NYSE Arca Approves ProShares Ultra XRP ETF: Leveraged Futures-Based Product Set to Launch

The NYSE Arca has officially approved the listing of the ProShares Ultra XRP ETF (UXRP), a leveraged exchange-traded fund (ETF) based on XRP futures contracts, as outlined in an approval letter filed with the SEC on July 14, 2025. This decision marks a significant milestone for the adoption of XRP derivative products in traditional financial markets.

Product Details & Trading Mechanism

UXRP is designed with a 2x daily leverage structure, allowing investors to gain twice the exposure to XRP’s daily price movements—for both potential gains and losses. The ETF does not hold XRP directly but operates through futures and swap agreements tied to the Bloomberg XRP Index.

According to ProShares’ official prospectus, the daily leverage structure carries high volatility risk. Compounding effects can cause portfolio performance to deviate substantially from the target if positions are held for more than one day, significantly increasing the potential for tracking error.

Launch Schedule & Additional Variants

UXRP has been on the DTCC Eligible List since July 8, 2025, and is expected to begin trading on July 18, 2025. Alongside UXRP, ProShares is preparing two additional variants:

• Short XRP ETF (XRPS): Provides -1x exposure to XRP’s daily price movements.

• UltraShort XRP ETF (RIPS): Provides -2x exposure to XRP’s daily price movements.

Both products are projected to launch concurrently with UXRP.

Impact on the XRP Market

The announcement of UXRP’s approval triggered a price surge in XRP, which briefly reached the $2.92–$2.93 range, posting gains of about 20–25% over the past week. The introduction of a futures-based ETF also opens the door for institutional investors—including hedge funds and registered investment advisors (RIAs)—to gain exposure to XRP without directly holding the cryptocurrency.

Furthermore, the presence of UXRP is viewed as a sign of market maturity and could accelerate approval for a Spot XRP ETF in the future, following the path of Bitcoin and Ethereum.

Regulatory Context & Long-Term Outlook

This move is seen as a form of legitimization for XRP, especially as Ripple’s ongoing legal battle regarding its digital asset status nears resolution. The approval coincides with Crypto Week in Washington, where discussions include the Clarity Act and the Anti-CBDC Surveillance Act, signaling an important moment for digital asset regulation.

The NYSE Arca’s approval of the ProShares Ultra XRP ETF reflects a significant acknowledgment of XRP within traditional financial markets. While the product offers leveraged trading opportunities, it comes with high risks, reliance on daily volatility, and potential additional costs. With UXRP’s launch, the path toward a Spot XRP ETF becomes more accessible, further cementing XRP’s position as a globally recognized institutional-grade digital asset.