Brazil Grants First XRP Spot ETF Approval
Brazil’s Securities and Exchange Commission (CVM) has approved the country’s first XRP spot ETF, allowing institutional investors to gain exposure to XRP through regulated markets.
✔ Fund Manager: Hashdex
✔ Exchange: B3 Stock Exchange (Brazil)
✔ Status: Approved, awaiting official launch date
This approval solidifies Hashdex’s position as a leading asset manager, offering ETFs for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other Web3 assets.
➡️ Official announcement: B3 Stock Exchange
Brazil Expands XRP Adoption with Stablecoin
In addition to the ETF, Braza Group, a Brazilian financial firm, is launching BBRL, a stablecoin pegged to the Brazilian real (BRL), built on the XRP Ledger (XRPL).
✔ Institutional launch planned for Q1 2024
✔ Supported by Braza Bank
✔ Future expansion to corporate and retail users
This initiative aligns with Brazil’s central bank-backed blockchain project, DREX.
➡️ More on Brazil’s blockchain initiatives: Banco Central do Brasil
XRP Price Surges 6% Following ETF Approval
XRP’s price has surged 6% to $2.70, fueled by the ETF approval and broader market recovery.
✔ 24-hour price range: $2.55 – $2.74
✔ Open Interest in XRP Futures: $4.07 billion (+6%)
✔ Bitcoin (BTC) stabilizing near $97,000
➡️ Live XRP price updates: CoinGecko
Will the U.S. Approve an XRP ETF?
Brazil’s decision has increased speculation about a potential U.S. XRP spot ETF approval.
✔ SEC reviewing applications from Bitwise, Grayscale, and 21Shares
✔ Regulatory shift: SEC recently dropped lawsuits against Binance and Coinbase
✔ Donald Trump recently referenced XRP on Truth Social
➡️ SEC updates on ETF approvals: SEC.gov
XRP Price Prediction: Can It Reach $3?
Analysts predict XRP could break $2.83 resistance and climb toward $2.90–$3.10 if momentum continues.
✔ Key support level: $2.62
✔ Institutional buying pressure rising
✔ ETF approvals could drive further gains
➡️ Latest XRP analysis: TradingView
Conclusion: XRP’s Institutional Momentum Strengthens Bullish Outlook
Brazil’s XRP spot ETF approval signals growing institutional adoption, boosting market confidence.
✔ Institutional demand and ETF approvals could drive prices higher
✔ Brazil’s XRP stablecoin and Web3 initiatives expand XRP’s use cases
✔ The U.S. may follow with an XRP ETF approval, further strengthening market momentum
➡️ Stay updated with the latest crypto market news: CoinTelegraph