"XRP Surges 7.5% as SEC Acknowledges ETF Filings, Brazil Approves First Spot XRP ETF"

XRP Price Surges as SEC Acknowledges ETF Filings

The price of XRP, the third-largest cryptocurrency by market capitalization, has jumped significantly following the U.S. Securities and Exchange Commission's (SEC) acknowledgment of multiple XRP exchange-traded fund (ETF) filings. Major asset managers WisdomTree and Canary Capital submitted the filings, which have sparked optimism that XRP could soon be available to institutional investors through a regulated investment vehicle.

XRP is up 7.5% on the day, trading at $2.71 after climbing almost 10% in the last week, according to CoinGecko data. The filings, submitted via Nasdaq and Cboe BZX exchanges, will undergo a 21-day public comment period following their publication in the Federal Register. After this period, the SEC will have up to 240 days to decide on approval, which could potentially change XRP's fate.

The SEC has acknowledged ETF filings from several other companies in recent weeks, including Grayscale, Bitwise, CoinShares, and 21Shares. This development is significant for the world's third-largest crypto under acting chair Mark Uyeda. However, some market participants remain cautious, as XRP has not demonstrated the same price surge that followed the recognition of the 21Shares ETF.

The timing of the SEC's acknowledgment coincides with increasing speculation around the future of XRP in the wake of the agency's ongoing legal battle with Ripple. The SEC has been prioritizing enforcement cases with imminent deadlines, such as those involving Binance and Coinbase. Ripple has been involved in a legal dispute with the SEC since 2020, when the regulator filed a $1.3 billion lawsuit against the company, accusing Ripple of selling unregistered securities in the form of XRP.

While the SEC is still in its acknowledgment phase, Brazil has officially approved the world's first spot XRP ETF. Hashdex received approval from Brazil's financial regulator to launch the Nasdaq XRP Index Fund on the B3 exchange. This makes Brazil the first country to offer direct, regulated exposure to XRP through an ETF, and the community is becoming more bullish.

Analysts believe that Ripple's strongest point is that its rival cryptos