The ETF market in the United States received a significant addition with the launch of Teucrium’s “2x Long Daily XRP ETF,” listed on NYSE Arca under the symbol XXRP, on April 8, 2025.
The fund, which aims to double the daily return of XRP, managed to capture an impressive $5 million in trading volume on its first day, ranking among the most impactful launches of the year, as reported by Bloomberg Senior ETF Analyst Eric Balchunas.
During a period marked by high volatility in cryptocurrency markets, the ETF’s debut reflects a growing interest from institutional investors in financial products linked to digital assets, especially XRP.
The fund’s strategy includes the use of swap contracts that reference products traded on European exchanges, a creative solution given the lack of a spot XRP ETF in the US.
Compared to other recent launches, such as Volatility Shares’ 2x Solana ETF, which debuted in March, XXRP’s initial volume was nearly four times higher.
However, it still lags behind BlackRock’s iShares Bitcoin Trust, which saw $1 billion in trading on its first day. Even so, Balchunas considers XXRP’s performance “respectable” given the current digital asset market context.
$XXRP (2x XRP ETF) saw $5mil in volume on Day One, very respectable, esp considering the mkt conditions. That puts it in approx top 5% of new ETF launches, and about 4x what the 2x Solana ETF $SOLT did (altho both 200x less than King IBIT).
— Eric Balchunas (@EricBalchunas) April 8, 2025
Following the launch, XRP experienced a brief surge of nearly 6% to $1.95 before experiencing a pullback.
Within 24 hours, the token saw a 2.5% drop to $1.84 amid persistent macroeconomic uncertainty impacting market sentiment.
Despite the inherent challenges, the ETF launched with a management fee of 1.85%, which is considered relatively high.
This launch not only expands the options available to investors interested in cryptocurrencies, but also highlights the current dynamics of the digital asset market.