XRP has recently achieved a significant milestone with the launch of its first-ever ETF in Brazil. This groundbreaking development has the potential to attract more investors to XRP and pave the way for further advancements in the United States.
The launch of the world’s first XRP ETF, XRPH11, on Brazil’s B3 stock exchange is a major victory for the XRP community. Managed by Hashdex and Genial Investimentos, this ETF tracks the Nasdaq XRP Reference Price Index, providing investors with a secure and regulated way to gain exposure to XRP. The fund will invest a minimum of 95% of its assets directly in XRP or in related products such as futures contracts, eliminating the need for investors to hold or store the cryptocurrency themselves.
Interestingly, while Brazil has taken this significant step forward, the United States, where Ripple is headquartered, is still awaiting approval for XRP ETFs from the SEC. Despite this, the demand for XRP investment products is rapidly increasing. XRP-focused ETPs currently have approximately $950 million in assets under management, with $37.7 million in new investments recorded just last week. JPMorgan has even forecasted that XRP products could attract up to $8 billion in investments, a substantial increase from current levels.
Despite the lack of a significant price movement following the ETF launch, XRP is currently trading around $2.20 with a modest 0.8% increase in the last 24 hours. However, many experts believe that the approval of an XRP ETF in the US could trigger a significant price surge. In the past, XRP has experienced a 1,000% increase in price when gold prices slowed down after a strong rally. With gold prices once again retracting, some analysts predict that XRP could see a substantial rise and potentially reach $24 by the end of the year.
Overall, the launch of the first XRP ETF in Brazil marks a significant milestone for the cryptocurrency and opens up new opportunities for investors worldwide. As the demand for XRP investment products continues to grow, the potential for further developments and price increases remains promising.