Breaking News: First XRP ETF Goes Live in Brazil, Not U.S

The post Breaking News: First XRP ETF Goes Live in Brazil, Not U.S appeared first on Coinpedia Fintech News

XRP has just reached a major milestone with the launch of its first-ever ETF in Brazil. This exciting move could bring more investors into XRP and open the door for bigger developments in the United States.

With experts predicting that billions of dollars could soon flow into XRP products. However, this could pump the XRP price by 1000%.

First XRP ETF Goes Live in Brazil

In a big win for the XRP community, Brazil’s B3 stock exchange has launched the world’s first XRP ETF. The fund, called XRPH11, is managed by Hashdex and Genial Investimentos.

It will track the Nasdaq XRP Reference Price Index, making it easier for investors to gain safe and regulated exposure to XRP.

According to Hashdex, the ETF will invest at least 95% of its assets directly in XRP or in other products like futures contracts that copy XRP’s price movements. This setup allows both regular and big investors to invest in XRP without needing to own or store the cryptocurrency themselves.

Brazil Moves Ahead, US Still Waiting

Interestingly, this major step happened in Brazil, not in the United States, where Ripple is based. In the US, companies like Grayscale and Franklin Templeton have already filed for XRP ETFs, but they are still waiting for approval from the SEC.

Meanwhile, the demand for XRP-related investment products is growing fast. As of April 18, XRP-focused ETPs had about $950 million in assets under management, according to CoinShares . Just last week, XRP funds saw $37.7 million in new money, leading all other crypto funds.

Even bigger things could be on the horizon. JPMorgan predicted earlier this year that XRP products could pull in up to $8 billion — almost eight times more than today.

XRP Price Outlook

Even after this big news, XRP’s price hasn’t moved much. It is still trading around $2.20, with only a small 0.8% rise in the last 24 hours. But many believe that if an XRP ETF gets approved in the US, the price could shoot up.

Although XRP has been moving slowly for some time, signs are starting to look more exciting. In the past, when gold slowed down after a strong rally, XRP went up by 1,000% .

Now, with gold pulling back again, some experts think XRP could rise sharply and even reach $24 this year.