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- XRP price pump comes amid the approval of the first XRP ETF in Brazil from Hashdex thereby driving investor euphoria.
- This development follows the U.S. SEC’s acknowledgment of multiple XRP ETF filings from prominent firms like Bitwise, Grayscale, and WisdomTree.
The XRP price has surged over 6% in the last 24 hours, surging past $2.70 while extending its weekly gains to more than 10%. This catalyst comes as the first spot XRP ETF is set to launch in Brazil very soon.
Additionally, the broader crypto market has shown strong signs of recovery after strong selling pressure on Wednesday. The Bitcoin (BTC) price surged to $97,000 after taking a dive to $93,000 in the last 24 hours. Furthermore, most of the top altcoins are currently in the green highlighting overall optimism in the market.
XRP Price Rally Above $3.0 Soon?
Today’s XRP price surge of more than 6% comes along with 12.8% surge in the daily trading volume for the Ripple cryptocurrency. Furthermore, the Coinglass data shows that the XRP futures open interest is up 6.6% to more than $4.10 billion while the 24-hour liquidations have soared past $8 million with $5.7 million currently in short liquidations.
Prominent market analyst EGRAG CRYPTO has outlined key price targets for XRP’s trajectory. In a recent post on X, the expert highlighted that if XRP sustains strong momentum above $2.62, the next target could be $2.83.
Furthermore, EGRAG CRYPTO noted that breaking above the $2.83 level could push XRP into the $2.90 to $3.10 range. Based on its current performance, the cryptocurrency appears poised to reclaim the $3 mark in the near future.
Edo Farina, CEO of Alpha Lions Academy, recently noted that XRP will dominate Wall Street in the future. He anticipates that major financial institutions, including Wall Street firms, Grayscale, and BlackRock, will pursue XRP acquisitions at significantly higher prices. As mentioned in our previous article, Farina suggests these entities could find themselves scrambling to secure the token.
Hashdex To Launch First XRP ETF in Brazil
Some of the top asset managers in the market are pursuing the launch of a spot XRP ETf in the US. However, as the regulators still weigh the decision of approval in the US, Hashdex secured approval to launch an XRP exchange-traded fund (ETF) in Brazil, reported CNF earlier today. This ETF will go live for trading on Brazil’s B3 exchange. This development can further propel the XRP price moving ahead.
Meanwhile, the U.S. SEC has acknowledged a wave of ETF filings related to the cryptocurrency, further boosting market optimism. Notably, the regulator recently recognized ETF applications from Canary Capital and WisdomTree. This follows its earlier acknowledgment of XRP ETF filings by Bitwise, Grayscale, and 21Shares. As per the Polymarket data, there’s 80% chance of XRP ETF approval this year in 2025.
