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Three new exchange-traded funds (ETFs) involving XRP are set to launch this week. However, the spot XRP ETFs that investors have been eagerly anticipating are still awaiting approval. Meanwhile, the newly launched leveraged XRP ETF products triggered a 7% price increase on April 28.
New XRP Derivative Products Make Their Impact on Price
ProShares will launch three new funds after filing documents with the U.S. Securities and Exchange Commission (SEC) on Wednesday: ProShares Ultra XRP ETF, ProShares UltraShort XRP ETF, and ProShares Short XRP ETF.
Nate Geraci, President of ETFStore, stated on social media that “These are not spot XRP ETFs,” emphasizing that the new products offer exposure to XRP’s price movements through derivatives with leverage.
Following the news, XRP’s price surged by over 7% in the last 24 hours. However, the markets are mainly focused on the SEC’s pending decisions regarding the spot XRP ETF applications. Approval of spot ETFs is expected to potentially trigger an $8 billion influx of new capital.
Why Are ProShares’ New Funds Important?
The new ETFs allow investors to take leveraged positions on XRP’s price movements, whether up or down. Thanks to these leveraged XRP ETF products, XRP has managed to gain further footing in regulated markets.
Geraci raised a critical point by asking, “Why are derivative products being approved before spot ETFs?” This is especially noteworthy because, in traditional markets, spot ETFs usually debut first, followed by leveraged products. However, in the crypto sector, the opposite trend has emerged: as seen with Bitcoin and Ethereum, futures-based ETFs received approval before any spot ETFs.
Current Status of Spot XRP ETF Applications
In recent months, the SEC has officially acknowledged spot XRP ETF applications from major firms such as Bitwise, 21Shares, and Grayscale. This acknowledgment starts the official clock for an approval or denial decision. According to Bloomberg data, final decisions are expected around mid-October 2025.
Unlike last year, XRP ETF applications are no longer being immediately rejected, which is seen as significant progress.
Meanwhile, sentiment on the prediction platform Polymarket remains cautious. Currently, bettors place a 42% chance of a spot XRP ETF being approved by the end of July 2025, but the probability rises to around 76% by the end of 2025. At the moment, investors are showing strong interest in the launch of leveraged XRP ETF products.
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