XRP has achieved a significant milestone with the introduction of its inaugural ETF in Brazil. This thrilling development may attract more investors to XRP and pave the way for substantial advancements in the United States.
Experts are forecasting that billions of dollars could soon be directed toward XRP products, potentially causing a staggering 1000% increase in the XRP price.
First XRP ETF Launches in Brazil
In a remarkable victory for the XRP community, Brazil’s B3 stock exchange has unveiled the world’s first XRP ETF. Named XRPH11, the fund is overseen by Hashdex and Genial Investimentos.
The ETF will track the Nasdaq XRP Reference Price Index, enabling investors to access XRP in a secure and regulated manner.
Hashdex states that the ETF will allocate at least 95% of its assets directly into XRP or into similar products like futures contracts that mirror XRP’s price fluctuations. This arrangement allows both individual and institutional investors to engage with XRP without the necessity of owning or storing the cryptocurrency.
Brazil Takes the Lead, US Still in Limbo
Interestingly, this significant advancement has occurred in Brazil rather than in the United States, where Ripple is headquartered. In the US, firms such as Grayscale and Franklin Templeton have submitted applications for XRP ETFs but are still awaiting the SEC’s approval.
Meanwhile, interest in XRP-related investment products is rapidly increasing. As of April 18, XRP-focused ETPs managed approximately $950 million in assets, according to CoinShares. Just last week, XRP funds attracted $37.7 million in new investments, outperforming all other crypto funds.
Even more exciting prospects may be on the horizon. Earlier this year, JPMorgan estimated that XRP products could amass up to $8 billion—nearly eight times the current figure.
XRP Price Forecast
Despite the exciting news, XRP’s price has remained relatively stable. It continues to trade around $2.20, experiencing a modest 0.8% increase over the last 24 hours. However, many believe that the approval of an XRP ETF in the US could trigger a significant price surge.
Although XRP has been sluggish for a while, positive signs are beginning to emerge. Historically, during periods when gold has slowed down after a robust rally, XRP has surged by 1,000%.
Now, with gold retracting once more, some analysts speculate that XRP could experience a sharp rise, potentially reaching $24 by the end of the year.
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