[[[Ticket confirmation push1]]]Brazil approves XRP spot ETF... Launch expected in the US as well
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- Brazil has approved the world's first XRP spot ETF, causing XRP's price to surge and raising investor expectations, according to the report.
- In the United States, there are also positive approval possibilities for XRP spot ETF, which could change the investment environment for the cryptocurrency market, the report stated.
- JP Morgan forecasts that if XRP spot ETF launches, it could attract up to $8 billion in inflows over a year, which would positively impact XRP prices.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Cryptocurrency A to Z
Ripple-SEC lawsuit wrapping up
Trump's pro-coin stance
US approval possibility grows
JP Morgan "When launched,
$8 billion inflow expected over a year"
On the 20th, the Brazilian Securities and Exchange Commission (CVM) approved the world's first XRP (formerly Ripple) spot ETF. When this news broke, XRP surged by 7%, reflecting investor expectations for XRP spot ETF trading. According to the decentralized prediction platform Polymarket, the probability of XRP spot ETF approval within this year has risen to 81%. This comes as expectations grow that the U.S. Securities and Exchange Commission (SEC) will also approve an XRP spot ETF.
According to industry sources on the 23rd, the possibility that the legal battle between the SEC and Ripple could end soon has been raised in the market. John Reed Stark, former director of the SEC's Office of Internet Enforcement, stated on X (formerly Twitter), "The SEC's appeal against Ripple will be suspended or completely withdrawn," adding that "the SEC's cryptocurrency regulatory enforcement is now over."
President Donald Trump's pro-XRP stance has also drawn attention. On the 19th, President Trump shared two articles related to Brad Garlinghouse, CEO of Ripple Labs, through Truth Social. Previously, reports emerged suggesting that the Trump administration was considering XRP as a strategic reserve asset.
CEO Garlinghouse has also continuously shown his affinity with President Trump. He said, "Trump is already making the cryptocurrency market great again," adding that "in the past, the SEC froze our business opportunities."
The SEC has received review requests for XRP spot ETFs from six issuers including Bitwise, Grayscale, and 21Shares. The SEC must respond to Grayscale's XRP spot ETF approval request, which was submitted on the 14th, by October 18.
The launch of an XRP spot ETF is expected to have a positive impact on XRP prices. JP Morgan predicted that "XRP spot ETFs will record inflows of up to $8 billion over one year."
Son Min, BloomingBit reporter sonmin@bloomingbit.io
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