After Bitcoin and Etheruem spot ETFs, many altcoins such as XRP and Solana have filed ETF applications. While these altcoin ETFs are expected to be approved with the new SEC administration, the ETF excitement was cut short.
Because the sharp declines in Bitcoin and altcoins overshadowed the ETF excitement. However, despite the decline, good news came from a Bloomberg analyst.
Bloomberg ETF analyst James Seyffart announced in his post from the X account that the first XRP ETF in the United States will be launched.
Accordingly, Teucrium Investment Advisors, an independent ETF issuer, is preparing to launch a 2x leveraged XRP ETF on NYSE Arca starting April 8.
This ETF provides investors with greater exposure to the daily movements of XRP before the spot ETF approval. It was stated that the product's symbol on the exchange will be XXRP.
It is the first time that a leveraged ETF tied to XRP will be launched in the US, and it is stated that this ETF could increase the wider adoption of XRP.
Speaking to Bloomberg, Teucrium founder and CEO Sal Gilbertie noted that investors have shown strong interest in the XRP ETF and that he may apply to list more crypto ETFs in the future.
“There is a lot of interest from investors in XRP and crypto. We may consider more ETF applications in the future.
I am also pleased that XXRP was launched during a market downturn caused by US President Donald Trump's tariffs.
Because what better time to launch a product than now when prices are low?”
Bloomberg analyst Eric Balchunas also noted that it was very strange that the first ETF for a new asset would come in the form of a leveraged ETF, while he said that the probability of a spot XRP ETF being approved is still quite high.
While multiple spot XRP ETF applications from companies like Grayscale, Bitwise, Franklin Templeton, Canary Capital, and 21Shares continue to be reviewed by the SEC, Balchunas and Seyffart stated in February that there is a 65% chance of a spot XRP ETF being approved in 2025.
*This is not investment advice.
