The Ripple cryptocurrency fell by 3% in seven days from February 14 to 21. The beginning of the week was successful for XRP: it managed to rise above $2.8. However, the following five out of six trading sessions were negative, which predetermined the final negative dynamics.
Despite the drop in value, the news background for Ripple over the past seven days has been positive and rich. In the United States, the US Department of Justice Civil Division, together with the Financial Crimes Enforcement Network (FinCEN), officially recognized XRP as a “convertible virtual currency.” The decision means that the Ripple coin now complies with US banking laws, making it the first regulated cryptocurrency in the United States. The news has stirred up investors and users, which has resulted in an increase in trading volumes and active addresses on the network.
Brazil has approved the world's first XRP spot ETF. The green light was given to a local investment company Hashdex. The new exchange-traded fund is called The Hashdex Nasdaq XRP Index Fund. Its shares (units) will be traded on the Sao Paulo Stock Exchange, also known as B3. The exact date of the start of trading has not yet been disclosed. The actions of the Brazilian authorities have added optimism to crypto investors who continue to wait for the approval of XRP spot ETFs in the United States by the Securities and Exchange Commission (SEC).
Also in Brazil, international payments company Braza Group announced the launch of a stablecoin, BBRL, pegged to the Brazilian real on the XRPL blockchain. The company says the move will make transactions easier and safer for businesses and customers.
It is worth noting that BBRL is not the first stablecoin to launch on XRPL. In mid-December, Ripple introduced its own product, RLUSD. Last week, its supply reached 120 million. The growing popularity of RLUSD and the choice of XRPL for the deployment of stablecoins by other companies support the XRP token, giving investors hope for further adoption of the cryptocurrency.