In the latest breaking news, Brazil became the first country to approve Ripple ETF, rekindling hopes of a similar action by the US SEC and sending XRP up by more than 5%.

Can the ETF buzz fuel the altcoins race back to $3 level?

On Wednesday, Feb. 19, Brazil became the first country in the world to approve a spot Ripple ETF. The Comissão de Valores Mobiliários (CVM) approved the fund named HASHDEX NASDAQ XRP FUNDO DE ÍNDICE.

Note, however, that the fund is still in its pre-operational phase and the official first day of trading is yet to be made public.

The news revived investor hopes of similar applications receiving the approval nod in other parts of the world.

The Ripple investor community has had its sights set on the US-SEC whose recent actions, including the expedited acknowledgement of spot Ripple ETF filings has everyone convinced it will eventually approve these applications.

Other News Fueling XRPs Uptrend Today

In addition to the approval of Ripple ETF in Brazil, several other factors may be attributed to the 5% value gain over the last 24 hours.

First was the indication that the SEC may be preparing to drop the lawsuit against Ripple.

The observation is based on the fact that the regulatory agency has been delaying major crypto lawsuits stating that it is conducting major policy changes.

The conclusion that it may drop the six-legal battle with Ripple ahead of the April 16 deadline is informed by three key observations.

For starters, the agency has used the delay tactic in the past in cases it eventually dropped – especially the battle with Coinbase.

Secondly, the exchange just pulled its own appeal on a case over broker-dealer rules.

Filed by Gensler’s SEC a win would have given the agency jurisdiction over decentralized protocols.

Thirdly, crypto advocacy groups that pressured the SEC to drop Coinbase and broker-dealer cases are pushing for the dropping of the Ripple case.

Can these Push XRP Toward $3?

At the time of writing, Ripple is up 5% to an intraday high of $2.74. This implies that though the news were positive, they didn’t amass enough bull momentum to help XRP break above the key resistance level of $2.70.