- XRP ETF approval odds spike after ProShares UXRP trading debut.
- UXRP launches with strong performance and rising investor confidence.
- Institutions eye XRP exposure as leveraged ETF gains early traction.
According to Polymarket data, the odds of a spot XRP ETF approval have climbed to 86%. This sharp rise follows the successful launch of the ProShares Ultra XRP ETF (UXRP) on NYSE Arca.
ProShares launched UXRP, which opened at $50.84 on July 18, as a leveraged fund. It shot up to $57.86 before closing the day 6.10 percent up at $53.94. RippleXity on X states that the launch was well-received by both the XRP community and market participants at large.
As opposed to conventional ETFs, UXRP offers 2X daily leveraged exposure to XRP, which utilizes futures and other derivatives. This provides traders with increased exposure to XRP price movements without necessarily owning the token.
The ETF first became effective with Amendment No. 377 filed by ProShares Trust under the Investment Company Act of 1940. Attorneys Allison M. Fumai and Mark D. Perlow of Dechert LLP, a law firm known for its compliance with ETFs, managed the formal representation.
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XRP-Based Investment Products Gain Traction
The successful launch of UXRP has renewed speculation over the approval of a full spot XRP ETF. Analysts say the strong debut indicates rising demand for XRP-related financial instruments. Polymarket recorded a 15% jump in approval odds within 24 hours of the launch.
Source: Polymarket
Despite the fact that UXRP is an ETF based on futures, ProShares can take a similar approach to the issuers of other ETFs on Bitcoin and Ethereum. Chad Steingraber, the crypto analyst on X, pointed out that ProShares has intimated that it would attempt a spot ETF conversion in the future under favorable circumstances.
The movement comes on the wave of greater institutional interest in XRP as Ripple migrates to ISO 20022 and greater legal clarity.
In 2023, Judge Analisa Torres ruled that the sale of XRP in secondary markets could not be characterized as securities. This move has opened a path for regulatable products such as UXRP to graduate in the market with confidence.
Leveraged Exposure Signals Institutional Confidence in XRP’s Market Potential
The structure of UXRP reflects a clear appetite from institutions looking to gain high-powered exposure to XRP. With amplified returns and a regulated setup, the fund appeals to firms targeting short-term opportunities tied to XRP price volatility.
The initial-day activity and response within the marketplace confirm the continuously increasing demand for XRP-centered products, which was made possible by UXRP.
With Ripple increasing its rollout of its international payment network and with regulators’ guidance clear, leveraged commodities such as UXRP are a strategic starting point for the risk-tolerant investor.
As UXRP gains traction on the NYSE Arca, market sentiment continues to shift. With ETF approval odds surging and institutional backing growing, XRP appears positioned for a new phase in mainstream adoption.
Also Read: WisdomTree Highlights XRP’s 20x Potential as It Renames HYIN Fund
