XRP ETF Launch Impresses Even In Bear Market, Says Analyst
Teucrium launched a 2x XRP ETF, ticker XXRP, on the New York Stock Exchange, achieving $5.43 million in turnover on its first trading day, April 8, despite XRP hitting a five-month low of $1.61. The ETF's performance was noted as "very respectable" amid bearish market conditions. XRP's price fluctuated, briefly recovering to over $1.87 before settling at $1.69. The XXRP ETF's first-day trading volume was approximately four times higher than a similar Solana ETF, placing it in the top 5% of new ETF launches, though significantly lower than BlackRock’s Bitcoin ETF debut. The altcoin community reacted positively, despite 137,000 traders facing liquidations totaling over $413 million. XXRP does not directly hold XRP tokens but aims to deliver twice the daily performance of XRP’s price movements, increasing both potential gains and losses. Concerns were raised about the ETF's risk factors, with significant volatility potentially leading to substantial losses for investors. Over 10 asset managers have filed for spot XRP ETFs, including Grayscale and Franklin Templeton.
