Brazil’s Shocking Spot XRP ETF Approval, The US SEC Still Keeps Trailing!

The odds of spot ETF approval were gradually rising. A week ago, the odds of XRP’s spot approval was $80%. However, the days of anticipation are finally over. Brazil makes history by approving the first-ever spot XRP ETF.  

By that move, Brazil goes past the US and other significant crypto markets. The Securities and Exchange Commission in Brazil, CVM has announced that Hashdex will handle the XRP ETFs going forward.  

When the ETF lands on the B3 stock exchange a lot of investors, both institutional and retail, will enjoy the leverage.  

Finally, The First Approval  

Hashdex will handle the ETFs for now. However, reports suggest that the platform is still in its pre-operational stage. So, there might be operational challenges and compatibility issues going forward. The B3 stock exchange has not yet given the final clearance. Till that comes, the public trading of the XRP ETF can’t start in Brazil.  

Hashdex will soon announce the public listing date. Investors are eagerly waiting for that. This is genuinely a great step taken by the Brazilian crypto community. The whole world has been waiting for the opportunity. Investors can now invest in XRP safely and reap profits, meanwhile not buying a single token.  

Worldwide Impact  

Bitwise, CoinShares, and GrayScale, among others, have shown active interest in XRP ETF filing under their banner. However, that’s not possible anytime soon, since the SEC (US) hasn’t approved any of the requests.  

The market is favorable for ETF approval. James Seyffart and Eric Balchunas from Bloomberg calculated that the chances of a spot ETF approval flowing in are 65%. So, what’s stalling it?  

A group of investors think that the SEC will wait until all its legal tussles with the XRP pacify.  

Impact on XRP’s Growth  

Brazil’s ETF approval quickly saw a 7% growth in XRP price. Yesterday, the price reached $2.67. That makes the coin a 10% gainer and one of the top gainers of the week among all cryptos.  

However, CoinGlass data halts investors from being too optimistic. The analysts of CoinGlass reported $8.20 million in XRP liquidations in the last 1 week. What’s more tragic is that out of the $8 million, more than $5 million came from the shirt positions.  

The bottom line is that XRP is gaining traction and momentum as well. The RSI, MACD and other indices suggest that a bullish streak may be around the corner!