- TEUCRIUM’s 2X XRP ETF launch has seen impressive volume despite the weak encryption market.
- XRP’s future branch ETF can reconstruct digital asset space with strong industrial support.
Teucrium, twice the daily XRP ETF made an impressive debut on the New York Stock Exchange on April 8.
The launch recorded $ 5.43 million in the first day, despite the fact that Ripple (XRP) faced a significant price pressure.
One of the transactions of XXRP
In the transaction of Ticker XXRP, ETFs slipped to $ 78,000 by Bitcoin (BTC) and achieved this success in a wider than $ 1.61.
On April 8, the price of XRP rebounded to $ 1.87 before returning to $ 1.69 by the evening. Despite this volatility, TEUCRIUM has launched the ETF and allows investors to benefit from price fluctuations in any direction.
He was praised by ETF analyst ETF analyst, ETF analyst ETF analyst, in XXRP’s impressive performance and even weak market conditions, and he was characterized by “very respectable”.
Balchunas said.
“$ XXRP (2X XRP ETF) has won $ 5 million on the first day, considering MKT conditions.”
He added.
“This is about 5%of the new ETF launch, and 2X Solana ETF $ SOLT has increased what has been done four times (200X less than King Ibit).”
Source: Eric Balchunas/X
How is XXRP compared to other ETFs?
In other words, Teucrium’s XXRP ETF surpassed similar ETFs such as Solana (SOL) ETF products with significant margins and the trading volume was about four times higher.
This has risen to the top 5%of all new ETF launches.
However, despite its strong debut, this figure is still less than BLACKROCK’s launch of Bitcoin ETF, and the trading volume is about 200 times larger.
Current encryption market conditions
The Cryptocurrency market is maintaining volatility, but the recent development of the global economy, such as Trump’s suspension of tariff planning, has provided boosts.
At the time of writing, the market capitalization of Global Crypto increased to $ 2.59 trillion, up 5.67% in 24 hours, depending on CoinmarketCap.
Bitcoin rose to 5.98% hiking to $ 81,752, while XRP increased 9.53% to $ 1.99.
However, despite the positive price movement, the relative robbery index (RSI) is maintained below the neutral level, indicating that the weak feelings are still dominant.
In a brighter aspect, a wide bolinger band suggests that volatility can be on the horizontal line, providing a potential reversal of the weak trend.
Source: Trade perspective
What does this mean about XRP ETF?
The initial success of XXRP is noteworthy, but many XRP supporters are optimistic that the future SPOT XRP ETF (“IXRP”) can lead to greater competition in the market.
According to POLYMARKET’s data, Ripple’s spot ETF can be approved by 2025, with a chance to further speculate on the growth potential of XRP in the ETF space.
This momentum occurs at the time of submitting an application to the SEC for the SP SPOT XRP ETF, with more than 10 major asset managers, including GrayScale and Franklin Templeton.
In particular, BLACKROCK has not yet been interested in launching an XRP specific product, and has opened a wide door that can lead the way in this growing market.