XRP fell 5.5% to $2.16 over the past 24 hours, reflecting a broader wave of risk-off sentiment in the cryptocurrency market, despite regulatory milestones that should have played in its favor. It managed to recover some ground during the day but remains below $2.20, according to data from CoinGecko.
Just weeks ago, Vermont-based asset manager Teucrium launched the first XRP-linked futures ETF in the U.S.—the Teucrium 2x Long Daily XRP ETF (ticker: XXRP). The leveraged product allows investors to bet on XRP’s daily price moves through futures contracts.
It debuted on the NYSE Arca with roughly $5 million in trading volume on its first day. Days later, ProShares received regulatory approval to roll out three more XRP futures ETFs, expected to launch on May 14.
But the market response has been underwhelming. These products don’t hold actual XRP, and that’s a sticking point for many investors. A spot ETF—which would require buying and storing the token directly—remains the ultimate prize for firms like Franklin Templeton, Grayscale, and 21Shares, which have applied with the U.S. Securities and Exchange Commission to list such a product.
A decision on Franklin Templeton’s application has been pushed to June 17, despite hopes that new SEC leadership under Chairman Paul Atkins might accelerate crypto adoption.
This delay likely fueled frustration and selling pressure among investors banking on a quicker path to a spot ETF. Bloomberg analyst Eric Balchunas still sees an 85% chance of approval sometime in 2025, while Polymarket traders place the odds at 78%.
Layered on top of the regulatory limbo is a wave of negative macroeconomic data affecting XRP and the broader crypto market.
The U.S. economy unexpectedly contracted by 0.3% in the first quarter—the first decline since 2022—due mainly to a surge in imports ahead of anticipated tariffs. Inflation also came in hotter than expected, prompting concerns about the Federal Reserve’s next move. Stocks fell sharply, with the S&P 500 down 1.4% and the Nasdaq dropping over 2% at the time of writing.
Major cryptocurrencies also saw weak performance, with Bitcoin dropping by 1.3% over the last 24 hours, while Ethereum’s ether lost 3.5% of its value. The broader cryptocurrency market is down by roughly 2.1%.
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