You’ve Never Guessed What Brazil Just Did with XRP! 🚀

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In the world of high finance, down where the decimal points murmur secrets and the stock tickers gossip louder than a horde of overcaffeinated wizards, something interesting has happened in Brazil. The esteemed Brazilian Securities and Exchange Commission (CVM) has just approved the nation’s first spot XRP exchange-traded fund (ETF). It seems the folks over at Hashdex, presumably with their abacuses ablaze, managed to get the nod of approval. 🎉 Cue applause and possibly conga lines, because this is the first XRP fund in the country. That’s right, Brazil is officially cooler than everyone else right now.

Not to be left out, the US SEC also decided to make an appearance, like the guest who shows up late but brings cake. They’ve acknowledged a fourth XRP ETF application, this one from CoinShares. Because, why stop at three when you can have four, right?

Ripple ETF: The Financial Caipirinha Brazil Was Waiting For 🍹

So, according to Portal do Bitcoin, Brazil’s CVM finally gave Hashdex the green light on launching their XRP ETF. This is a ‘Eureka!’ kind of moment—except more paperwork and fewer lightbulbs. Ripple enthusiasts everywhere are having their version of a samba party, but don’t start dancing just yet… the official launch date is still under wraps. Because nothing says excitement like cryptic updates about cryptocurrencies.

Brazil, for its part, is strutting its stuff on the global crypto stage. Between July 2023 and June 2024, the country managed nearly $90.3 billion in transactions, which, in small change, is about the GDP of some countries. Bravo, Brazil! 👏

Brazil: The Land of Soccer, Samba, and Now XRP 🚀

“XRP is a natural choice for an ETF!” declared Silvio Pegado, Ripple’s managing director for Latin America, presumably while wearing a metaphorical superhero cape. Pegado continued with words so inspiring they should be engraved on a golden ledger:

“With this approval, we expect Brazil to keep shaking up the crypto sector, like a pioneering samba dancer leading the way on a crowded dance floor.”

Well said, Silvio. 🥂

Meanwhile, in the US: A Game of ETF Chess ♟️

Across the pond—or many ponds—the US SEC decided to turn its dystopian bureaucracy towards the Nasdaq’s application for CoinShares’ XRP ETF. This marks the fourth such application the SEC has acknowledged, proving that even regulators get FOMO. This acknowledgment kicks off a 21-day public comment period—a democracy of sorts, except with more legal jargon and less free coffee.

Bitwise, 21Shares, Grayscale, and now CoinShares are all vying for ETF approval. At this rate, there may be more XRP ETF applications than Netflix sequels. Stay tuned. Or, don’t. It’s crypto. It’ll find you. 📉📈

The Ripple Effect: XRP’s Price Does a Happy Dance 🎶

What happens when a cryptocurrency gets a thumbs up from regulators? The price parties. Following the Brazilian CVM’s approval, XRP prices surged by 5.9% in 24 hours. That’s enough to make anyone’s portfolio do a small jig. Currently trading at $2.64 and with a market cap of $152.96 billion, XRP is sitting pretty as the third-largest cryptocurrency on Earth. Well, until Elon tweets something weird again. 🤷‍♂️

Between investor optimism, trading volumes spiking by 3% to $4.97 billion, and everyone pretending they knew this was coming all along, things are looking up for XRP. Except their monthly dip of 19%, but who’s counting, right? 🤑

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2025-02-19 23:35