XRP experienced a notable price surge on Wednesday, rising 7.5% to $2.71 amid two major developments - the U.S. Securities and Exchange Commission's acknowledgment of multiple XRP ETF applications and Brazil's groundbreaking approval of the world's first spot XRP exchange-traded fund.
The SEC is currently reviewing ETF proposals from several major asset managers including WisdomTree, Canary Capital, Grayscale, Bitwise, CoinShares, and 21Shares. The filings, submitted through Nasdaq and Cboe BZX exchanges, will undergo a 21-day public comment period once published in the Federal Register, followed by up to 240 days for the SEC's final decision.
In a historic move, Brazil has taken the lead by approving the Hashdex Nasdaq XRP Index Fund on the B3 exchange, becoming the first country globally to offer regulated spot XRP ETF exposure to investors. While the exact launch date remains unspecified, the fund has entered its pre-operational phase.
The developments come amid ongoing regulatory scrutiny, as Ripple continues its legal battle with the SEC over a $1.3 billion lawsuit filed in 2020. With Ripple's next court deadline set for April 16, market observers speculate that the SEC may delay its decision on the case.
According to B2BINPAY's analytics team, XRP's price movement remains cautious due to lingering legal uncertainty. The team suggests that approval of ETFs for other cryptocurrencies like Solana, Litecoin, and Dogecoin could potentially pave the way for XRP ETF authorization in the United States.
The third-largest cryptocurrency has gained nearly 10% over the past week, according to CoinGecko data, as institutional investors await potential new regulated investment vehicles for XRP exposure.