The price of XRP surged overnight on expectations that the world’s first spot exchange-traded fund tracking the cryptocurrency could soon begin trading in Brazil. The token is up more than 5% over the past 24 hours at $2.

The SEC is reviewing ETF applications and proposed rule changes at various exchanges for alternatives to bitcoin and Ether. Approval for some may be likely, but whether investors want the options is a question.

XRP gained 4.5% in early U.S. trading on Thursday after the Securities and Exchange Commission (SEC) acknowledged multiple spot XRP exchange-traded fund (ETF) filings. At the same time, asset manager Hashdex received regulatory approval from Brazil’s Comissão de Valores Mobiliários (CVM) – the country’s SEC-equivalent authority – to launch what could become the world's first spot XRP ETF,

The launch of the world’s first-ever XRP spot ETF has been officially approved, and the credit goes to Brazil. Today, the Brazil Securities Commission (CVM) officially greenlit the launch of Hashdex’s XRP spot ETF.