Brazil Approves World’s First Spot ETF, Leaving U.S. Behind
Brazil has approved the No. 1 spot in the XRP Exchange-Trade Fund (ETF), ahead of the U.S. and other major markets. The country’s Securities and Exchange Commission (CVM) has approved Hashdex as its XRP ETF. Meanwhile, ETFs will debut on the B3 Stock Exchange, giving investors direct access to XRP.
XRP ETF finally received approval
According to recent reports Brazil’s CVM has been approved Hashdex NASDAQ XRP Index Fund, making it the first position to receive formal regulatory support for XRP ETF.
However, the fund was established on December 10, 2024 and is now in its pre-operation phase, awaiting the final permission of the B3 Stock Exchange before the transaction begins. Hashdex, the asset manager behind the fund, has not yet announced an official listing date.
This approval is a big step forward as more people express interest in crypto ETFs. Meanwhile, investors want a safe and regulated way to invest in digital assets, and Brazil’s rapid action puts it ahead of many other countries to meet this demand.
XRP ETF interests grow globally
Several major companies, including Bit, 21shares, Coinshares and Grayscale, have recently submitted applications to the Spot XRP ETF. However, the Securities and Exchange Commission (SEC) has not approved any of these applications.
Meanwhile, senior Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 65% chance of approval, but suggests that the SEC may delay any decision until it targets Ripple The lawsuit was fully resolved.
XRP price record 7%
After Brazil approved the XRP ETF, the price of XRP has risen 7%, reaching around $2.67 in the past 24 hours. This rise made XRP the best performing asset among the top ten cryptocurrencies, up 10% in the week.
Although the latest data from Coinglass Show XRP to see $8.20 During this period, there will be millions in future liquidations. Of this, $2.31 million comes from long positions, while $5.69 million comes from short positions.
Meanwhile, key market indicators such as the Relative Strength Index (RSI), Stoch Oscillator (Stoch) and Moving Average Average Convergence Difference (MACD) suggest strong buying momentum, suggesting a greater growth in XRP.
