ProShares, a prominent issuer of cryptocurrency ETFs, has filed documents with the US Securities and Exchange Commission (SEC) to create a series of new investment products for XRP. These products are set to include various leveraged, inverse, and futures ETFs.
ProShares' XRP ETF Applications
According to reports by Nate Geraci, president of ETF Store, ProShares is seeking approval for investment products under the tickers Short XRP ETF, Ultra XRP ETF, and UltraShort XRP ETF. These filings have surfaced just days before SEC Chair Gary Gensler's departure from office on January 20. Industry players anticipate that new chairman Paul Atkins, backed by Donald Trump's pro-crypto policies, may approve a greater number of ETFs.
Market Awaits SEC Leadership Change
Earlier today, Nate Geraci posted on his X account about multiple entities filing for crypto ETFs within the last 48 hours, including VanEck, Canary, CoinShares, Oasis, and ProShares. While most companies have submitted one request each, the latter has applied for four investment vehicles, three of which involve Ripple's XRP. ETF analyst James Seyffart questioned the feasibility of the filing, noting the limited liquidity of Coinbase's SOL futures market.
XRP Price Trends
XRP's price has been showing upward momentum recently, spurred by rumors that the US is considering adding the coin to its reserves. Since the start of December 2024, XRP has been consolidating between $2-$2.5 levels, but market activity this week has pushed its price beyond the $3 mark. According to Coingecko data, the cryptocurrency has seen a 30.78% rise over the past week and an impressive 446.24% increase over the past year. Analysts point to potential retracements to support zones at $2.8 and $3, which could present buying opportunities.
The pursuit of new ETFs by various companies highlights a growing confidence in cryptocurrencies as viable investment assets. Experts are hopeful that changes in SEC leadership will foster a more favorable regulatory environment and expedite the approval process of such applications.
