$XRP XRP has recently made breakthroughs in compliance and institutionalization: Brazil's first XRP spot ETF (XRPH11) has been listed, with 95% of assets allocated to XRP spot, coupled with the launch of CME futures, accelerating its integration into the traditional financial system. From market performance, XRP's trading volume has surpassed Ethereum during the halving cycle, institutional holdings have surged, and the settlement between the SEC and Ripple has eliminated regulatory uncertainty. However, challenges remain: short-term price volatility is severe (such as a single-day crash triggered by CME futures news), the local market size in Brazil is limited (only accounting for 0.9% of the global crypto ETF), and it must continue to contend with regulatory battles from the U.S. SEC. In the long term, if institutional funds continue to flow in and regional restrictions are overcome, XRP may have the opportunity to challenge Ethereum's ecological position, but surpassing Bitcoin will still require broader market consensus and technological innovation.