#XRPETF currently has three major issues in the market:

1. Supply pressure, Labs holds 48% of the circulation, and the ETF physical creation and redemption mechanism may trigger sell-off arbitrage;

2. Regional limitations, Brazil accounts for only 0.9% of the global crypto ETP market, and if it cannot break into the Latin American market, it will fall into the localization trap like SOLETF;

3. Regulatory game, the US SEC may still overturn the non-security ruling, leading to cross-market chain reactions.

Data shows that the price fluctuated by 10% in a single day after the ETF approval. Rather than being viewed as an investment tool, it is better seen as a touchstone for regulatory breakthroughs.