- Teucium’s 2x XRP ETF launch saw an impressive volume despite a bearish crypto market.
- XRP’s future spot ETF could reform the digital assets space with a strong support from the industry.
Teucium’s 2x long daily XRP ETF had an impressive debut about the New York Stock Exchange on April 8.
The launch registered an impressive $ 5.43 million in turnover on the first day, despite Ripple [XRP] confronted with considerable price pressure.
XXRP’s Day One of Trading
Trading under the Ticker XXRP, the ETF managed to achieve this success in the midst of a broader crypto market, with Bitcoin [BTC] Slip to $ 78,000 and XRP with a low -five -month low of $ 1.61.
On April 8, the price of XRP briefly returned to $ 1.87 before he dropped back to $ 1.69 in the evening. Despite this volatility, Teucrium continued with the launch of his ETF, aimed at enabling investors to take advantage of price changes in both directions.
The impressive performance of XXRP, even in the midst of Bearish market conditions, received praise from Bloomberg Senior ETF analyst Eric Balchunas, who characterized the launch as ‘very respectable’.
Balchunas said”
“$ XXRP (2x XRP ETF) saw $ 5 million in volume on the first day, very respectable, especially in view of the MKT conditions.”
He added,
“That states in about 5% of the new ETF launches, and about 4x what the 2x Solana ETF $ Solt did (although both 200x less than King Ibit).”
Source: Eric Balchunas/X
How does XXRP relate to other ETFs?
That said, Teucium’s XXRP ETF performed better than comparable ETFs such as those of Solana [SOL] ETF product with a significant margin, with trade volume about four times higher.
This places the ETF launch in the top 5% of all new ETFs.
Despite the strong debut, the figure still falls short at the Bitcoin ETF launch of BlackRock, which saw the trade volume about 200 times larger.
Current crypto market condition
Although the cryptocurrency market remains volatile, recent developments in the worldwide economy, such as the break in the tariff plans of President Trump, have given a boost.
At the time of writing, the global crypto market hood rose Mint market cap.
Bitcoin rose up to $ 81,752, an increase of 5.98%, while XRP saw a remarkable 9.53% increaseact at $ 1.99.
Despite the positive price movement, however, the relative strength index (RSI) remained below the neutral level, indicating that Bearish sentiment still dominates.
On the better side, the growing Bollinger tires suggested that increased volatility could be on the horizon, which would offer a potential reversal of the Bearish trend.
Source: Trade reproduction
What does this say about XRP ETF?
Although the initial success of XXRP was remarkable, many XRP supporters are optimistic that a future place called XRP ETF – Stentwind “IXRP” – could generate even greater competition on the market.
Data from Polymarket suggest A 77% chance that Ripple’s Spot ETF could be approved by 2025, so that further speculation about the growth potential of XRP can be fueled in the ETF room.
This momentum comes at a time when more than ten large asset managers, including Grayscale and Franklin Templeton, have submitted applications at the SEC for a place XRP ETF.
BlackRock still has to show interest in launching an XRP-specific product, so that the door remains wide open for other companies to show the way in this growing market.