XRP Makes a Sudden Jump Due to Newest ETF Developments

Ripple’s native cryptocurrency XRP has made a sudden 7.5% jump on February 20, with the price hitting $2.71. The jump comes after several key developments which involve its potential for institutional investment. The SEC has just acknowledged several XRP ETF filings, while Brazil just approved its first XRP exchange-traded fund.

The US filings for XRP ETFs will need to undergo a 21-day public comment period. If approved, and there’s great hope they will, they’ll create an investment vehicle for XRP. The SEC has 240 days to decide, but investors are hoping it’ll be finished sooner.

In Brazil, the first XRP ETF just went live. Named Hashdex XRP Index Fund, it has received full approval from the country’s financial regulator. It will launch on the B3 exchange, allowing Brazilian investors to gain first and direct exposure to XRP through a public fund. At the moment, it’s in the pre-operational phase and expects to launch soon.

The US Market Still Waits

While Brazil is close to launching the first XRP exchange-traded fund, the US is still waiting. The SEC and new political developments have halted the process more than a bit, and then there’s the legal battle Ripple has with the SEC.

In 2020, the watchdog has filed a complaint against Ripple, stating that it’s selling unregistered securities in the form of XRP. The case has extended for years, with the next court deadline being in late April this year.

Even without XRP ETFs, the US crypto market is sure that the new filings will be quickly approved. Along with some legal clarity regarding Ripple’s status in the USA, it’s a signal that there might be a big shift on the horizon.