XRP Surges 10% Following Brazil’s Approval of Ripple ETF
The XRP price has climbed right back, gaining 10% on Wednesday, as Brazil gives the go-ahead for the first Ripple ETF.
Bullish Price Reversal in Ripple Amid Regulatory Optimism
After surging 15% last week due to increased whale activity and growing optimism about regulatory developments in the U.S., XRP struggled to sustain its momentum. The price initially climbed above the 50-day simple moving average (SMA) but failed to hold above this key level, reversing lower to $2.50, which sits at the midpoint of its $2–$3 range. Despite attempts to break higher, resistance at the 50 SMA proved too strong, causing a pullback over the weekend. By Tuesday, XRP had dropped to $2.46, deepening the decline.
However, renewed bullish sentiment in the crypto market triggered a sharp reversal yesterday, with XRP capitalizing on the momentum, largely fueled by the approval of the world’s first XRP spot ETF in Brazil.
Brazil Approves XRP Spot ETF, Boosting Market Sentiment
The Brazil Securities Commission officially approved the first-ever XRP spot ETF, marking a significant milestone for Ripple and its growing institutional presence. According to a Hashdex spokesperson, the ETF is set to launch on Brazil’s B3 stock exchange, though the exact listing date is yet to be announced. Ripple’s Latin America division emphasized that the increasing utility of XRP, alongside rising institutional demand, made it a strong candidate for an ETF.
The approval has reinforced positive sentiment around XRP, driving speculation about increased adoption and potential further price gains in the coming weeks.
Ripple XRP Live Chart
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