$XRP struggles to stay afloat, with key support levels crumbling due to volatility from macroeconomic factors, including United States President Donald Trump's reciprocal tariffs kicking in on Wednesday. The cross-border money transfer token is down 7.4% in the last 24 hours and trading at $1.1770 in the late Asian session on Wednesday despite the launch of the XXRP ETF—a 2x leveraged exchange-traded fund—on the New York Stock Exchange (NYSE) Arca on Tuesday.
$XRP hangs on a cliff as XXRP ETF goes live
XRP's downside remains heavy as investors constantly react and adjust to Trump's seemingly uncertain tariff policy, such that recovery from the "Black Monday" sell-off quickly fizzled out during the American session on Tuesday.
The drawdown in XRP below $2.000 extended to $1.6176 this week as the XXRP ETF went live on NYSE Arca. The United States' first XRP-based ETF product is designed to capitalize on the underlying asset's volatility with 2x leverage.
According to data from Bloomberg ETF analyst Eric Balchunas, XXRP ETF posted more than $5 million in volume on day one of its trading, a commendable achievement considering the ongoing tumult in crypto and other global markets. Although 200x less than the volume of BlackRock's IBIT ETF posted on day one, this performance puts XXRP in the top 5% of new ETF launches. Additionally, XXRP volume was four times the 2x Solana ETF (SOLT).