XRP ETF Hype Sends Price Soaring

XRP surged 7.5% on Wednesday, leading the top ten cryptocurrencies after the U.S. Securities and Exchange Commission (SEC) acknowledged multiple XRP ETF filings. Brazil also made headlines by approving the world’s first spot XRP ETF, fueling bullish momentum.

SEC Acknowledges XRP ETF Filings

The ETF filings, submitted by WisdomTree and Canary Capital, have sparked optimism that institutional investors could soon access XRP through a regulated investment vehicle. Per CoinGecko, XRP climbed 10% in the last week and now trades at $2.71.

Submitted via Nasdaq and Cboe BZX exchanges, the filings will undergo a 21-day public comment period after being published in the Federal Register. The SEC will then have up to 240 days to approve or reject them, a decision that could reshape XRP’s future.

Ripple’s Legal Uncertainty Lingers

The SEC has recently acknowledged ETF filings from Grayscale, Bitwise, CoinShares, and 21Shares, indicating a shift in regulatory focus under acting chair Mark Uyeda.

Despite the hype, XRP hasn’t witnessed the explosive rally that followed the 21Shares ETF recognition. Crypto payments firm B2BINPAY noted that legal uncertainty continues to weigh on its market performance.

“This possibly points to the fact that the market remains cautious eyeing this legal uncertainty,” B2BINPAY’s analytics team told.
“We don’t think this token will break the $3 level anytime soon.”

The SEC’s acknowledgment of XRP ETFs comes as the regulator prioritizes cases with imminent deadlines, including those involving Binance and Coinbase. Meanwhile, Ripple’s ongoing legal battle, which began in 2020 over alleged unregistered securities sales, has its next major court date set for April 16.

Brazil Approves First Spot XRP ETF

While the SEC is still in its acknowledgment phase, Brazil has taken the lead, approving the world’s first spot XRP ETF. Hashdex, a Brazil-based asset manager, received regulatory approval to launch the Nasdaq XRP Index Fund on the B3 exchange.

This historic move makes Brazil the first country to offer direct, regulated exposure to XRP via an ETF. As a result, market sentiment around the token is turning increasingly bullish.

According to B2BINPAY, XRP’s strongest advantage is that rival cryptos like Solana, Litecoin, and Dogecoin are also waiting for ETF approvals.

“Once they receive the green light from the watchdog, which we think is exactly what will happen, the gate for XRP ETF will be opened,” they added.

With the SEC’s decision timeline unfolding, all eyes are now on whether U.S. regulators will follow Brazil’s lead and approve an XRP ETF in the coming months.