XRP price rises after ETF applications approved

The price of XRP $2.66 XRP -1.21% Market capitalization $154.06 billion VOL. 24 hours $0.42 billion rose by 7.5% to reach $ 2.71 after the U.S. Securities and Exchange Commission (SEC) officially recognized applications for an XRP-based ETF. This decision paved the way for the potential approval of the first US exchange-traded fund based on the cryptocurrency, Decrypt writes.

Among the key applicants are WisdomTree and Canary Capital, which submitted their proposals through the Nasdaq and Cboe BZX exchanges. After the publication in the US Federal Register, a 21-day public comment period follows, and the SEC will have up to 240 days to make a final decision.

Meanwhile, Brazil has moved ahead of the United States by becoming the first country to approve a spot XRP ETF. Hashdex received permission from the Brazilian financial regulator to launch the Nasdaq XRP Index Fund on the B3 exchange, which was a landmark event for the market.

Despite the positive news, B2BINPAY analysts note that XRP is not yet showing such rapid growth as it did after the recognition of ETFs on Bitcoin or Ethereum. This may be due to legal uncertainty regarding the ongoing litigation between the SEC and Ripple, which has been going on since 2020.

It is expected that the decision on the Ripple case will be postponed, which may give XRP more time to consolidate its position. Analysts are confident that after the approval of ETFs for Solana SOL $173.85 Solana 3.40% Market capitalization $84.95 billion VOL. 24 hours $0.51 billion , Litecoin LTC $132.99 Litecoin 0.41% Market capitalization $10.05 billion VOL. 24 hours $0.25 billion , and Dogecoin DOGE $0.04 Department Of Government Efficiency -0.57% Market capitalization $35.37 million VOL. 24 hours $0.17 billion , XRP will also receive the green light, which will open up new opportunities for institutional investors.