key Takeaways :
In a major milestone, the first ever Ripple XRP exchange-traded fund is set to go live in Brazil's stock exchange market.
The XRP ETF is launched by Hashdex a crypto asset manager and will be operated by Genial investimentos. After the launch, the fund will track the Nasdaq XRP reference price index.
The launch follows a list of applications for XRP ETFs that have been submitted in the United States. Significantly, the move paves the way for other countries to follow suit, especially the United States.
According to the official reports, Hashdex will finance 95% of its assets in the ETF through the purchase of XRP crypto and other indirect investments.
Through the use of cryptocurrency, and other financial products market participants both retailers and institutions will enjoy market exposure without the direct ownership of the token.
The ETF's fee structure entails a maximum global fee of 0.7% paid annually for administration, distribution, and management and a 0.1% annual fee for custody. After this launch, Hashdex now controls nine crypto products.
As the product launches in Brazil, all eyes are on SEC as multiple firms have filled for XRP over the past 6 months.
While such good news is expected to positively affect an asset price movement, this is yet to be reflected on XRP's price charts.
As of this writing, XRP is trading at $2.19. This marks a slight decline from a daily high of $2.249. If the news of the ETF is finally felt in the market, we could see an XRP breakout of the $2.3 resistance level and attempt a run toward $2.4.
As of now, that direction has not taken shape, and if the decline witnessed on daily charts continues, XRP will drop to $2.138.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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