ProShares To Launch $XRP ETFs This Week – They're Not Spot, But Token Price Pumps

The U.S. Securities and Exchange Commission (SEC) has approved the public launch date of ProShares' new XRP futures exchange-traded funds (ETFs) this week, joining Teucrium after the Vermont-based asset manager launched the first XRP ETF in the U.S. market earlier this month.

The tacit approval was made over the weekend, allowing ProShares, an ETF issuer, to launch its ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF on April 30, Wednesday.

This comes after Teucrium's CEO explained why the company opted to launch an XRP ETF, saying the XRP Ledger's native token has the highest "utility" potential in the future.

Journalist Calls Out 'Rude' Members of $XRP Army

While the XRP Army celebrates the big news, there appears to be confusion among some crypto holders regarding the approved funds. A crypto journalist said she was being questioned on her direct messages over the ProShares ETFs.

She clarified that the approval was for futures ETFs, not spot ETFs amid continuing questions from some XRP users.

"And for all the people saying 'oh but it didn't say spot' – I had about 20 DMs asking me if this was about the spot ETF approval. Getting really sick of all the rude keyboard warriors in this community," she said.

John Squire, a well-followed crypto influencer who also promotes the XRP token, also reiterated that ProShares' new trust funds are futures, not spots. He also explained the difference between the two products.

"A spot ETF buys and holds real XRP, creating real demand. A futures ETF only bets on XRP's price without touching a single real token," he wrote.

He went on to note that while it is a major milestone for the XRP coin and the community as it "increases XRP's legitimacy," it is also not a trigger for broader adoption, nor will it actually have a huge impact on the cryptocurrency's price.

$XRP Pumps on News

While Squire was careful to note that spot approvals will have a much bigger impact on the XRP coin, which once toppled Ethereum as the world's second-largest crypto asset by market cap, the news did have an effect on the token's price.

CoinGecko data showed that the digital coin is up 4.7% in the day, despite a broader downturn in the crypto market over the weekend.

It is unclear if the ProShares XRP ETF approval is the main reason for the price spike, especially with hopes rising for positive news around Trump's trade war soon.

Still, XRP is on a roll compared to other products around crypto ETFs. It also has the most number of applicants for ETF products.