TLDR
- ProShares Ultra XRP ETF launch boosts approval odds for an XRP ETF to 86%, signaling strong investor interest.
- XRP price consolidates near $3.40, with the market waiting for key breakout signals amid rising ETF speculation.
- ProShares’ 2x leveraged XRP ETF surges after launch, highlighting growing demand for XRP-based financial product
- U.S. GENIUS Act and SEC comments boost XRP ETF approval odds, signaling clearer regulatory path for crypto ETFs.
The approval odds for an XRP ETF have surged to 86%, a significant rise following the successful launch of the ProShares Ultra XRP ETF (UXRP). This marks a strong shift in sentiment, fueled by increased institutional interest and positive market reception. ProShares’ entry into the market has further signaled growing demand for XRP-based financial products, leading to speculation about the potential approval of a full spot XRP ETF.
XRP ETF Approval Odds Surge After ProShares Launch
The odds of an XRP ETF approval have surged past 86%, marking a significant 15% increase in just 24 hours, fueled by the successful launch of the ProShares Ultra XRP ETF (UXRP). This development points to growing market optimism around pending ETF approvals.
The ETF debuted on July 18 on NYSE Arca, opening at $50.84 and quickly rising to an intraday high of $57.86 before closing at $53.94, reflecting strong investor interest.
ProShares’ UXRP ETF offers 2x leveraged exposure, amplifying gains linked to Ripple’s growth, ISO 20022 integration, and institutional adoption. Analysts suggest the ETF’s success illustrates the substantial demand for XRP-based investment products, even before a spot ETF is approved by regulators.
The early price action and volume underscore the market’s confidence in XRP and its future potential.
Despite the UXRP being a futures-based product, speculation is rife about its eventual transition to a spot ETF. Following a strategy similar to Bitcoin and Ethereum, ProShares may file for conversion once market conditions and regulations align, further boosting XRP’s position in the investment world.
Key Factors Pushing XRP Closer to Full ETF Approval
The passing of key crypto legislation in the U.S., notably the GENIUS Act, has increased the likelihood of XRP ETF approval. This bill, recently cleared by the House, aims to clarify rules surrounding stablecoins and digital assets, creating a more favorable regulatory environment for cryptocurrency-related investment products.
The law’s passage signals stronger support for the industry, which is seen as positive for the approval of digital asset ETFs.
Adding to this positive momentum, SEC Commissioner Hester Peirce made statements that alleviated concerns about the rejection of spot ETFs. She reassured the market that the SEC remains open to new products, as long as they meet compliance standards.
These comments have bolstered confidence among investors, suggesting that the regulatory body might soon approve new crypto-focused ETFs, including XRP.
With clearer regulations, strong legislative support, and growing demand, the debate is shifting from “if” to “when” an XRP spot ETF will gain approval. The success of the ProShares Ultra XRP ETF’s launch further highlights the market’s readiness for such a product.
XRP Price Shows Signs of Consolidation Amid ETF Speculation
XRP price is currently trading at $3.40, showing slight fluctuations and consolidation in the market. Indicators such as the Relative Strength Index (RSI), at 53.69, point to a neutral condition, with neither overbought nor oversold signals.
The Moving Average Convergence Divergence (MACD) also remains close to neutral, suggesting weak downward momentum and a lack of strong direction.
Despite the neutral indicators, trading volume has increased slightly, hinting at growing interest in XRP. The price is hovering near support levels at $3.40.
If it breaks this level, a further decline could follow, potentially testing lower support zones. However, if XRP manages to break above $3.41, it may push toward higher resistance levels.
The market is in a consolidation phase, with no clear breakout in either direction. The price action, combined with neutral indicators and a slight increase in volume, suggests that traders are awaiting a stronger signal to determine the next move. Key levels around $3.40 and $3.41 will be important to watch for potential breakthroughs.
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