XRP surpassed Bitcoin and Ethereum within the past 24-hours after obtaining its first approval as a spot exchange traded fund (ETF).
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 trend is adding to a week of intense activity for XRP which has seen XRP gain over 10% in the face of increasing institutional interest.
Hashdex ETF XRP
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 The crypto ETFs includes Bitcoin and Ethereum Offerings
Although the official launch date is not disclosed, this fund has been under development since December 20,24. It now finds itself in its preoperative phase.
Brad Garlinghouse shared a report about the news on his official X page.
Brazil has become a leading player on the global cryptocurrency market in recent years. According to a recent Chainalysis study, Brazil is ranked among the top 10 countries for adoption of crypto.
Brazil is also a leader in crypto investment products, having launched the world’s first spot Solana ETF.
US ETFs for XRP
The Securities and Exchange Commission has begun reviewing some pending XRP applications in the US. The SEC has taken the first steps to review some pending XRP ETF applications.
The SEC could be waiting to see if its court battle against Ripple is resolved before it grants approvals, according to market analysts.
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.
In spite of this, Cryptobettors in the Polymarket decentralized market believe the vehicle for financial investments has a 80% approval rate.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
