Bloomberg ETF analyst Eric Balchunas praised the debut of Teucrium’s 2X Daily XRP ETF ($XXRP) on NYSE Arca, which saw $5 million in trading volume on its first day, April 8.
In a tweet, Balchunas called the performance “very respectable,” noting it placed XXRP in the top 5% of new ETF launches despite tough market conditions.
He highlighted that XXRP’s volume was about four times higher than the 2X Solana ETF ($SOLT), though both lagged far behind the BlackRock iShares Bitcoin Trust (IBIT), which recorded $1 billion on day one—200 times more than XXRP.
The ETF, designed to double Ripple’s daily performance, uses derivatives to track XRP’s price movements, offering leveraged returns for high-risk traders. With a 1.85% expense ratio, it allows speculation on XRP volatility without holding the token or using crypto exchanges.
Balchunas found it “very odd” that a leveraged ETF launched before a spot XRP ETF, which the SEC has yet to approve, though several spot applications are under review.
Ripple has made a major move by acquiring Hidden Road for $1.25 billion, becoming the first cryptocurrency company to own a multi-asset prime brokerage. This strategic acquisition, along with more than 20 ETF filings related to Ripple, shows a clear uptick in interest from institutional investors.
The Teucrium 2x XRP ETF launch went well, and analysts are backing it up, which shows people are getting more confident in Ripple’s role in the crypto space. It even looks like it might be outpacing stuff like Solana’s ETF.
This feels like a real milestone for Ripple as it keeps pushing into the traditional finance world.
Also Read: XRP Price Prediction For The Week: Will Ripple Hit $1 or $3?
