The world's first XRP spot ETF is born! Hashdex application has been approved by the Brazilian Certificate Commission

Brazil was the first to approve the world's first XRP spot ETF, and XRP prices rose!

According to the Brazilian media Portaldo Bitcoin, the Ripple (XRP) spot ETF application submitted by digital asset management company Hashdex in Brazil has been approved by the Brazilian Securities Commission (CVM), becoming the world's first approved XRP spot ETF.

Although the listing date of the ETF on the Brazil Stock Exchange (B3) has not been announced yet, the news has triggered positive reactions from the market. Silvio Pegado, managing director of Ripple Las America, said the practical application value of XRP and the growing institutional demand drive this result, and Brazil's move demonstrates its vision in cryptocurrency markets and financial innovation.

XRP price breaks through $2.7

Stimulated by this good news, XRP price rebounded strongly, breaking through US$2.7, with a 24-hour increase of 7.1%. The market value rebounded to US$156 billion, ranking third in the cryptocurrency market, second only to Bitcoin and Ethereum.

When will the US SEC approve XRP spot ETF?

Although Brazil was the first to approve the XRP spot ETF, the market is more concerned about the trends of the US Securities and Exchange Commission (SEC). Companies such as Grayscale, Bitwise, 21Shares, Canary Capital have submitted XRP spot ETF applications to the SEC. The SEC has officially accepted Grayscale and the 19b-4 application documents submitted by Arca on the New York Stock Exchange, which indicates that the possibility of approval has increased. Brazil's approval may speed up the approval process of the United States.

Bloomberg analysts previously predicted that the XRP spot ETF is 65% likely to obtain SEC approval, mainly based on its market popularity and market capitalization scale. However, the lawsuit between Ripple and the SEC has not yet ended completely, and the market generally expects that Ripple will win the case in the end, which will further enhance market confidence, accelerate the US approval of XRP ETF, and benefit Bitwise and other applicants.

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