The surge in XRP ETF filings has caught the attention of the cryptocurrency market, with GraniteShares submitting a new application for leveraged XRP ETFs. This move comes amidst a backdrop of falling XRP prices, with the token slipping below $2.90 and losing its position as the fourth-largest cryptocurrency by market capitalization.
The filing by GraniteShares includes 3x long and 3x short leveraged investments tied to XRP’s price, similar to products offered for Bitcoin, Ethereum, and Solana. Despite the market slump and regulatory uncertainties, the interest in XRP exposure from institutional investors remains evident.
The anticipation for October to be a significant month for XRP has been dampened by the U.S. government shutdown, causing a pause in the Securities and Exchange Commission’s approval process for new ETFs. This delay has tempered investor excitement and put a damper on the optimism surrounding XRP ETF approvals.
In response to the GraniteShares filing, attorney and XRP supporter Bill Morgan humorously remarked on the market’s reaction, stating, “I will continue panic buying XRP in the face of this terrible XRP ETF demand.” He emphasized that XRP’s position among the top four cryptocurrencies, excluding stablecoins and exchange tokens, is reinforced by the filing.
Amidst the uncertainty surrounding XRP ETFs and regulatory delays, the ongoing push for leveraged XRP ETFs by large asset managers underscores the belief in the asset’s future performance. Despite the challenges and setbacks, XRP remains in the institutional spotlight, indicating continued interest in its potential growth and value in the market.