XRP climbs 7% as first leveraged ETF set to launch on NYSE
The New York Stock Exchange (NYSE) has approved listing a new exchange-traded fund (ETF) tied to XRP.
The Teucrium 2x Long Daily XRP ETF (XXRP) will launch on April 8 and aims to deliver twice the daily performance of XRP using swap contracts.
News of the approval drove XRP’s price up by around 7%, reaching $1.87 at press time, according to CryptoSlate data. This rebound follows a recent dip caused by broader market concerns, including tensions around global tariffs.
XXRP
According to the fund summary:
“The Teucrium 2x Long Daily XRP ETF (XXRP) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily price performance of XRP for a single day, not for any other period.”
Unlike spot crypto ETFs, XXRP does not hold the asset itself. Instead, it tracks XRP’s daily performance through derivatives. This setup allows traders to participate in XRP price action without owning the token directly or navigating crypto exchanges.
The product comes with an annual expense ratio of 1.85%.
Spot XRP ETF
XXRP’s approval comes when no spot or futures XRP ETF is available in the US market.
Bloomberg ETF analyst Eric Balchunas commented on the timing, noting that it’s rare for a leveraged ETF to be the first product tied to a digital asset. He described the move as unusual, given that a spot product has yet to be approved.
He noted:
“[It is] very odd (maybe a first) that a new asset’s first ETF is leveraged. Spot XRP is still not approved, although our odds are pretty high.”
While a spot XRP ETF has yet to gain approval, the SEC has acknowledged several filings this year, indicating progress in the review process.
Market sentiment suggests that approval may be on the horizon, especially after Ripple settled its longstanding legal dispute with the SEC. The company agreed to pay a reduced $50 million fine, down from $125 million.
Considering this, market observers opined that the launch of XXRP could be the first step toward broader acceptance of XRP-based investment vehicles in traditional finance.
The post XRP climbs 7% as first leveraged ETF set to launch on NYSE appeared first on CryptoSlate.
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XRP climbs 7% as first leveraged ETF set to launch on NYSE
The New York Stock Exchange (NYSE) has approved listing a new exchange-traded fund (ETF) tied to XRP.
The Teucrium 2x Long Daily XRP ETF (XXRP) will launch on April 8 and aims to deliver twice the daily performance of XRP using swap contracts.
News of the approval drove XRP’s price up by around 7%, reaching $1.87 at press time, according to CryptoSlate data. This rebound follows a recent dip caused by broader market concerns, including tensions around global tariffs.
XXRP
According to the fund summary:
“The Teucrium 2x Long Daily XRP ETF (XXRP) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily price performance of XRP for a single day, not for any other period.”
Unlike spot crypto ETFs, XXRP does not hold the asset itself. Instead, it tracks XRP’s daily performance through derivatives. This setup allows traders to participate in XRP price action without owning the token directly or navigating crypto exchanges.
The product comes with an annual expense ratio of 1.85%.
Spot XRP ETF
XXRP’s approval comes when no spot or futures XRP ETF is available in the US market.
Bloomberg ETF analyst Eric Balchunas commented on the timing, noting that it’s rare for a leveraged ETF to be the first product tied to a digital asset. He described the move as unusual, given that a spot product has yet to be approved.
He noted:
“[It is] very odd (maybe a first) that a new asset’s first ETF is leveraged. Spot XRP is still not approved, although our odds are pretty high.”
While a spot XRP ETF has yet to gain approval, the SEC has acknowledged several filings this year, indicating progress in the review process.
Market sentiment suggests that approval may be on the horizon, especially after Ripple settled its longstanding legal dispute with the SEC. The company agreed to pay a reduced $50 million fine, down from $125 million.
Considering this, market observers opined that the launch of XXRP could be the first step toward broader acceptance of XRP-based investment vehicles in traditional finance.
The post XRP climbs 7% as first leveraged ETF set to launch on NYSE appeared first on CryptoSlate.
Read More