Hashdex Granted Approval for First Spot XRP ETF in Brazil
The Brazilian Securities and Exchange Commission (CVM) has approved Hashdex's HASHDEX NASDAQ XRP INDEX FUND, marking the first XRP ETF approval in Brazil and globally. The official launch date is pending.
Key points:
- Brazil is recognized for its progressive stance on crypto regulation.
- Anticipation builds for spot XRP ETFs in the U.S., with several fund managers filing applications.
- The U.S. SEC has acknowledged the filings from firms like Bitwise.
- XRP's success is linked to Ripple Labs' cross-border payment solutions.
- Institutional interest in XRP is rising, attributed to its liquidity and potential regulatory clarity under the new U.S. administration.
- Expectations are high for a resolution in the Ripple vs. SEC lawsuit, which could boost mainstream adoption.
Market impact includes a 5% price increase for XRP, now trading around $2.65, with a market cap of approximately $264 billion. Whale investors have accumulated significant amounts of XRP recently, indicating bullish sentiment.