XRP news today: Brazil Launches First Spot XRP ETF, XRPH11, On B3 Stock Exchange

Brazil has made a significant stride in the cryptocurrency market with the launch of the first-ever spot XRP exchange-traded fund (ETF) on the B3 stock exchange. This development marks a pivotal moment for the global adoption of XRP, as Brazil becomes the first country to permit such an ETF. The XRPH11 ETF, launched by Hashdex, is designed to cater to sophisticated investors, including institutional investors looking to build crypto portfolios on B3. The ETF allocates 95% of its direct and indirect capital to the Ripple token, underscoring the confidence in XRP's potential.

Samir Kerbage, the Chief Investment Officer of Hashdex, highlighted that XRPH11 is part of Hashdex’s line of mono-asset funds, which also includes ETFs like BITH11, ETHE11, and SOLH11. This launch is expected to boost XRP's popularity and attract new investors, potentially driving up the Ripple price. The success of this ETF is almost guaranteed given XRP's growing popularity worldwide.

In another significant development, Charles Hoskinson, the founder of Cardano, announced that XRP will be available for various transactions on the Lace Wallet. This revelation came during an Ask Me Anything session on YouTube, where Hoskinson confirmed that Input Output Global (IOG), the tech arm of Cardano, is in talks with Ripple. Hoskinson stated that "things are moving well," suggesting that the previous issues between Ripple and Cardano have been resolved, paving the way for collaboration. Once the integration is complete, users will be able to send, receive, and hold XRP on the Lace Wallet, similar to the ADA token. This move is set to enhance Cardano’s multichain capabilities and attract more investors to XRP.

Hoskinson also mentioned that the Lace Wallet, which initially supported only Cardano-based products, has expanded its offerings to include Bitcoin and will soon add XRP. This expansion indicates a broader strategy to integrate multiple cryptocurrencies, making the Lace Wallet a more versatile tool for crypto enthusiasts.

Despite these positive developments, the XRP price is currently in a consolidation phase, hovering around $2.19. This follows a recent surge to a peak of $2.25, during which the market experienced indecision, with neither bulls nor bears taking a clear stance. The Relative Strength Index (RSI) for the price action stands around 46 points, indicating continued consolidation. The Average Directional Index (ADX) also shows a weak price trend with a score of 10, suggesting that the current sideways movement is likely to continue until the ADX rises above the 20-point level.

Analysts believe that the new XRP ETF could trigger a price surge, but the XRP price has shown minimal reaction to internal news. Recent surges were primarily driven by broader market developments, indicating that investors should continue monitoring general economic trends alongside XRP's market movements. The launch of the XRPH11 ETF and the potential integration with the Lace Wallet present significant opportunities for XRP's growth, potentially attracting new investors and boosting its market presence.