There are rumors floating around in crypto for months now that after Bitcoin and Ethereum, some of either Solana, XRP, ADA or DOGE could be next in spot ETFs approval.
Polymarket gives 75% chance right now for Ripple’s ETF to be approved in 2025 and this is now higher compared to Doge’s 69% and Cardano’s 52%.
Solana now leads this race on Polymarket with 82% odds to get its spot ETF approved in 2025. However, Bloomberg analyst Isabelle Lee dropped news about first-ever XRP ETFs launching today, but it’s not spot ones.
Leveraged XRP ETF Makes Unexpected Market Entry
In a surprising development, Teucrium Investment Advisors LLC is launching the first-ever XRP ETF in the US market. But unlike the traditional spot ETFs that traders might have been expecting, this one comes with a twist – it’s leveraged.
The new fund, called Teucrium 2x Long Daily XRP ETF, is designed to deliver twice the daily return of XRP through the use of swaps.
A 2x XRP ETF is launching tmrw in US, the first-ever XRP ETF on the market. Very odd (maybe a first) that a new asset’s first ETF is leveraged. Spot XRP still not approved, altho our odds are pretty high. Story via @isabelletanlee pic.twitter.com/Eg4Wq5Y1Qi
— Eric Balchunas (@EricBalchunas) April 7, 2025
The fund trades as XXRP and costs 1.85% in fees, which is pretty high but makes sense for a leveraged product. XRP is now the fourth-largest crypto with about $111 billion market value. Its popularity jumped after Ripple Labs finished dealing with their US regulatory issues.
What’s strange here is that leveraged ETFs usually come after regular spot ETFs, not before them. With Bitcoin and Ethereum, we first got basic ETFs and only later saw the more complex products.
This XRP ETF breaks that pattern. It’s aimed at active traders, not long-term investors, since its daily resets can make it perform differently than just holding XRP over time.
The SEC approving a 2x XRP ETF before any spot XRP ETFs might mean regulators are trying something new or that this type of fund was simply easier to get approved.
XRP’s clearer legal status after Ripple settled its legal battles probably helped make this unusual ETF possible. Though spot XRP ETFs aren’t approved yet, this launch suggests the rules for crypto investments keep changing.
Read also: The Chart That Says XRP Is Just Getting Started
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