The recent launch of ProShares Ultra XRP ETF (UXRP) has led to an increase in the odds of spot ETF approval for XRP to 86%.
Increase in XRP ETF Approval Odds
According to Polymarket data, the odds of a spot XRP ETF approval have climbed to 86%. This sharp rise follows the successful launch of ProShares Ultra XRP ETF (UXRP) on NYSE Arca.
UXRP Launch and Its Market Impact
ProShares launched UXRP on July 18, starting at $50.84. The ETF saw a remarkable surge to $57.86, closing the day up 6.10% at $53.94. The launch was well-received by both the XRP community and market participants.
Institutional Investors and New Opportunities for XRP
The structure of UXRP reflects institutional interest in gaining amplified exposure to XRP. With rising institutional interest and regulatory clarity, products like UXRP are expected to see increased adoption in the near future.
The launch of UXRP and the increased approval odds for XRP ETFs could signal a new phase of mainstream adoption for XRP, accompanied by growing interest from institutional investors.
