Guys, XRP, the cryptocurrency used to facilitate transactions on Ripple’s payment platform, is up 6.2% over the past 24 hours at 2.32. Meanwhile, Bitcoin traded modestly up at 95,268 and Ether and Solana edged up to 1,817 and 151.7, respectively.
ProShares Trust, an exchange-traded funds issuer, filed a prospectus with the Securities and Exchange Commission in January for three leveraged funds that will track the price of the XRP token through futures.
The funds—Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF—won’t involve direct ownership of the asset.
The SEC hasn’t raised any objections, which allows ProShares to move ahead with the ETFs. In March this year, Ripple CEO Brad Garlinghouse said the SEC had dropped the case against the company, calling it “a resounding victory for Ripple, for crypto.
“XRP was purpose-built for real financial use cases and today facilitates global value transfers through the fast, low-cost XRP Ledger,” said Sal Gilbertie, CEO of Teucrium, another ETF issuer that launched an XRP ETF earlier this month.
The Teucrium 2x Daily Long XRP ETF’s first two weeks of trading highlighted strong investor demand for regulated access to digital assets, Gilbertie said last week.
Crypto firms Coinbase and Bitnomial have also begun selling XRP futures recently.
At the moment, the sentiment in the market is neutral, FxPro market analyst Alex Kuptsikevich said Monday, noting the crypto market capitalization has been hovering just under 3 trillion since the end of last week.
“It seems that players prefer to move upwards with relatively long stops,”
