XRP has recently regained prominence in the crypto space, with some analysts attributing its resurgence to political and community-driven factors. “XRP is back on the map, thanks to the Trump trade and the rabid XRP army community,” Sapien co-founder Trevor Koverko told TheStreet Crypto.

XRP was among the top performers in the top ten market cap rankings of cryptocurrencies on Wednesday, surging by more than 7% before Wednesday’s close. The price uptick follows growing optimism over multiple XRP exchange-traded fund (ETF) filings in the United States and Brazil’s regulatory approval of what could become the world’s first spot XRP

Brazil becomes the first country to approve an XRP ETF application as the Securities and Exchange Commission (CVM) gives the “go-ahead” to full operation.

The price of XRP surged overnight on expectations that the world’s first spot exchange-traded fund tracking the cryptocurrency could soon begin trading in Brazil. The token is up more than 5% over the past 24 hours at $2.