A new filing has surfaced in the United States for an exchange-traded fund (ETF) linked to XRP, even as the cryptocurrency’s price continues to fall. The application, submitted by GraniteShares, seeks approval for leveraged XRP ETFs that offer 3x long and 3x short exposure to the token’s price.
GraniteShares already offers similar leveraged products for Bitcoin, Ethereum, and Solana. The move signals that institutional interest in XRP exposure remains alive, even as regulatory uncertainty and price weakness persist.
Market Slump Overshadows ETF Optimism
At the time of writing, XRP has dropped below $2.90, sliding to the fifth-largest cryptocurrency by market capitalization.The broader crypto market is also in decline, with Bitcoin and Ethereum both turning red.
Many expected October to be a landmark month for XRP, with excitement surrounding ETF approvals and the end of a prolonged regulatory battle. However, the U.S. government shutdown has temporarily paused the Securities and Exchange Commission’s (SEC) approval process for all new ETFs, delaying key decisions and cooling investor excitement.
Attorney’s Take: ‘Every Reason to Panic‘
Reacting to the GraniteShares filing, attorney and XRP supporter Bill Morgan offered a sarcastic take on the market’s reaction, saying, “I will continue panic buying XRP in the face of this terrible XRP ETF demand.” He added that the filing itself reinforces XRP’s place among the top four cryptocurrencies—alongside Bitcoin, Ethereum, and Solana, excluding stablecoins and exchange tokens.
Uncertain Path Ahead for XRP ETFs
The ETF proposal comes at a time of frustration among XRP holders. Recent administrative delays, combined with the SEC’s introduction of new filing standards, have effectively reset earlier approval timelines. Many proposals, including those related to Litecoin and Solana, now face indefinite extensions.
Still, the GraniteShares filing keeps XRP in the institutional spotlight. Despite market turbulence and halted approvals, the ongoing push for leveraged XRP ETFs mean that large players continue to see value in the asset’s future performance.
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