XRP ETFs Make Global Strides: Brazil Launches World’s First Spot Fund as U.S. Futures ETFs Gain SEC Green Light

The conversation around XRP ETFs is rapidly intensifying as global markets witness historic developments. Brazil has made headlines by launching the world’s first spot XRP exchange-traded fund (ETF), while the United States is preparing to roll out a new batch of XRP futures-based ETFs, reflecting a pivotal moment for both institutional investors and retail traders interested in Ripple’s native asset.

As regulatory clarity, legal battles, and booming demand continue shaping XRP’s trajectory, the landscape for crypto-based ETFs grows more competitive. Investors now turn their attention to upcoming launches, legal signals, and the potential for further regulatory green lights in some of the world’s most influential markets.

Brazil Takes the Lead with First-Ever Spot XRP ETF

Brazil has become the first country to launch a spot XRP ETF, with Hashdex unveiling the product on the B3 stock exchange under the ticker XRPH11. This innovative fund tracks the Nasdaq XRP Reference Price Index, providing exposure to XRP’s spot price by investing at least 95% of net assets in XRP and related digital assets. Managed by Hashdex and administered by Genial Investments, the ETF’s initial net worth approaches $40 million, accompanied by a competitive maximum annual fee structure of 0.7% for administration plus 0.1% for custody—and notably, no structuring fees.

XRPH11 marks the ninth crypto ETF managed by Hashdex in Brazil and their 33rd product globally, underlining Latin America’s growing appetite for regulated crypto investments. The move offers sophisticated South American investors a direct, regulated gateway to XRP without handling wallets or private keys, lowering barriers to professional participation in the booming digital asset sector.

Brazil’s green light follows the country’s earlier approval of a spot Solana ETF, showing that Latin America is emerging as a vanguard in crypto ETF innovation. Market observers note that this step may serve as inspiration for regulators in other jurisdictions—especially as JPMorgan analysts estimate that both spot Solana and XRP ETFs could attract up to $14 billion in flows if replicated in larger markets.

United States: XRP Futures ETFs Move Ahead, While Spot Funds Remain in Limbo

The U.S. Securities and Exchange Commission (SEC) has approved the launch of three XRP futures-based ETFs by ProShares Trust, scheduled for debut on April 30, 2025. These products—Ultra XRP ETF (2x leverage), Short XRP ETF (inverse -1x), and Ultra Short XRP ETF (inverse -2x)—will allow traders to go both long and short on XRP’s price via derivatives. Unlike spot ETFs, these funds do not require the manager to hold XRP itself, but instead track the crypto’s price through regulated futures contracts, offering a flexible and regulated route to gain exposure to XRP’s market moves.

While the SEC’s tacit green light for ProShares signals a growing acceptance of crypto derivatives, applications for spot XRP ETFs in the U.S. remain under review. Financial giants like Franklin Templeton, Bitwise, Grayscale, WisdomTree, and 21Shares have all submitted proposals, but the SEC is taking its time, citing the need for careful consideration. The regulator recently extended its review of Franklin Templeton’s spot XRP ETF application to June 17, with most analysts predicting that the final decision for similar products won’t arrive until mid-October, at the end of the statutory review period.

Interestingly, Bloomberg’s ETF analysts and industry voices point out that it’s unusual for leveraged and inverse ETFs to be greenlit ahead of spot versions. However, this mirrors earlier trends for crypto ETFs, with Bitcoin and Ethereum futures-based products preceding any approval of spot funds. Even so, the wave of applications and growing institutional interest suggest mounting pressure on regulators to recognize the demand for more direct exposure to digital assets.

The XRP Market Reacts: Price Movements and Investor Sentiment

News of both the Brazilian spot ETF launch and SEC approval for U.S. futures ETFs has made waves in the XRP market. Following these developments, XRP’s price experienced a rally, trading around $2.27–$2.29 and outpacing broader crypto market trends. With a market capitalization above $312 billion, XRP saw 24-hour gains exceeding those of other top tokens, reinforcing its reputation as a volatile but potentially high-upside asset in the current environment.

On crypto prediction platform Polymarket, sentiment is more optimistic than ever: the odds of a spot XRP ETF approval in the U.S. by the end of 2025 are now estimated at over 75%. However, traders are also cautious, recognizing that the SEC’s stance can shift and that legal and macroeconomic developments—such as U.S.-China trade tensions or Federal Reserve decisions—can quickly alter the landscape.

Technical analysts identify $2.10 as near-term support for XRP, with $2.50 acting as a key resistance level. A breakout above $2.50 could potentially propel the token closer to its all-time high of $3.55, fueling further excitement among speculators and institutional participants alike.

Legal Drama and Regulatory Progress: Ripple’s SEC Saga Influences Market Outlook

Overlaying the ETF narrative is Ripple’s ongoing legal battle with the SEC. After years of courtroom drama, the tension has eased somewhat since new leadership at the SEC—now under Paul Atkins, a more crypto-friendly chair—has taken steps to settle outstanding disputes. In 2023, Ripple saw a partial win in court, confirming that XRP isn’t a security when traded on exchanges, although institutional sales still resulted in a historic $125 million penalty. More recently, both sides filed a joint motion to pause appeal proceedings, signaling a potential willingness to negotiate and clarify XRP’s regulatory status once and for all.

This shift in tone at the regulatory level is fueling optimism for eventual approval of spot XRP ETFs and is seen by many as a catalyst for institutional adoption. Meanwhile, Ripple remains focused on expanding its global partnerships and payment solutions, working with entities like Bank of America and pursuing new innovations on the Ripple ledger.

Amidst this swirl of legal, regulatory, and market developments, investors, traders, and enterprises are staying alert—ready for the next twist in the fast-moving story of XRP.

Brazil’s pioneering move in launching a spot XRP ETF and the advancing regulatory environment in the U.S. suggest that XRP’s profile as a regulated investment vehicle is reaching new heights. The interplay of international regulatory firsts, futures ETF launches, and ongoing legal resolution keeps XRP at the forefront of crypto conversations. The likelihood of the SEC finally approving a spot XRP ETF in the near future remains a key question, but its journey continues to attract significant attention from the crypto community.