- Multiple asset managers including WisdomTree and Canary Capital have filed for XRP ETFs, initiating a 240-day SEC review period.
- XRP’s price surged 7.5% to $2.71, leading gains among top cryptocurrencies following ETF filing acknowledgments.
- Brazil became the first country to approve a spot XRP ETF through Hashdex’s Nasdaq XRP Index Fund.
- The SEC has acknowledged ETF filings from major firms including Grayscale, Bitwise, CoinShares, and 21Shares.
- Market analysts remain cautious about XRP breaking $3 due to ongoing legal uncertainty with the SEC.
XRP experienced significant market momentum as the U.S. Securities and Exchange Commission acknowledged multiple ETF applications and Brazil approved the world’s first spot XRP exchange-traded fund, marking a potential turning point for the cryptocurrency’s institutional adoption.
The submissions from WisdomTree and Canary Capital through Nasdaq and Cboe BZX exchanges have initiated a standard regulatory process, including a 21-day public comment period and up to 240-day review timeline. These filings follow earlier submissions from industry leaders including Grayscale, Bitwise, CoinShares, and 21Shares.
Market data from CoinGecko shows XRP trading at $2.71, representing a 7.5% daily increase and nearly 10% weekly gain. However, B2BINPAY’s analytics team notes: “The market remains cautious eyeing this legal uncertainty… we don’t think this token will break the level of $3 anytime soon.”
The developments coincide with Ripple‘s ongoing legal battle with the SEC, initiated in 2020 through a $1.3 billion lawsuit alleging unregistered securities sales. According to Fox Business journalist Eleanor Terrett’s report, the SEC is currently prioritizing cases with immediate deadlines, potentially affecting the timeline for XRP-related decisions.
In a landmark move, Brazil’s financial regulator approved Hashdex’s Nasdaq XRP Index Fund, establishing the first regulated spot XRP ETF globally. This development could set a precedent for other jurisdictions considering similar approvals.
Analysts suggest that upcoming decisions on rival cryptocurrencies like Solana, Litecoin, and Dogecoin could influence XRP’s regulatory future, with Ripple’s next court deadline scheduled for April 16. The convergence of these events has created a complex landscape for XRP’s institutional adoption prospects.
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