XRP Surges Ahead of Bitcoin and Ethereum After Brazilian ETF Approval
February 20, 2025, at 10:12 am UTC
In a significant market development, XRP has outperformed both Bitcoin and Ethereum in the last 24 hours, buoyed by the announcement that Brazil has approved its first spot exchange-traded fund (ETF). According to data from CryptoSlate, XRP’s value has increased by 6%, reaching $2.75, making it the top performer among the ten largest cryptocurrencies by market capitalization.
XRP’s Impressive Week
This price surge is part of a broader upward trend for XRP, which has seen gains exceeding 10% over the past week amid growing interest from institutional investors. The approval of the ETF by the asset management firm Hashdex marks a pivotal moment for XRP, as it offers investors a regulated platform to gain direct exposure to the cryptocurrency’s price movements.
Details on the Hashdex XRP ETF
The Hashdex XRP ETF aims to provide a new investment product that will allow market participants to trade the asset in a regulated environment. Although an official launch date has yet to be announced, the fund has been in development since December 2024 and is currently in its pre-operational phase. This move complements Hashdex’s existing suite of cryptocurrency ETFs, which already includes offerings for Bitcoin and Ethereum.
Ripple’s CEO, Brad Garlinghouse, acknowledged the milestone by sharing a news report about the ETF approval on his official account on social media platform X, highlighting its significance for the company and its stakeholders.
Brazil’s Growing Crypto Market
Brazil has emerged as a formidable player in the global cryptocurrency landscape over recent years. A recent report by Chainalysis places Brazil among the top ten countries for cryptocurrency adoption. The country has also distinguished itself by introducing innovative investment products, having launched the world’s first spot Solana ETF.
The Regulatory Landscape in the US
In contrast to Brazil’s rapid regulatory progress, the US Securities and Exchange Commission (SEC) has been slow to approve applications for XRP ETFs. The SEC is currently reviewing several pending applications, signaling a potential shift in regulatory stance. However, uncertainties surrounding XRP’s legal status continue to pose challenges.
Market analysts suggest that the SEC may prefer to resolve its ongoing legal battle with Ripple before moving forward with any ETF approvals. According to Fox Business journalist Eleanor Terrett, the delay in addressing the Ripple case could be attributed to the SEC prioritizing other cases that have more immediate deadlines.
Despite the regulatory hurdles in the United States, sentiment in the crypto market remains optimistic. On Polymarket, a decentralized prediction market, participants estimate an 80% chance of ETF approval occurring this year.
Conclusion
As XRP continues to gain traction and interest from institutions grows, the approval of Brazil’s first spot XRP ETF underscores a significant milestone for the cryptocurrency. The contrast between Brazil’s proactive regulatory stance and the United States’ cautious approach raises questions about the future landscape of cryptocurrency investments globally, particularly for XRP and similar assets.
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