- Teucrium’s 2x XRP ETF launch saw impressive volume despite a bearish crypto market.
- XRP’s future spot ETF could reshape the digital asset space with strong industry backing.
Teucrium’s 2x Long Daily XRP ETF had an impressive debut on the New York Stock Exchange on the 8th of April.
The launch recorded an impressive $5.43 million in turnover on its first day, despite Ripple [XRP] facing significant price pressure.
XXRP’s day one of trading
Trading under the ticker XXRP, the ETF managed to achieve this success amid a broader crypto market downturn, with Bitcoin [BTC] slipping to $78,000 and XRP reaching a five-month low of $1.61.
On the 8th of April, XRP’s price briefly rebounded to $1.87 before dipping back to $1.69 by evening. Despite this volatility, Teucrium proceeded with the launch of its ETF, aimed at enabling investors to profit from price swings in either direction.
XXRP’s impressive performance, even amid bearish market conditions, received praise from Bloomberg Senior ETF Analyst Eric Balchunas, who characterized the launch as “very respectable.”
Balchunas said,
“$XXRP (2x XRP ETF) saw $5mil in volume on Day One, very respectable, esp considering the mkt conditions.”
He added,
“That puts it in approx top 5% of new ETF launches, and about 4x what the 2x Solana ETF $SOLT did (altho both 200x less than King IBIT).”
Source: Eric Balchunas/X
How does XXRP compare to other ETFs?
That being said, Teucrium’s XXRP ETF outperformed similar ETFs like Solana’s [SOL] ETF product by a significant margin, with trading volume about four times higher.
This puts the ETF launch in the top 5% of all new ETFs.
However, despite the strong debut, the figure still falls short of BlackRock’s Bitcoin ETF launch, which saw trading volume approximately 200 times larger.
Current crypto market condition
While the cryptocurrency market remains volatile, recent developments in global economics, such as the pause in President Trump’s tariff plans, have provided a boost.
At the time of writing, the global crypto market cap surged to $2.59 trillion, reflecting a 5.67% increase in just 24 hours as per CoinMarketCap.
Bitcoin rose to $81,752, a 5.98% hike, while XRP saw a remarkable 9.53% increase, trading at $1.99.
However, despite the positive price movement, the Relative Strength Index (RSI) remained below the neutral level, indicating that bearish sentiment still dominates.
On the brighter side, the widening Bollinger Bands suggested that increased volatility could be on the horizon, offering a potential reversal of the bearish trend.
Source: Trading View
What does this say about XRP ETF?
While the initial success of XXRP was notable, many XRP supporters are optimistic that a future spot XRP ETF—tentatively dubbed “IXRP”—could generate even greater competition in the market.
Data from Polymarket suggests a 77% chance that Ripple’s spot ETF could be approved by 2025, fueling further speculation on the growth potential of XRP in the ETF space.
This momentum comes at a time when over ten major asset managers, including Grayscale and Franklin Templeton, have filed applications with the SEC for a spot XRP ETF.
Notably, BlackRock has yet to show interest in launching an XRP-specific product, leaving the door wide open for other firms to lead the way in this growing market.
