The Teucrium 2X Long Daily XRP ETF saw an impressive trading volume milestone on its first trading day on NYSE Arca. The surge in interest comes as XRP’s legal battles with the U.S. Securities and Exchange Commission (SEC) are at their tail end, with new institutional-focused products emerging for the Ripple-associated coin.
Teucrium’s X2 Daily Long XRP ETF Sees Strong Start
On its first day of trading, the 2X Daily Long ETF saw a trading volume of $5 million. Teucrium launched this product after approval by NYSE Arca. According to Bloomberg Senior ETF Analyst Eric Balchunas, this performance places it in the top 5% of new ETFs launched. This result is particularly impressive given the current market conditions.
For context, a similar product, the Solana 2X ETF (SOLT) garnered a fraction of this volume, or about four times less than XRP’s debut. This impressive performance suggests investors are keen to leverage their positions on XRP.
Balchunas further shared his thoughts on the debut, calling the $5 million in volume respectable considering the market conditions. He noted that this performance while outpacing Solana’s, comes with a twist.
He said it pales compared to BlackRock iShares Bitcoin Trust (IBIT) whose debut volume topped $1 billion.
Spot XRP ETF Prospect
As reported by CoinGape, John Deaton reflects on the four-year Ripple lawsuit, stating that XRP’s status as a non-security is a crucial boost to the growing push for exchange-traded funds tied to the coin.
The filing of multiple XRP ETFs remains a hot topic in the market. With $1.5 trillion in assets under management (AUM), investment giant Franklin Templeton recently filed for a Spot XRP ETF through the Cboe exchange. This adds to the growing list of firms pushing for XRP-related funds after Ripple Labs’ dropped its cross-appeal against the US SEC.
Other prominent firms have also filed for similar offerings, including Grayscale’s spot XRP ETF listing push with the NYSE. This offering could potentially involve converting the former’s XRP Trust into a full-fledged ETF. With this momentum, XRP’s future looks promising, and more ETF applications are anticipated in the coming weeks.
Meanwhile, in Brazil, the Hashdex spot XRP ETF has gained regulatory approval, with B3 as the exchange of choice. At the time, the XRP price jumped 6% following the update, a sign of positive sentiment around related products. This further solidifies the momentum around XRP’s potential as an investment asset in different regions around the world.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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