The Dazzling Rise of XXRP: Bear Market Be Damned!

by
  • Teucrium’s 2x XRP ETF launch shone like a diamond, despite the gloomy bear market.
  • XRP’s future spot ETF might just turn the entire digital asset world upside down—if you can believe it.

Ah, what a sight to behold! On the 8th of April, Teucrium’s 2x Long Daily XRP ETF made its grand entrance onto the New York Stock Exchange, wowing all with a most unexpected flourish.

Despite Ripple (XRP) being pummeled like a ragdoll in a bear market, the ETF saw a staggering $5.43 million in turnover on its first day. A truly commendable debut, though one must wonder if the crypto gods had a moment of mercy.

XXRP’s Moment of Glory (Or Was It?)

Trading under the ticker XXRP, this ETF managed to perform a little miracle amidst a crypto market so grim, it might make even the bravest of traders consider hiding under their beds. Bitcoin (BTC) was barely clinging to life at $78,000, while XRP reached a five-month low of $1.61—oh, the drama!

But fear not, dear reader! XRP briefly rallied to $1.87 before promptly falling back to $1.69 as the day drew to a close. And yet, Teucrium—bless their hearts—pushed forward, launching the ETF that promised to let investors profit from swings in either direction, like an emotional rollercoaster.

For those of us who enjoy a touch of praise amidst the chaos, Bloomberg’s Senior ETF Analyst Eric Balchunas had this to say: “Very respectable,” he remarked, no doubt with a faint glimmer of surprise. And if you didn’t quite catch the gravity of his statement, he elaborated further:

“$XXRP (2x XRP ETF) saw $5mil in volume on Day One, very respectable, esp considering the mkt conditions.”

He continued with a touch of wit, noting:

“That puts it in approx top 5% of new ETF launches, and about 4x what the 2x Solana ETF $SOLT did (altho both 200x less than King IBIT).”

Is XXRP Really That Impressive?

Well, it certainly outshone other ETFs like Solana’s (SOL) offering, which, though charming in its own right, failed to make much of a mark. XXRP’s trading volume was four times that of Solana’s ETF—oh, how the mighty have risen!

To put it mildly, this puts Teucrium’s creation in the top 5% of new ETF launches. However, before we get carried away with confetti and champagne, let’s not forget that BlackRock’s Bitcoin ETF saw a mind-boggling trading volume about 200 times greater. But who’s counting, right?

The Crypto Market: A Tale of Volatility

In case you’re not keeping score at home, the cryptocurrency market remains as fickle as a teenager’s mood. But wait—there’s hope! Global economic shifts, like President Trump’s sudden pause on tariffs, have given the market a bit of a jolt.

As of this very moment, the global crypto market cap has risen to a somewhat robust $2.59 trillion, reflecting a 5.67% increase in a mere 24 hours, according to CoinMarketCap. Bitcoin is currently lounging at $81,752, showing a 5.98% increase, while XRP, bless its heart, soared by 9.53%, trading at $1.99.

And yet, despite all these seemingly positive numbers, the Relative Strength Index (RSI) remains in the dumps, below the neutral line, a reminder that bearish sentiment has yet to abandon its grip.

But on the bright side, the expanding Bollinger Bands are like a promise of impending excitement—perhaps a wild reversal of this dreary trend is on the horizon. One can only dream…

What Could the Future Hold for XRP ETF?

While Teucrium’s XXRP has left some of us with a glimmer of hope, many XRP supporters are setting their sights on the real prize: the future spot XRP ETF—affectionately known as IXRP. Could it be the game-changer we’ve all been waiting for? The data from Polymarket suggests there’s a 77% chance we’ll see Ripple’s spot ETF approved by 2025. Oh, how the plot thickens!

Of course, this optimistic wave comes at a time when more than ten major asset managers, including Grayscale and Franklin Templeton, are lining up to get their own spot XRP ETF approved by the SEC. It’s a veritable race, and the competition is fierce.

Interestingly, BlackRock has yet to show any interest in XRP-specific products, which is like leaving the door wide open for someone else to swoop in and claim the crown. I’m sure we’ll all be watching with bated breath.

Read More

2025-04-10 22:21