- Teucriums 2x XRP ETF launch saw impressive volume despite a baisse -like crypto market.
- XRP’s future location ETF can reshape the digital asset space with strong support for the industry.
Teucrium’s 2x long daily XRP ETF had an impressive debut At the New York Stock Exchange on April 8th.
The launch recorded an impressive $ 5.43 million in sales on its first day, despite Ripple (xrp) introducing a significant price pressure.
XXRP’s day a trade
Trading under Ticker XXRP managed ETF to achieve this success in the midst of a wider crypto -market decline, with Bitcoin (BTC) Return to $ 78,000 and XRP reaches a five -month was $ 1.61.
On April 8, XRP’s price briefly recovered to $ 1.87 before dipping back to $ 1.69 in the evening. Despite this volatility, Teucrium continued with the launch of its ETF, which aimed to enable investors to earn from price fluctuations in either direction.
XXRP’s impressive performance, even among baisse -like market conditions, received praise from Bloomberg Senior ETF analyst Eric Balchunas, who characterized the launch as “very respectable.”
Balchun mentionedThe
“$ XXRP (2x XRP ETF) saw $ 5 million in volume on day one, very respectable, especially considering the mkt conditions.”
He added,
“It puts it in about 5% of new ETF launches, and about 4x what 2x sola ETF $ sun did (Altho both 200x less than King Ibit).”
Source: Eric Balchunas/X.
How does XXRP compare with other ETFs?
That said, the Teucrium XXRP ETF surpassed similar ETFs as Solana’s (sun) ETF product with a significant margin with trade volume about four times higher.
This puts the ETF launch in the top 5% of all new ETFs.
Despite the strong debut, however, the figure still falls during Blackrock’s launch of Bitcoin ETF, which saw the trade volume about 200 times greater.
Current crypto market conditions
While the Cryptocurrency market remains volatile, the latest developments in the global economy, such as the break in President Trump’s customs plans, have provided a boost.
At the time of writing, Global Crypto Market CAP increased to $ 2.59 trillion, reflecting an increase of 5.67% in just 24 hours according to Coinmarketcap.
Bitcoin Rose to $ 81,752, an increase of 5.98%, while XRP saw a remarkable 9.53% increaseTrade in $ 1.99.
Despite the positive price movement, however, the relative strength index (RSI) remained below the neutral level, which indicates that baissality still dominates.
On the lighter side, the broader Bollinger bands suggested that increased volatility could be on the horizon, offering a potential reversal of the baisse -like trend.
Source: Trade view
What does this say about XRP ETF?
While the first success for XXRP was remarkable, many XRP supporters are optimistic that a future spot XRP ETF – Tubbubbed “IXRP” – would generate even greater competition on the market.
Data from the polymarket propose A 77% chance that Ripples Spot ETF could be approved in 2025, which drives additional speculation on the growth potential for XRP in the ETF space.
This momentum arrives at a time when over ten major asset managers, including Grayscale and Franklin Templeton, have submitted applications to Sec for a spot XRP ETF.
In particular, Blackrock has not yet shown interest in launching an XRP-specific product, leaving the door wide open for other companies to lead the way in this growing market.
