XRP surged ahead of Bitcoin and Ethereum in the past 24 hours after securing its first spot exchange-traded fund (ETF) approval in Brazil.
Data from CryptoSlate shows that the token’s value jumped by 6% during this period, reaching $2.75, making it the best performer among the top 10 cryptocurrencies by market capitalization.
This upward trend adds to an intense week for XRP, which has gained over 10% amid increasing institutional interest.
Hashdex XRP ETF
Asset management firm Hashdex has reportedly secured regulatory approval to launch Brazil’s first spot XRP ETF.
This investment product will offer direct exposure to XRP’s price movements, giving investors a regulated avenue to trade the asset. It will also expand Hashdex’s suite of crypto ETFs, which includes Bitcoin and Ethereum offerings.
While an official launch date remains undisclosed, the fund has been in development since December 2024 and is now in its pre-operational phase.
Ripple CEO Brad Garlinghouse acknowledged the development by sharing a news report on his official X account.
Over the past years, Brazil has emerged as a key player in the global crypto market. A recent Chainalysis report ranks the country among the top 10 for crypto adoption.
Brazil is also a leader in crypto investment products, having launched the world’s first spot Solana ETF.
XRP ETFs in the US
In the US, the Securities and Exchange Commission (SEC) has taken initial steps to review some pending XRP ETF applications. This signals potential progress, though regulatory uncertainty surrounding the asset remains a hurdle.
Market analysts have speculated that the SEC may want to resolve its legal battle with Ripple before granting approvals.
Meanwhile, Fox Business journalist Eleanor Terrett has suggested that the delay in addressing the Ripple case stems from the SEC’s prioritization of other cases with more pressing deadlines.
Nonetheless, crypto bettors on the decentralized marketplace Polymarket believe there is an 80% chance of approval for the financial investment vehicle this year.
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