Keep an Eye on This Date if You Own XRP

Summary

• Although there’s significant enthusiasm around the approved futures XRP ETFs from ProShares, Bloomberg’s James Seyffart highlighted that a launch date has not yet been established.
• U.S. investors are eagerly anticipating a spot XRP ETF, with major firms such as Grayscale, Franklin Templeton, and Bitwise seeking approval.

Proceed with Caution

Ripple has gained attention lately due to the three recently approved XRP exchange-traded funds (ETFs) in the U.S. These funds include the Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF, all from ProShares.

The announcement led to a notable increase in the price of the underlying cryptocurrency, although the official launch was purportedly scheduled for April 30.

However, in a recent statement, James Seyffart from Bloomberg Intelligence provided a critical update, revealing that there is no confirmation of a launch on that date.

“We don’t have a confirmed launch date yet, but we believe they will launch – and likely launch in the short or possibly medium term,” Seyffart noted.

Several users on social media expressed gratitude for the clarification, while others criticized Seyffart for dampening the enthusiasm surrounding XRP following the ETF developments.

“Nice try….but the spirit does not go back into the bottle,” remarked one user.

ETFs on the Rise

The approval of ProShares to launch these products came less than a month after Teucrium, an asset manager based in Vermont, received the go-ahead to roll out the first XRP-based ETF in the U.S.

This ETF is listed on NYSE Arca and provides investors with leveraged exposure to the daily price fluctuations of the cryptocurrency, marking a strong start with $5 million in trading volume on its first day.

It’s worth noting that no spot XRP ETF has been launched in the United States to date. Notable firms actively attempting to secure approval for such an investment include Grayscale, Franklin Templeton, Bitwise, and 21Shares, among others.

There have also been speculations that major financial institutions like BlackRock and Fidelity might soon join the effort; however, they remain conspicuously absent from this initiative for now.

On a global scale, the first spot XRP ETF was introduced in February this year. This product, managed by Hashdex, received approval from Brazil’s Securities and Exchange Commission (CVM) and is listed on the local B3 stock exchange.