong week, gaining over 10% amidst growing institutional interest in the cryptocurrency.
Hashdex XRP ETF
Asset management firm Hashdex has obtained regulatory approval to launch Brazil’s first spot XRP ETF. This investment product will provide investors with direct exposure to XRP’s price movements, offering a regulated platform to trade the asset. The ETF will expand Hashdex’s existing suite of crypto ETFs, which currently includes offerings for Bitcoin and Ethereum.
The ETF has been in development since December 2024 and is now in its pre-operational phase, with an official launch date yet to be announced. Ripple CEO Brad Garlinghouse acknowledged the news by sharing a report on his official X account.
Brazil’s Growing Role in the Crypto Market
Brazil has emerged as a significant player in the global crypto market, ranking among the top 10 countries for crypto adoption according to a recent Chainalysis report. The country has also been a pioneer in crypto investment products, launching the world’s first spot Solana ETF.
XRP ETFs in the US
The Securities and Exchange Commission (SEC) in the US has initiated a review of pending XRP ETF applications, indicating potential progress in the approval process. However, regulatory uncertainty surrounding XRP remains a challenge.
Market analysts speculate that the SEC may be waiting to resolve its legal battle with Ripple before granting approvals for XRP ETFs. Despite this delay, decentralized marketplace Polymarket users believe there is an 80% chance of approval for the financial investment vehicle this year.
