Summary
⚈ The ETF mirrors XRP’s price, but gains remain modest due to Brazil’s smaller market.
⚈ Focus shifts to potential U.S. spot XRP ETF approval later this year.
The world’s first spot XRP exchange-traded fund (ETF) is off to an impressive start in the first days of its launch, posting double-digit gains.
Listed under the ticker XRPH11 on Brazil’s B3 stock exchange, the XRP HASH CI ETF ended the April 28 session trading at R$22.10 ($3.98), up over 1.22% for the day and has climbed 10.50% since going live on April 25.
The standout performance followed a massive late-session surge, with the ETF spiking sharply from R$19.87 ($3.58) to R$22.10 ($3.98) in the final hour of trading.
The ETF is issued by Hashdex, a Brazilian crypto asset manager that has previously launched similar funds for Bitcoin (BTC) and Ethereum (ETH). XRPH11 offers direct exposure to the price of XRP, serving as a key entry point for institutional investors.
XRP’s modest gains
It’s worth noting that the spot ETF has largely mirrored XRP’s price performance over the period. Typically, a spot ETF is viewed as a trigger for a possible price rally.
However, in this case, XRP has made only modest gains, a move that can be attributed to the relatively small size of Brazilian markets compared to the United States.
In this context, attention has shifted to the U.S. Securities and Exchange Commission (SEC) regarding the possible approval of a similar spot product. A decision is expected later this year.
For now, U.S. investors will gain access to an XRP futures ETF after ProShares received regulatory approval to offer the product.
With new crypto-friendly leadership at the SEC, expectations are rising that approval of a spot ETF could be just around the corner as whales move massive assets amid growing hype.
XRP price analysis
As of press time, XRP was trading at $2.29, down almost 2% on the day but up 8.7% over the past week.
From a technical standpoint, XRP is showing bullish momentum, trading above its 50-day and 200-day simple moving averages (SMA), indicating an ongoing uptrend.
The relative strength index (RSI) sits at 62, reflecting strong buying interest but also suggesting XRP is approaching overbought territory.
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