NYSE Arca, the leading U.S. exchange for exchange-traded fund (ETF) listings, has officially approved the ProShares Ultra XRP ETF for listing and registration, according to a notice published by the U.S. Securities and Exchange Commission (SEC) on Monday, July 14.
The leveraged futures-based fund will trade under the ticker UXRP, and trading is expected to begin by the end of the week.
In a separate filing, the SEC also disclosed that the exchange has greenlighted the ProShares Ultra Solana (SOL) ETF as well, marking another step forward in expanding access to leveraged crypto-based investment products.
What does the XRP ETF mean?
The XRP ETF is registered under the Securities Exchange Act of 1934 and will benefit from NYSE Arca automated auctions and enhanced price discovery.
SEC’s decision coincides with the Crypto Week held in Washington, D.C., where legislators are debating key issues, including the Clarity Act and the Anti-CBDC Surveillance State Act.
Together with the ETF approval, additional optimism in regard to regulatory momentum has renewed investor focus on XRP, Ripple, and the broader crypto ecosystem.
Ahead of the ETF approval, XRP surged over 27% in a week, briefly hitting a high of $3.02 before pulling back. At press time, XRP was trading at $2.90.
The future of Ripple
At the same time, ProShares is gearing up to launch two more XRP-linked ETFs: the Short XRP ETF (XRPS) and the UltraShort XRP ETF (RIPS).
Each of these funds is structured to deliver inverse exposure to XRP’s daily price action, targeting -1x and -2x returns, respectively.
As Ripple’s path forward will undoubtedly depend on ETF-driven momentum, analysts are carefully watching ProShares’ lineup of crypto-related funds, especially considering the new chapter of the ongoing Ripple vs. SEC case set to open in August.
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