$XRP Reports of the SEC greenlighting the launch of three XRP Futures ETFs drove XRP demand on Sunday, April 27. ProShares will launch the ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF on Wednesday, April 30.

Notably, these are futures ETFs, not spot ETFs, meaning the ETFs will give investors exposure to XRP without directly holding the token. The ETFs will invest in XRP futures contracts, swaps, and cash balances in money market instruments, including US Treasuries.

The launch of XRP Futures ETFs can pave the way for an XRP-spot ETF market. ProShares launched its Bitcoin Futures ETF (BITO) in October 2021, well before the first US BTC-spot ETFs launched in January 2024.