A new chapter in the intriguing saga of Ripple and XRP is unfolding. The ProShares Ultra XRP ETF (UXRP) is just around the corner, with its official launch scheduled for July 18. Will this historic development be a game-changer for the XRP ecosystem?
ProShares UXRP ETF Launch: Details
As ProShares has received the green light from the US SEC to list its XRP ETF (UXRP) on NYSE Arca, the crypto community is abuzz with anticipation. This milestone marks a significant breakthrough for XRP, as it becomes the first leveraged ETF to navigate the complex regulatory landscape, paving the way for wider acceptance of digital assets in mainstream finance.
As previously reported by CoinGape, the ProShares UXRP ETF is slated to go live tomorrow, July 18, marking a significant milestone for XRP. The asset manager shared an X post earlier, revealing the SEC’s positive nod to the development. They noted,
We’re excited to introduce ProShares Ultra Solana ETF (SLON) and ProShares Ultra XRP ETF (UXRP). These new funds target 2x the daily returns of Solana and XRP, respectively. Learn more about our crypto-linked ETF.
Reportedly, the UXRP ETF is tailored for traders looking to capitalize on XRP’s short-term price movements. The fund intends to offer a leveraged play on the token’s volatility without requiring direct ownership. While daily-reset leverage carries added risk, XRP’s increasing adoption in cross-border payments bolsters its long-term prospects.
In addition to the XRP ETF, the platform is also launching the Solana fund, SLON. Commenting on this innovative move, CEO Michael L. Sapir stated,
As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies. SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies.
ProShares’ Crypto ETF Legacy
ProShares has been a pioneer in the crypto ETF space, having successfully launched Bitcoin and Ether futures ETFs. With its Bitcoin Strategy ETF (BITO) and Ether Strategy ETF (EETH), ProShares has demonstrated its ability to navigate the complexities of crypto markets and deliver innovative investment solutions. BITO and EETH have delivered impressive returns over the past three months, with BITO up 28% and EETH soaring 35.5%.
Building on its successful track record with BTC and ETH futures ETFs, ProShares is now expanding its crypto offerings with UXRP. This provides a regulated pathway for institutional investors to tap into XRP’s potential without the complexities of direct asset custody. Significantly, this futures-based exchange-traded fund promises to bring new levels of mainstream adoption and capital inflow to the XRP ecosystem.
XRP ETFs Gain Traction Worldwide
Interestingly, the first XRP ETF launched in the US was the Teucrium 2x Long Daily XRP ETF (XXRP). The XXRP now stands high-headed with a 55% weekly gain and $120 million volume. On a global basis, XRP futures trading on CME has garnered significant global interest, with 45% of trading volume coming from outside North America. This international appeal is mirrored in the success of 3IQ’s XRP ETF (XRPQ), launched on Canada’s TSX in June. This ETF has already surpassed $50 million in assets under management, highlighting the growing demand for regulated XRP investment products.
As the UXRP ETF prepares to launch, whale accumulation has reached record levels, with wallets holding over 1 million XRP hitting an all-time high. This surge in investor confidence could be a precursor to further growth, particularly as institutional interest in XRP continues to build.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
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Source: https://coingape.com/proshares-ultra-xrp-etf-uxrp-debuts-tomorrow-heres-all/