The New York Arca Stock Exchange (NYSE Arca) officially approved the registration and registration request for the Proshares Ultra XRP ETF, under the Proshares Trust.
This approval comes after Proshares scored the FNB XRP Futures on the DTCC from July 8.
A breakthrough for the XRP market
The ultra XRP ETF proshares is designed to offer a double (2x) the daily price movement of XRP, making it an attractive investment tool for individual and institutional investors. The FNB based on leverage future should trade on Nyse Arca under the UXRP Ticker.
The approval of Nyse Arca, one of the largest exchanges in the United States, affirms the legitimacy of the product. It opens the opportunities to investors to access XRP safely and practically through the stock market.
This development arrives in the middle of a maturity cryptography market. Other ETFs based on crypto, such as those of Solana, were recently approved by Nyse Arca. This trend highlights the growing integration of digital assets in the traditional financial system.
For XRP, this ETF could improve liquidity and attract additional capital of financial institutions, which have been practicing before due to volatility and regulatory concerns.
The approval of the ultra XRP ETF proshares is good news for the XRP community and the whole cryptography industry. It solidifies XRP’s position as one of the main cryptocurrencies, known for its rapid treatment of payments and low costs, making it an ideal liquidity bridge for cross-border transactions.
However, it cannot be denied that this FNB also has certain risks. With its objective of achieving double daily yields, the UXRP can be faced with significant impacts of XRP prices fluctuations, especially during periods of market instability.
The wave of ETF XRP launches has been booming recently. Nevertheless, many ETF XRP applications have not yet received formal approval from the United States SEC. Meanwhile, Canada launched its first ETF XRP.
After this decision, the XRP price has not experienced much volatility, recording a drop of more than 3%. It is currently negotiated at $ 2.90.
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