XRP news today: Brazil Launches World's First XRP ETF, XRPH11, on B3 Stock Exchange

An XRP ETF, named XRPH11, began trading in Brazil, marking a significant milestone as the first of its kind globally. Issued by Hashdex, the ETF is listed on Brazil’s B3 stock exchange. This development follows Brazil's approval of the first Solana ETF last year, positioning the country as a pioneer in the crypto ETF market.

Hashdex secured approval to trade the XRP ETF in Brazil in February. The firm has been pursuing several crypto ETFs in the US but recognized Brazil as a strategic focus area nearly two years ago. The launch of XRPH11 on B3 signifies the fruition of Hashdex's efforts in the Brazilian market.

XRPH11 is part of Hashdex’s line of mono-asset funds, which also includes ETFs like BITH11, ETHE11, and SOLH11. These ETFs are designed for sophisticated investors, particularly institutional investors aiming to build crypto portfolios on B3. XRPH11 will invest at least 95% of its assets in XRP, comprising both direct and indirect holdings.

Brazil's swift approval and market launch of the XRP ETF contrast with the prolonged regulatory process in the US. US-based regulators have indicated a willingness to approve similar products, but applicants are still awaiting decisions. The approval process in Brazil, from February to April, has been notably expedient.

Last year, Brazilian regulators approved the world’s first Solana ETF, although it did not have an immediate market impact. The performance of XRPH11 will be closely watched to determine if it faces similar challenges. If XRPH11's trading performance mirrors that of the Solana ETF, it could indicate further bearish trends for XRP.

The trading performance of XRPH11 will provide valuable insights. The US ETF market could soon see a surge of altcoin products, which may struggle to match Bitcoin's market dominance. According to the analyst's forecast, there is a 74% chance of an XRP ETF approval in the US by the end of this year.