According to Eric Balchunas, senior ETF analyst at Bloomberg, the Teucrium 2x Long Daily XRP ETF (XXRP) recorded $5 million in trading volume on its first day.
The prominent expert has described the debut as "very respectable." In fact, it is now in the top 5% of new ETF launches. XXRP has substantially outperformed the leveraged Solana ETF, which was recently launched by Volatility Shares.
"Despite all the negative sentiment from people within the crypto industry, I’ve always maintained that XRP has much more appeal than industry players want to admit," pro-XRP lawyer and former Senate candidate John Deaton said on the X social media network.
As reported by U.Today, the first-ever U.S.-based XRP ETF offers 2x leveraged exposure to the popular Ripple-backed cryptocurrency via swaps. The trailblazing product is mainly meant to be a tool for short-term speculation on volatility.
The price of XRP is down by more than 5% over the past 24 hours; the cryptocurrency is struggling to recover despite the historic acquisition deal that was announced by Ripple on Tuesday.
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