In a major development for the XRP ecosystem and the broader digital asset market, the US Securities and Exchange Commission (SEC) has officially approved the ProShares Ultra XRP ETF.

Following the approval, the leveraged futures-based exchange-traded fund, which offers twice the daily exposure to XRP’s performance, is set to launch on the NYSE Arca by the end of this week.

According to an SEC filing dated July 14, the ProShares Ultra XRP ETF will trade under the ticker symbol UXRP.

The ETF has also been listed as eligible by the Depository Trust & Clearing Corporation (DTCC), signalling that all key infrastructure for launch is in place.

While trading had not yet commenced at the time of the announcement, all indications point to an imminent listing.

Notably, this ETF will not involve direct ownership of XRP. Instead, it will rely on a blend of futures contracts and swap agreements to deliver 2x daily returns based on an XRP benchmark index.

This structure makes the fund ideal for short-term traders looking to maximise daily gains, though it may carry higher risk due to its leveraged nature.

The timing of the SEC’s approval is critical. The launch comes during Crypto Week in Washington, D.C., where US lawmakers are actively discussing crypto legislation, including the Clarity Act and the Anti-CBDC Surveillance State Act.

This intersection of regulatory progress and financial innovation is drawing renewed attention to XRP and its expanding investment ecosystem.

At the same time, ProShares is preparing two additional ETFs tied to XRP’s performance: the Short XRP ETF (XRPS) and the UltraShort XRP ETF (RIPS).

These funds are designed to provide inverse exposure to XRP’s daily price movements, offering 1x and 2x returns, respectively.

While neither fund has received DTCC clearance yet, a tentative launch date has been set for July 18.

Ahead of the ETF approval, XRP experienced a dramatic price rally.

The token surged by over 27% in the past week, climbing to a high of around $3.02.

The XRP price then retreated slightly to hover near $2.89, following a broader market pullback triggered by political headlines.

Bitcoin’s slight drop, reportedly influenced by President Donald Trump’s remarks on the Russia-Ukraine war, appears to have affected XRP as well.

Nevertheless, despite the pullback, analysts remain bullish.

A recent market snapshot shared by popular crypto analyst Dark Defender reveals a sharp increase in buy orders between $3.0160 and $3.0180.

Dark Defender also pointed out that sell orders appeared thin just above this range, suggesting that demand far outweighs supply near the $3 level.

In addition, technical indicators such as the Relative Strength Index (RSI) still show room for further gains, reinforcing optimism.

Some technical analysts believe that XRP is forming a classic cup-and-handle pattern, with $3 serving as the neckline.

If this setup confirms, a breakout could lead XRP toward new all-time highs, especially with the launch of the XRP ETF.

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