The post XRP News: Brazil Approves World’s First Spot ETF, Leaving U.S. Behind appeared first on Coinpedia Fintech News
Brazil has made history by approving the first spot XRP exchange-traded fund (ETF), taking the lead ahead of the U.S. and other major markets. The country’s Securities and Exchange Commission (CVM) has given Hashdex the go-ahead for its XRP ETF. Meanwhile, the ETF is set to debut on the B3 stock exchange, offering investors direct exposure to XRP.
XRP ETF Finally Gets Approval
According to recent reports, Brazil’s CVM has approved the Hashdex Nasdaq XRP Index Fund, making it the first spot XRP ETF to receive official regulatory backing.
However, established on December 10, 2024, the fund is now in its pre-operational phase, awaiting final clearance from the B3 stock exchange before trading can begin. Hashdex, the asset manager behind the fund, has yet to announce the official listing date.
This approval is a big step forward as more people worldwide show interest in crypto ETFs. Meanwhile, investors want safe and regulated ways to invest in digital assets, and Brazil’s quick action puts it ahead of many other countries in meeting this need.
XRP ETF Interest Grows Worldwide
Several major firms, including Bitwise, 21Shares, CoinShares, and Grayscale, have recently filed applications for spot XRP ETFs. However, the U.S. Securities and Exchange Commission (SEC) has yet to approve any of these applications.
Meanwhile, Bloomberg senior ETF analysts James Seyffart and Eric Balchunas both estimate a 65% chance of approval but suggest that the SEC may delay any decision until its lawsuit against Ripple is fully resolved.
XRP Price Recorded 7% Gain
After Brazil approved the XRP ETF, the price of XRP jumped by 7%, reaching around $2.67 in the last 24 hours. This rise made XRP the best-performing asset among the top ten cryptocurrencies, with a 10% gain over the week.
Although recent data from Coinglass shows that XRP saw $8.20 million in future liquidations during this time. Out of this, $2.31 million came from long positions, while $5.69 million came from short positions.
Meanwhile, Key Market indicators like the Relative Strength Index (RSI), Stochastic Oscillator (Stoch), and Moving Average Convergence Divergence (MACD) suggest strong buying momentum, hinting at more possible gains for XRP.