XRP Just Got A Huge Brazil Boost. Here’s What Happened

Brazil is about to reshape its entire crypto landscape, and XRP is a part of what comes next.

Crypto commentator Levi Rietveld recently covered the developments unfolding in Latin America’s largest economy, and the picture he laid out carries real significance for XRP holders.

Brazil Cuts Off Unlicensed Platforms

Under Resolution BCB 589, Brazil’s central bank moved the operational cut-off date to November 6, 2026. Starting that date, banks and payment institutions must sever ties with unauthorized virtual-asset providers.

Around 300 institutions currently operate in Brazil, but only 20 to 25 may qualify for licensing. Unlicensed exchanges are being pushed out, and the users they serve have to go somewhere.

Rietveld explained in his video: “by wiping out shady exchanges, the government is funneling tens of millions of everyday people straight into their main bank app to buy and hold XRP.”

$XRP JUST GOT A HUGE BRAZIL BOOST!! pic.twitter.com/8BRnPZQwCq

— Levi | Crypto Crusaders (@LeviCryptoGuy) October 28, 2026

Itaú Registers First and Picks XRP

Brazil’s largest private bank, Itaú Unibanco, became the first bank to formally register cryptocurrency trading and custody services with the country’s central bank. It submitted its regulatory notification ahead of the October 30 deadline under Brazil’s new digital asset framework.

The significance of that registration goes beyond timing. Since 2023, the bank’s portfolio already included Bitcoin and Ethereum. In April 2025, the bank made additional assets available, including XRP, Solana, and USDC.

With 70 million customers and XRP already available through its app, Itaú now becomes the primary gateway for a massive wave of newly redirected retail investors. Rietveld highlighted the scale of what that shift represents: “First, the biggest US exchanges and now Latin America’s number one bank is locking in on XRP.”

Institutional Adoption Runs Deeper

The Itaú development does not stand alone. CSD BR, a Brazilian central securities depository with more than 22 trillion reais (to$4.2 trillion) in registered assets, announced it will begin keeping a copy of fund ownership records on the public XRP Ledger.

That integration placed XRP’s infrastructure directly inside Brazil’s regulated capital markets, long before the current regulatory deadline arrived.

The Convergence Behind XRP’s Position

The regulatory cut-off, Itaú’s first-mover registration, and the CSD BR integration all converge at the same moment. Brazil’s government is consolidating crypto activity inside its licensed banking system.

As unlicensed platforms exit and users migrate to regulated alternatives, the bank’s existing XRP offering positions the asset to absorb a significant share of that redirected demand. Rietveld closed his video with a question for his audience: “How high do you think XRP goes now that major global banks are turning on the buy button?”