According to the foreign media Portal do Bitcoin, the digital asset management company Hashdex's application for an XRP (Ripple, XRP) spot ETF in Brazil has been approved by the Brazilian Securities Commission (CVM), making it the world's first XRP spot ETF.
However, it is worth noting that although Hashdex's XRP spot ETF application has been approved by the Brazilian authorities, the official listing date on the Brazilian stock exchange (B3) has not yet been confirmed, and the relevant information will be further announced.
Regarding the approval of the application, Silvio Pegado, the Latin American director of Ripple, commented in an interview:
XRP has practical use in the real world, and the demand from institutions is also growing, so the approval of the ETF is a natural progression.
The Brazilian authorities' final approval of the XRP ETF demonstrates Brazil's forward-thinking approach to the cryptocurrency market and financial progress.
XRP Breaks $2.7
Driven by this, XRP has rebounded in the recent sluggish market, breaking through $2.7 at the time of writing, with a 24-hour increase of 7.1%. Its market capitalization has also risen to $156 billion, making it the third-largest cryptocurrency in the current cryptocurrency market, behind only Bitcoin and Ethereum.
When Will the US Approve the XRP Spot ETF?
Although Brazil has taken the lead in approving the world's first Ripple spot ETF, the market is still more focused on the US's moves.
Currently, companies such as Grayscale, Bitwise, 21Shares, and Canary Capital have also submitted applications for XRP spot ETFs to the SEC in the US, and the SEC has officially accepted the 19b-4 application documents submitted by Grayscale (Grayscale) and the New York Stock Exchange Arca (NYSE Arca), indicating that the likelihood of approval has been increased. The official approval of this product in Brazil may also accelerate the approval process in the US.
In addition, Bloomberg analyst has previously predicted that the possibility of the XRP spot ETF being approved by the US SEC is 65%, as its market heat is high and its market capitalization is large enough. However, it should be noted that the ongoing litigation between Ripple and the SEC has not yet been fully resolved, and the outside world predicts that Ripple will ultimately have a favorable outcome, which will accelerate the US approval of the XRP ETF, and the applicant institutions such as Bitwise will also benefit from the market confidence brought by the regulatory clarity.
Extended Reading: Is the XRP Bull Market Coming? The US SEC and Ripple Lawsuit May End in 4-5 Months, Ripple Spot ETF Receives Attention
