XRP Surges 6% as Brazil Approves First Spot ETF

XRP, the native cryptocurrency of the Ripple network, has outperformed both Bitcoin and Ethereum in the past 24 hours following the news of a Brazilian exchange-traded fund (ETF) approval. The token's value surged by 6% during this period, reaching $2.75, making it the top performer among the top 10 cryptocurrencies by market capitalization.

This upward trend comes amidst an intense week for XRP, which has gained over 10% amid increasing institutional interest. The approval of the first spot XRP ETF in Brazil by asset management firm Hashdex has been a significant catalyst for this growth. The ETF will offer direct exposure to XRP's price movements, providing investors with a regulated avenue to trade the asset.

The Hashdex XRP ETF is set to expand the firm's suite of crypto ETFs, which already includes Bitcoin and Ethereum offerings. While an official launch date remains undisclosed, the fund has been in development since December 2024 and is now in its pre-operational phase. Ripple CEO Brad Garlinghouse acknowledged the development by sharing a news report on his official X account.

Brazil's emergence as a key player in the global crypto market has been evident in recent years. A recent Chainalysis report ranks the country among the top 10 for crypto adoption. Additionally, Brazil has become a leader in crypto investment products, having launched the world's first spot Solana ETF.

In the United States, the Securities and Exchange Commission (SEC) has taken initial steps to review some pending XRP ETF applications. This signals potential progress, though regulatory uncertainty surrounding the asset remains a hurdle. Market analysts have speculated that the SEC may want to resolve its legal battle with Ripple before granting approvals. However, crypto bettors on the decentralized marketplace Polymarket believe there is an 80% chance of approval for the financial investment vehicle this year.