First XRP Derivatives-Based ETF to Launch in the U.S.

In a landmark move for the XRP ecosystem, Teucrium, an alternative asset management firm, is set to launch the first-ever ETF based on XRP derivatives in the United States.

According to Bloomberg on April 7 (local time), Teucrium will debut the ‘Teucrium 2x Long Daily XRP ETF’, which tracks twice the daily return of XRP via swap contracts. The ETF will be listed on the exchange starting April 9, under the ticker symbol ‘XXRP’, with an annual management fee of 1.85%.

This marks the first leveraged XRP product in the U.S., offering investors indirect exposure to the fourth-largest cryptocurrency by market capitalization. The launch comes on the heels of the conclusion of the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), reigniting hopes for a spot XRP ETF in the near future.

Teucrium emphasized that the fund will use XRP swap contracts to track the asset’s performance and may consider other methods, such as futures, if such markets become available. Notably, XRP futures are not yet actively traded on any major U.S. derivatives exchange.

Founded in 2010, Teucrium specializes in alternative ETFs, managing approximately $310 million in assets as of early April 2025.

Legal Clarity Opens the Door for XRP ETF Products

The ETF launch closely follows the recent dismissal of the SEC’s lawsuit against Ripple Labs, which is widely seen as a regulatory green light for XRP-related products. With this legal overhang removed, multiple firms—including Grayscale, Bitwise, Franklin Templeton, Canary Capital, and 21Shares—have submitted applications for spot XRP ETFs, currently under SEC review.

Bloomberg ETF analysts Eric Balchunas and James Seyffart estimated in February that there is a 65% chance of a spot XRP ETF approval in 2025. Prediction market Polymarket currently prices the odds even higher, at 75%.

Analyst Views: A Gateway for More Altcoin ETFs?

Experts suggest the launch of XXRP could pave the way for other altcoin-based ETFs, such as those linked to Solana (SOL) and other high-performing layer-1 networks.

Stefan Ouellette, CEO of FRNT Financial, commented,

“The SEC’s ruling was a key factor enabling the launch of XRP-related products. However, given the limited demand for direct XRP holdings, investor appetite for an ETF may be muted.”

Teucrium founder Sal Gilbertie added,

“Launching a product when prices are relatively low can be a strategic advantage, and the leveraged structure may attract investor interest.”

Still, some observers noted the unusual nature of launching a leveraged ETF before a spot product. Balchunas noted,

“It’s highly unusual to see the first ETF for a new asset class take a leveraged form. That said, the probability of a spot XRP ETF remains fairly high.”

 

As with Bitcoin and Ethereum, where futures ETFs preceded spot approvals, XRP’s market trajectory could follow a similar path. The introduction of XXRP may serve as an important testing ground for institutional appetite and regulatory receptiveness toward XRP-based financial products.