XRP rises on Brazil partnership and Nasdaq listing progress

XRP has seen price increases amid significant institutional developments involving the XRP Ledger (XRPL). In Brazil, CSD BR has begun using the XRPL to mirror ownership records for BTG Pactual investment funds. This initiative, which is expected to represent approximately $15 billion in market value on the ledger, allows approved institutions to verify ownership changes in real time.

Further institutional momentum is driven by the progress of a Nasdaq listing for Evernorth, a Ripple-backed entity, following shareholder approval of a merger with Armada Acquisition Corp. II. This listing is expected to hold over 473 million XRP. Additionally, the scheduled release of up to 1 billion XRP from escrow on October 1 introduces a new supply variable to the market.

On the regulatory front, the U.S. SEC recently published FAQs regarding how federal securities laws apply to functional crypto networks. While the agency noted these views do not have the force of law, they provide additional context for institutions operating with digital assets.