On April 30, 2025, the U.S. Securities and Exchange Commission (SEC) will see the effective launch date for ProShares Trust‘s XRP-focused exchange-traded funds (ETFs), a development that signals a major step forward for XRP’s integration into mainstream financial markets.
ProShares Trust, based in Bethesda, Maryland, with ProShare Advisors LLC as its investment advisor, submitted a Form N-1A to the SEC, outlining plans for multiple XRP ETFs.
These include the ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF, designed to offer investors leveraged and inverse exposure to XRP price movements through futures contracts rather than direct ownership of the cryptocurrency.
This futures-based approach aligns with earlier crypto ETF approvals, such as ProShares’ Ether Strategy ETF launched in 2023, which tracked Ethereum futures.
The SEC’s decision comes amidst a wave of institutional interest in XRP, with nine companies, including Bitwise, 21Shares, and WisdomTree, having filed for XRP ETFs by March 2025.
This growing momentum reflects XRP’s increasing appeal, bolstered by its $127 billion market cap, making it the fourth-largest cryptocurrency.
XRP’s price has surged to $2.18 as of April 25, 2025, marking a 480% increase over the past month, driven by regulatory optimism and Ripple’s recent approval by the New York Department of Financial Services to launch a stablecoin.
Adding to this momentum, the CME Group plans to launch XRP futures on May 19, 2025, a move expected to enhance liquidity and further support ETF prospects.
The regulatory landscape also appears to be shifting in XRP’s favor.
Paul Atkins, nominated by President Trump and confirmed as SEC Chair on April 9, 2025, has pledged to prioritize clear digital asset regulations.
His leadership is anticipated to expedite resolutions in ongoing crypto cases, including the SEC’s long-standing lawsuit against Ripple, which has historically weighed on XRP’s market performance.
A recent joint motion to pause appeals in the Ripple case was approved, hinting at a potential resolution that could further clarify XRP’s legal status.
Market analysts at Kaiko Research suggest that XRP ETFs have a higher approval likelihood compared to other altcoins like Solana and Cardano, given XRP’s established role in cross-border payments via RippleNet.
This ETF launch could catalyze greater institutional adoption of XRP, with experts predicting that BlackRock, a dominant player in the ETF space, may soon file for its own XRP ETF to avoid ceding ground to competitors.
However, challenges remain.
The futures-based structure of the ETFs reflects the SEC’s cautious stance on spot crypto ETFs, a distinction noted by industry observers.
Additionally, the ongoing SEC-Ripple lawsuit introduces uncertainty, and investors are advised to monitor XRP’s price around the $2.00 level, with key technical indicators like the 200-day EMA at $1.96 and resistance at $2.22.
The ETF launch, combined with a pro-crypto U.S. Congress and a more favorable regulatory environment under the Trump administration, positions XRP for potential growth, though price volatility is expected as these developments unfold.
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