Green light from the SEC for three XRP ETFs
The funds will track the prices of futures based on $XRP and will offer traders a way to make money with long and short positions.
The issuer of exchange-traded funds (ETFs) ProShares will launch three XRP-tracked products this week, following the tacit approval of the United States Securities and Exchange Commission (SEC).
An Ultra XRP ETF (2x leverage), a Short XRP ETF, and an Ultra Short XRP ETF (-2x leverage) will be launched; however, there has been no movement recorded on its XRP spot ETF. Meanwhile, the SEC has so far accepted several requests for XRP spot ETFs, with the submission from fund manager Grayscale facing a critical deadline on May 22.
ProShares' approvals come just weeks after Teucrium's 2x XRP ETF began trading earlier this month, becoming the first XRP ETF in the United States. It totaled over $5 million in trading volume on its first day, making it the company's "most successful" launch to date.
Last week, CME Group added XRP futures to its largest derivatives exchange in the United States, with the launch expected next month, alongside BTC, ETH, and SOL products.
The many ETFs tracking XRP come after the lengthy legal battle of the closely related company Ripple against the SEC, which was fully concluded in March, thus eliminating significant regulatory hurdles for the tokens.
