**Teucrium’s 2X Long XRP ETF Makes a Splash on Its First Day, Outshining Solana Products Amid Growing Optimism**
Teucrium’s 2X Long Daily XRP ETF made quite an impression on its debut, outperforming similar Solana-based offerings. This excitement is fueled by increasing optimism surrounding XRP ETFs, thanks to positive legal developments and the entry of major firms into the market. Launched on April 8, the Teucrium 2X Long Daily XRP ETF allows investors to leverage their XRP positions and recorded an impressive trading volume of $5 million on its first day. According to Bloomberg Senior ETF Analyst Eric Balchunas, this performance places it in the top 5% of new ETF launches, which is particularly noteworthy given the current market climate. “$XXRP (2x XRP ETF) saw $5 million in volume on Day One, which is very respectable, especially considering the market conditions. That puts it in approximately the top 5% of new ETF launches, and about four times what the 2x Solana ETF $SOLT achieved (though both are 200 times less than the King, IBIT),” Eric noted. The NYSE Arca approved this product on April 7, just before its strong debut, coinciding with positive developments in XRP’s ongoing legal battle with the SEC. The potential resolution of this lawsuit has sparked speculation about the approval of a spot XRP ETF, similar to those already available for Bitcoin.
In contrast, the Solana 2X ETF (SOLT) saw roughly four times less trading volume than XRP’s launch, highlighting a distinct investor interest in XRP. This interest may be influenced by factors such as XRP’s lower price point compared to Solana, ongoing legal updates, and speculation about potential ETF approvals. While the XRP ETF’s debut was certainly impressive, it’s essential to recognize that it still has a long way to go to match the BlackRock iShares Bitcoin Trust (IBIT), which raked in over $1 billion in volume on its first day. This stark difference underscores the significant gap in market capitalization and investor confidence between Bitcoin and XRP.
In a notable move, investment giant Franklin Templeton, which manages $1.5 trillion in assets, recently filed for a spot in the ETF, signaling a major player in the industry recognizing XRP’s potential as a viable investment asset for a broader audience. Similarly, Grayscale is actively working to convert its existing XRP Trust into a full-fledged ETF, which would broaden XRP exposure to a wider range of investors who prefer the ETF structure. These filings collectively reflect a growing belief among institutional investors that XRP has a rightful place in the regulated investment landscape.
The momentum surrounding XRP isn’t just a local phenomenon; it’s gaining traction globally. In Brazil, the Hashdex spot XRP ETF has already received regulatory approval and is set to list on the B3 exchange. This marks a significant milestone in XRP’s international acceptance and accessibility. The news of the Brazilian ETF approval even triggered a 6% price jump for XRP, showcasing positive market sentiment.
