The double-leverage XRP ETF ($XXRP) has recorded $120 million in daily trading volume. This sharp spike in volume is over four times the average daily turnover for the fund.
Teucrium’s Early Launch Pays Off as 2x XRP ETF Soars
Bloomberg’s Eric Balchunas confirmed the development on X, noting it as a standout performance in the crypto ETF space. The 27% gain today suggests a highly volatile and favorable environment for bulls.
The XRP ETF surged by 27% today alone as XXRP price reached $42.04 and is now up 55% for the week. If market momentum holds, $XXRP could draw more traders seeking quick exposure to XRP’s daily moves.
The ETF’s liquidity jump and price breakout suggest that it is now attracting the attention of active crypto fund participants. The XRP ETF, offered by Teucrium, likely benefited from early investor positioning.
Balchunas highlighted that Teucrium got “rewarded for getting out their ETF product early.” The analyst’s comments indicate that he’s praising Teucrium for launching this fund well before XRP’s current rally. Also, they chose a high-risk, high-reward leveraged format that paid off when volume and price rose.
XRP Price Rally as Volume Soars
The ETF’s volume spike also reflects a rising open interest in XRP. XRP is enjoying favorable adoption and growing use cases.
However, the breakout of XRP ETF is more closely connected with active trading activities. This ETF has been performing well and its strong performance can be attributed to an increase in the value of XRP in recent times.
In the past 24 hours, XRP price is up by more than 11.6% to trade at $2.78 as at the time of writing. Its market cap has also increased to $164.59 billion over the same period. Veteran trader Peter Brandt also predicts that the digital asset has broken key resistance levels. Hence, it is likely that as per veteran trader Peter Brandt prediction XRP price will keep rallying.
Regarding the day’s trading volume, XRP gained 203%, reaching $15.53 billion. This reflects renewed market enthusiasm, driven by both spot traders and leveraged XRP ETF activity.
XRP continues to record gains for various reasons in the last day. According to a CoinGape report, a reason was the growing speculation that top asset manager, BlackRock, is about to make a spot XRP ETF filing.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
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Source: https://coingape.com/xxrp-etf-hits-120m-volume-with-55-weekly-gain/