Eric Balchunas, Bloombergās senior ETF analyst and the guy who probably has a spreadsheet named “ETF Dreams,” announced that the Teucrium 2x Long Daily XRP ETF (XXRP) raked in a cool $5 million on its first day. š¤
Balchunas, who clearly has a knack for understatement, called the debut “very respectable.” Respectable? Thatās like calling a tornado “a bit breezy.” Apparently, XXRP is now in the top 5% of new ETF launches, which is either a testament to its success or a sad commentary on the rest of the ETF world. š¤·āāļø
John Deaton, a pro-XRP lawyer and former Senate candidate (because why not?), took to X (formerly Twitter) to defend XRPās honor. “Despite all the negative sentiment from people within the crypto industry,” he said, “Iāve always maintained that XRP has much more appeal than industry players want to admit.” Sure, John. And Iāve always maintained that pineapple belongs on pizza. š
For those of you who donāt speak Wall Street, this ETF offers 2X leveraged exposure to XRP via swaps. Translation: itās basically a rollercoaster for people who enjoy losing sleep over short-term speculation. š¢
Meanwhile, XRPās price is down by more than 5% in the last 24 hours. Ripple announced a historic acquisition deal on Tuesday, but apparently, the marketās response was, “Meh.” š
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2025-04-09 08:43