Brazil First: Approves XRP ETF, Boosts Price 7%

Brazil has made a significant move in the cryptocurrency market by becoming the first country to approve a spot XRP exchange-traded fund (ETF), surpassing the United States and other major markets. The country's Securities and Exchange Commission (CVM) has given the green light to Hashdex for its XRP ETF, which is set to debut on the B3 stock exchange, offering investors direct exposure to XRP.

The Hashdex Nasdaq XRP Index Fund, approved on December 10, 2024, is currently 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 significant step forward as interest in crypto ETFs grows worldwide, and investors seek safe and regulated ways to invest in digital assets. Brazil's quick action puts it ahead of many other countries in meeting this need.

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. While some analysts estimate a 65% chance of approval, the SEC may delay any decision until its lawsuit against Ripple is fully resolved.

Following Brazil's approval of the XRP ETF, the price of XRP jumped by 7% in the last 24 hours, reaching around $2.67. 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, with $2.31 million coming from long positions and $5.69 million from short positions, key market indicators suggest strong buying momentum, hinting at more possible gains for XRP.